You’re smart and you worked hard in college and medical school; you’re respected in the medical profession and your community; you’ve got a nice house and car. Unfortunately – there’s a downside to all of that. As your worst nightmare suggests, there’s always someone who is primed and ready to take it all away.
As a doctor, you’re an easy target for lawsuits. But rest assured that your assets can be protected. We help professionals like you protect their assets and it’s not as hard as you might think. In fact, you already have some asset protection in place.
Levels of Asset Protection
You likely already have malpractice, auto, and homeowner’s insurances in place – those are all asset protection devices – at the basic level. You may even have a business entity for your medical practice to separate and protect personal and business assets.
Other examples of asset protection include personal and business umbrella insurances; tax planning; super funding retirement accounts, segregating assets; the creation of additional entities, spousal and children’s trusts, self-settled domestic asset protection trusts; and offshore planning. You may or may not need any or all of these, but we mention them to start an important conversation.
Estate Planning for Everyone
Aside from the lawsuit bullseye on your back, you need estate planning to assure you have someone to make healthcare and financial decisions on your behalf if you cannot make those decisions yourself. And, you likely want to protect your spouse and children as well. Perhaps, you’d like to create a succession plan for your practice and a legacy for your family and/or community.
We’ll also take care of tough issues such as college planning, keeping peace in blended families, and divorce. And, while, we don’t let the tax tail wag the dog, we’ll also minimize income, capital gains, inheritance, estate, and generation-skipping taxes.
Let’s Continue this Important Conversation
Here on our website, we need to be general and we can’t offer individualized legal advice. When you come into the office and we sit down together, that all changes. We’ll walk through your goals, assets, business, and family situation and craft an estate plan that increases your asset protection and protects you and those you love.