ASSET PROTECTION FOR PHYSICIANS AND PROFESSIONALS
Asset protection planning is a growing area of the law.
There are provisions under the law that allow people to preserve and maximize the value of their estate so that it can pass to the next generation without too many people getting their hands into it, and that includes creditors.
Most estate planners don’t look at asset protection when they are setting up an estate and it is an important aspect for many because not only do you want to pass that on to the next generation, you want to preserve your personal assets from the reach of creditors today.
There are, for instance, physicians who are in a practice who, even though they have a lot of insurance, as you have probably read in the papers, there are huge lawsuits that come about as a result of medical malpractice.
Sometimes that is the result of the work of a partner or an associate, or even an employee of a physician or a surgeon.
In the event that happens, what a physician should have in place is an estate plan that is set up so that those types of liability are insulated from the personal assets that the person has accumulated over the years—not only retirement accounts, but investments and other types of things—and there are ways to do that.
I have learned how to do that over the years and there are a lot of significant factors that play into it. We will look at all of those aspects — not just the issue of how to best set up your estate for passing on to your heirs, but for how it might preserve your assets for the time being.
Topic: Asset Protection