We protect Physicians
We form, plan and implement asset protection for physicians, dentists, chiropractors and other health care professionals. We assist you in structuring a business model that will allow you to achieve the maximum in asset protection and operational efficiencies for your professional practice. We help shield you from excessive malpractice claims.
What is professional asset protection?
Protect the assets of your practice and your personal assets from any lawsuit. Protect your practice from internal lawsuits resulting from greedy attorney filing phony lawsuits against you. Your accounts receivable and expensive equipment can be protected from creditor attachment. Call us for details.
Doctors are the #1 target of unscrupulous attorneys.
Regardless of how you are running your practice, you need to have the proper mix of asset-protected entities to shield both your business and your personal assets from any attack.
We have physician clients in all 50 states sleeping better at night with the knowledge that their plans are in place and have been in place well in advance of any future claims that could arise.
How can we protect you?
There are many different kinds of structures and entities that can be set up to protect you. The use of US entities, such as corporations and LLCs, combined with domestic irrevocable grantor trusts can be highly effective. Tax neutral Integrated Estate Planning Trusts formed in such jurisdictions as the Cook Islands, Belize or Nevis can also ramp up the protection over just using domestic entities.
Call us for consultation on what structures can work for you. The majority of malpractice lawsuits exceed malpractice coverage limits. The doctor is personally liable for the excess. Doctors need effective medical asset protection.
There is a disturbing, growing trend of criminalizing medical decisions. Doctors don’t just lose their medical license; they can go to jail. More and more doctors are having their medical decisions second-guessed by 12 jurors who know nothing about medicine.
If you carry a large bank or brokerage account, a large malpractice policy, or have a lot of business and personal assets, you WILL be targeted by an attorney. You must have medical asset protection such that you cannot be successfully sued by anyone.
An attorney needs only 10 minutes to find every asset you have ever owned from past to present. A more detailed search using their private investigator will find assets in your father’s brother’s best friend’s uncle’s name that you have tried to hide. Putting assets in the name of spouse, family or friends does not work. In fact, it can work against you by causing your relatives to be sued for fraudulent conveyance and get the IRS involved trying to collect gift taxes from them. At 35 percent to 40 percent these gift taxes can be worse than paying the creditors.
The only way to guarantee you cannot lose anything to a lawsuit is to have a structured asset protection plan that effectively holds creditors at bay.
Discover how real people just like you are asset protecting their home, bank accounts, real estate, securities. We do everything required to form, set up and service asset protection structures customized to your needs. It does not matter where you live and practice; we have clients in all 50 states and numerous foreign countries.
Examples of how to protect your assets:
1. If you hold assets in your own name:
You have no asset protection and are vulnerable to attack by any creditor or lawyer wanting to file a lawsuit against you. A judgment creditor can swoop in easily and attach any assets you have.
2. You do NOT hold title to your assets in your own name:
It is no longer easy for creditors to discover what you own and it is very difficult, if not impossible, for them to break through.
Once we have fully structured and implemented a tax neutral asset protection plan, you will be able to sleep easy knowing that your professional and personal assets are protected. By the use of domestic entities, domestic trusts, and offshore entities (if desired) you can be comfortable knowing that your assets are safe and secure.
Liens can be placed on your medical equipment and receivables to make them unattractive assets for anyone prowling around.
3. Using an offshore corporation or trust to add extra protection
Offshore corporations and trust are highly effective asset protection vehicles. It is important to remember that offshore entities are completely legal and legitimate as long as any necessary Treasury Department reporting is properly done by your CPA. Offshore not only allows an increased degree of anonymity, but it is rare that any attorney will ever attack an offshore entity. The cost is just too great. Contingency fee attorneys do not exist in other jurisdictions so the attacking attorney has to pay all legal fees up front.
Are These The Only Scenarios?
No. The above examples are just a few ways that asset protection can be put to use to protect your home and business assets. There are many more ways and methods of doing things. Contact us to find out what works best for you. A good plan requires time to set up, the proper transfer of assets, and solid documentation, all of which we do for you.