New York

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Nothing in the information given below should imply that the drafters of this webpage are admitted to practice law in the referenced state or have any special expertise in the areas listed. Nothing herein should be construed as a solicitation by the drafters of this website to practice law in the referenced state. Persons desiring planning should contact a licensed attorney or other appropriate planning professional in this state. Certainly, nothing herein is any substitute for the services, advice, or counsel of a properly licensed attorney in the relevant state!

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New York Asset Protection Overview

New York debtors may only choose from the state bankruptcy exemptions.

New York provides a ridiculously small homestead exempt, does not give annuities any meaningful protection, and makes it hard to protect life insurance. So, if you are going to live in New York, you will need lots of asset protection planning.

New York Statutory Creditor Exemptions

For additional detailed information on the use of life insurance, annuities, pension plans, and employee benefit plans for wealth preservation and asset protection, see advanced life insurance

New York Homestead

• The New York homestead exemption is limited up to $10,000 for a single person.

Statute

• A couple may double the homestead exemption limit.

See In re Pearl, 723 F.2d 193 (2nd Cir. 1983)

New York Life Insurance and Annuities

• An annuity is exempt to the extent determined by the court that it is needed for the reasonable requirements of the debtor and the debtor's dependents. N.Y. Debtor & Creditor Law Sec. 283.

Statute

• In bankruptcy, the annuity exemption for annuities purchased within 6 months of the filing of a bankruptcy is limited to $5,000. N.Y. Ins. Law Sec. 3212(d)(2).

Statute

• The cash surrender value of a life insurance policy is protected from the policy owner's creditors. N.Y. Ins. Law Sec. 3212(b)

Statute

• Life insurance proceeds and avails (death benefits, cash surrender and loan values, premiums waived, and dividends that the owner has not elected to receive in cash) are protected from claims of the creditors of the insured, the beneficiary and the policy owner; except in the case of a policy owner who is the beneficiary of a policy insuring his own life or the life of someone other than his spouse, in which case, the death benefits of the policy are not protected from the claims of the creditors of the policy owner's estate; N.Y. Ins. Law Sec. 3212(b)

Statute

New York IRAs & Pension Plans

• Outside of bankruptcy, all interests in and payments from qualified retirement plans, traditional and Roth IRAs (including qualified rollover IRAs), and government-employee tax-exempt 457 plans are exempt. However, the following are available to creditors:

  • additions to such plans which are made within 90 days before a claim is made which results in a money judgment;

  • additions to such plans which are fraudulent conveyances; and

  • amounts owed under a qualified domestic relations order, or for past-due support, alimony or maintenance;

Statute

• In bankruptcy, qualified retirement plans, IRAs, Roth IRAs, and non-qualified retirement plans are exempt, except for non-qualified retirement plans established by the debtor or by a company which is an insider to the debtor.

Statute

New York Fraudulent Transfers

For additional detailed information relating to fraudulent transfers, including the text of the Uniform Fraudulent Transfers Act, see fraudulent transfers

New York Fraudulent Transfer Act

• New York Fraudulent Transfer Act

New York Fraudulent Transfer Cases

Federal Circuit Court

• Ostashko v. Zuritta-Teks, Ltd.,
  2003.C02.0001279 (2d Cir. 11/03/2003)

• Cadle Co. v. Avrohom Newhouse,
  2003.C02.0001006 (2d Cir. 09/12/2003)

• National Loan Investors v. Reale,
  2003.C02.0000043 (2d Cir. 01/16/2003)

• In re Duke & Benedict, Inc.,
  2002.C02.0000464 (2d Cir. 10/09/2002)

• Williams v. UFH Apartments, Inc.,
  2002.C02.0000463 (2d Cir. 10/08/2002)

• Atlanta Shipping Corp. v. Chemical Bank,
  818 F.2d 240 (2nd Cir. 04/29/1987)

United States Tax Court

• D'Aunay v. Commissioner of Internal Revenue,
  2004.USTC.0000124 (U.S.T.C. 03/22/2004)

United States Bankruptcy Court

• In re Verestar, Inc.
  343 B.R. 444 (Bkrpt.S.D.N.Y. 07/09/2006)

• In re Monahan Ford Corp.
  340 B.R. 1, 46 Bankr.Ct.Dec. 93 (Bkrpt.E.D.N.Y. 03/20/2006)

• In re Nirvana Restaurant Inc.
  337 B.R. 495, 46 Bankr.Ct.Dec. 26 (Bkrpt.S.D.N.Y. 02/24/2006)

• In re Cassandra Group
  338 B.R. 583 (Bkrpt.S.D.N.Y. 01/11/2006)

State Appellate Court

• Gaind v. Pierot
  2006 WL 846268 (S.D.N.Y. 03/31/2006)

• Capital Distribution Services, Ltd. v. Ducor Express Airlinies, Inc.,
  2006 WL 2041574 (E.D.N.Y. 07/21/06)

• Taskiran v. Murphy,
  2004.NY.0005244 (N.Y.App.Div. 06/07/2004)

• Callaghan v. Goldsweig,
  2004.NY.0004492 (N.Y.App.Div. 05/13/2004)

• 1205-15 First Ave. Associates, LLC v. McDonough,
  2004.NY.0004486 (N.Y.App.Div. 05/13/2004)

• Madison Hudson Associates LLC v. Neumann,
  No. 2928 (N.Y.App.Div. 02/24/2004)

• Dempster v. Overview Equities, Inc.,
  No. 2002-08841 (N.Y.App.Div. 02/23/2004)

• Markard v. Bloom,
  No. 2805 (N.Y.App.Div. 02/05/2004)

• Bart v. Fox,
  No. 2645 (N.Y.App.Div. 01/06/2004)

• Syllman v. Calleo Development Corp.,
  290 A.D.2d 209 (N.Y.App.Div. 01/03/2002)

• N Willian Towne Associates, Inc. v. Pegasus Construction, Inc.,
  2001.NY.0005784 (N.Y.App.Div. 08/09/2001)

• Rotella v. Derner,
  283 A.D.2d 1026 (N.Y.App.Div. 05/02/2001)

• Wall Street Associates v. Brodsky,
  684 N.Y.S.2d 244 (N.Y.App.Div. 1st Dept. 01/28/1999)

• Murray Hill Manor Co. v. Destination Paradise, Inc.
  1999.NY.0053424 (N.Y.App.Div. 11/30/1999)

• North Fork Bank v. Schmidt
  1999.NY.0052137 (N.Y.App.Div. 10/18/1999)

• Grace Sciacca Etc. v. Jack Mandel et al.,
  659 N.Y.S.2d 998 . (N.Y.App. 06/23/1997)

• Robert F. Shelly et al. Petitioners v. Susan Doe,
  660 N.Y.S.2d 937 (N.Y. 05/28/1997)

• Dennis Wiltshire Plaintiff v. Citibank,
  653 N.Y.S.2d 517 (N.Y. 12/04/1996)

•  In the Matter of Rita K. Gilbert An Attorney,
  220 A.D.2d 187 (N.Y. App. Div. 05/20/1996)

• Charles Pascal et al. v. Nova Casualty,
  226 A.D.2d 688 (N.Y. App. Div. 04/29/1996)

• SRF Builders Capital Corp. v. Anthony M. Ventura,
  224 A.D.2d 678 (N.Y.App. Div. 02/26/1996)

• Northern Cross Service Station, Inc. v. Rafat Arif, et al.,
  224 A.D.2d 678 (N.Y App. Div. 06/26/1995)

• Standard Chartered Bank v. Max Kittay, et al.,
  1995.NY.47366 (N.Y App. Div. 05/22/1995)

• Martina M. Gallagher v. Lewis C. Kirschner,
  220 A.D.2d 948 (N.Y. App. Div. 10/26/1995)

• Symbax v. Steven W. Bingaman et al.,
  219 A.D.2d 552 (N.Y. App. Div. 09/28/1995)

• Frank Taubes v. Jean Stuart,
  621 N.Y.S.2d 90 (N.Y App. Div. 12/19/1994)

• Tompkins County Trust Company v. D. Bob Gowin,
  621 N.Y.S.2d 476 (N.Y 12/08/1994)

• Alice Whalen v. Julius Gerzof,
  206 A.D.2d 688 (N.Y App. Div. 07/21/1994)

• Samuel H. Marcus v. Hemphill Harris Travel Corporation,
  193 A.D.2d 543 (N.Y App. Div. 05/25/1993)

• Dov Nesis v. Paris International Lighting, Inc.
  184 A.D.2d 485 (N.Y App. Div. 06/30/1992)

• Grossberg Tudanger Advertising v. Robert L. Weinreb et al.,
  177 A.D.2d 377 (N.Y. App. Div. 11/19/1991)

• Charles Mccarthy v. Dorothy Sessions et al.,
  572 N.Y.S.2d 749; 170 A.D.2d 25 (N.Y. App. Div. 07/25/1991)

• Charles Hyman v. Olsen Industries,
  163 A.D.2d 232 (N.Y App. Div. 07/17/1990)

• Schultz Management v. Title Guarantee Co./Ticor Title Insurance Co.,
  158 A.D.2d 428 (N.Y App. Div. 02/27/1990)

•  Hillary Wyler v. 338 Bleeker People, Inc.,
  151 A.D.2d 354 (N.Y App. Div. 06/20/1989)

• Federal Deposit Insurance Corporation v. Daniel A. Porco et al.,
  147 A.D.2d 422 (N.Y App. Div. 02/28/1989)

• Planned Consumer Marketing v. Coats and Clark,
  522 N.E.2d 30 (N.Y 03/24/1988)

• Marine Midland Bank v. Norman B. Murkoff et al.,
  120 A.D.2d 122 (N.Y App. Div. 11/10/1986)

• Ed Moore Advertising Agency v. I.H.R.,
  114 A.D.2d 484 (N.Y App. Div. 10/28/1985)

• Ralph Colombo and Ida Colombo v. Maria Caiati,
  493 N.Y.S.2d 244 (N.Y 05/24/1985)

• Carolyn M. Hoven v. John H. Hoven,
  100 A.D.2d 684 (N.Y App. Div. 03/08/1984)

• Harriet Marcus v. Harold Marcus,
  92 A.D.2d 887 (N.Y App. Div. 03/14/1983)

• Michael A. Gurda v. Orange County Publications Div. Ottaway Newspapers,
  81 A.D.2d 120 (N.Y App. Div. 06/08/1981)

• Applied Hydro-Pneumatics v. Bauer Manufacturing
  (68 A.D.2d 42 (N.Y.App.Div. Dept.2 05/07/1979)

• Julien J. Studley v. Samuel J. Lefrak et al.
  66 A.D.2d 208 (N.Y.App.Div. Dept.2 01/29/1979)

• C&K Realty Co. v. Isfc Fabrics Corp.
  66 A.D.2d 697 (N.Y.App.Div. Dept.1 12/14/1978)

• In the Matter of the Estate of Stanley Chaikowsky
  404 N.Y.S.2d 510 (N.Y. 03/31/1978)

• Wholesale Distributors v. Hy Kameron et al.
  50 A.D.2d 880 (N.Y.App.Div. Dept.2 12/22/1975)

• Loblaw v. David A. Wylie et al.
  50 A.D.2d 4 (N.Y.App.Div. Dept.4 12/05/1975)

• Vinlis Construction Co. v. John J. Roreck et al.
  325 N.Y.S.2d 457 (N.Y. 10/18/1971)

•  K. G. Brown Manufacturing Co. v. Cartonmatic Vending Co.
  35 A.D.2d 811 (N.Y.App.Div. Dept.2 11/02/1970)

• Bernard Mccabe v. Sam Gelfand et al.
  295 N.Y.S.2d 583 (N.Y. 12/02/1968)

• Bernard Mccabe v. Sam Gelfand et al.
  291 N.Y.S.2d 261 (N.Y. 06/04/1968)

• Trionics Research Sales Corporation v. Nautec Corporation et al.
  237 N.E.2d 68 (N.Y.App. 04/10/1968)

• Seymour Mandel v. Paul Cory
  28 A.D.2d 813 (N.Y.App.Div. Dept.4 06/29/1967)

• In the Matter of Gafco v. H. D. S. Mercantile Corp.,
  263 N.Y.S.2d 109 (N.Y. 09/09/1965)

• Walter De Groote v. Arthur A. J. Weglein et al.
  256 N.Y.S.2d 101 (N.Y. 01/19/1965)

• Thelma Tuitt v. Eleanor Tuitt et al.
  232 N.Y.S.2d 973 (N.Y. 09/12/1962)

• Dorothea K. Matthews v. Joseph Schusheim et al.
  235 N.Y.S.2d 973 (N.Y. 09/07/1962)

• Chemical Bank New York Trust Company v. August Nicoletti et al.
  221 N.Y.S.2d 387 (N.Y. 10/24/1961)

• In the Matter of the Estate of Sidney R. Kent
  194 N.Y.S.2d 944 (N.Y. 10/30/1959)

• Albert J. Grayson v. Salvatore J. Martino
  178 N.Y.S.2d 86 (N.Y. 08/07/1958)

• Evredika Doukas et al. v. James George et al.
  173 N.Y.S.2d 44 (N.Y. 03/24/1958)

• In the Matter of the Estate of Michael J. Simon
  162 N.Y.S.2d 678 (N.Y. 04/26/1957)

• Robert P. Sheils v. Philip J. Donohue et al.,
  161 N.Y.S.2d 622 (N.Y. 02/04/1957)

• Flora C. Aiken v. Herman Wolz Textile Corporation,
  152 N.Y.S.2d 664 (N.Y. 05/15/1956)

New York Trusts

For additional detailed information relating to the use of trusts for asset protection, including foreign and domestic asset protection trusts, see trusts.

New York Trust Act (Non Self-Settled)

• New York Trust Act

New York Business Entities

New York Acts

• New York Limited Partnerships

• New York Revised Limited Partnership Act

• New York Registered Limited Liability Partnerships

• New York Limited Liability Company Act

New York Charging Order Cases

• Iser Abramovitz v. Kew Realty Equities et al,
  652 N.Y.S.2d 737 (N.Y.App. Div. 01/23/1997) pdf

New York Alter Ego & Corporate Veil Cases

• In re Verestar, Inc.
  343 B.R. 444 (Bkrpt.S.D.N.Y. 07/09/2006)

• In the Matter of Mega Personal Lines et al. v. Dianne Halton,
  No. 94908 (N.Y.App.Div. 07/01/2004)

• Toporoff Engineers, P.C. v. Fireman's Fund Insurance Company,
  No. 03-9214 (2d Cir. 06/08/2004)

• In re Vebeliunas,
  332 F.3d 85 (2d Cir. 06/13/2003)

• First Capital Asset Management, Inc. v. N.A. Partners, L.P., et al,
  300 A.D.2d 112 (N.Y.App. Div. 12/17/2002) pdf

Useful New York Links

For additional detailed information relating to financial frauds and tax scams, see http://www.quatloos.com

• New York Secretary of State
• New York Attorney General
• New York Securities Board
• New York Bar Association

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