Asset protection is about preserving and protecting one's assets for their and their loved ones' future use, not about hiding them or defrauding one's creditors. It is about protecting assets from spendthrift or drug addicted children, or future ex-sons or ex-daughters in law. It is about protecting assets from runaway jury awards and avoiding being the lottery jackpot for plaintiff's attorneys. In the majority of cases, it's all about the money. Basic asset protection begins with adequate insurance and risk reduction.
Any physician concerned about asset protection must see an attorney with experience and whose practice concentrates in this niche area. Do not see an attorney who dabbles in asset protection – remember, you get what you pay for! A comprehensive asset protection plan is not a cookie-cutter approach, rather it is a plan uniquely tailored to the physician and his or her family. A comprehensive asset protection plan dovetails with estate, financial, tax, insurance, and retirement planning, and protects assets for yourself during lifetime and after death, for your heirs.
First and foremost, asset protection begins with adequate insurance coverage. Doctors must be covered by sufficient auto, home, life, disability, and professional liability insurance. There are many situations that are inadequately or not covered by insurance, such as harassment or defamation or discrimination lawsuits or personal and business divorces. Think of asset protection planning as a way to insure against otherwise uninsurable risks. Asset protection is not about defrauding your legitimate creditors. Rather, it is a to make creditors whole without unjustly enriching them by fleecing you.
Asset protection planning is not about setting up a plan that's on the edge of legality or morality or in a gray zone that will draws the scrutiny of the IRS. Rather, it is about using techniques and strategies that are time tested in the courts and have the blessings of the IRS. It is not about tax schemes or hiding or concealing assets in foreign bank accounts or trusts. To the contrary, it is about full disclosure to both the IRS and one's creditors or potential creditors. The best time to form an asset protection plan is now. Once you are sued or die, it is probably too late. This is not solely about yourself, it is about your loved ones. What are you waiting for?
Contact the attorneys at MD Wealth Protector, LLC for a confidential, initial consultation.
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