Asset Protection
Asset Protection is important for all doctors but is especially important for doctors who have made the decision to Go Bare. If a doctor without insurance is hit with a judgment, his or her assets are at risk.
Lubell & Rosen offers counseling and advice to doctors on Asset Protection. For a pre-paid flat fee, we can create both simple and complex plans. The level of asset protection a doctor chooses depends on the doctor's wealth, risk tolerance, and desire for control of his or her funds. The same plan is not appropriate for every doctor.
Asset protection plans do not defend themselves. In most cases, CPA's or financial consultants establish plans and are not equiped to perform the legal services necessary in the event a judgment is rendered against the doctor. What distinguishes Lubell & Rosen from other asset protection specialists is that not only will we help set up the plan for the doctor, but in the event that there is a judgment against the doctor, Lubell & Rosen will defend the doctor's plan and do everything possible to prevent a judgment creditor from seizing a doctor's assets. This includes representing the doctor at depositions in aid of execution, and filing the appropriate objections to the attempted seizure of assets.
WHAT IS ASSET PROTECTION
Asset protection is the adoption of advanced planning techniques that place one's assets beyond the reach of future potential creditors. Our approach does not involve hiding assets, or using secret agreements or fraudulent transfers. It is based upon proven sophisticated combinations of business and estate planning techniques.
In a properly structured asset protection plan, you don't have to lose control. The course of action typically involves transferring assets into other entities including: Family Limited Partnerships, Limited Liability Companies, International Business Companies (often referred to as IBC's), and other custom devices. These structures can be configured to be domestic entities, foreign entities or a combination of both. Collectively, these entities interact with each other to form the Asset Protection Structure.
The crucial aspect of asset protection planning is to plan ahead. Asset Protection is more effective when it is done before you are involved in a dispute, as you may not be able to undertake effective planning after a problem arises.
HOW DO THEY FIND YOUR ASSETS?
How does a lawyer find something you have of value? Very easily. They hire one of many firms that specialize in locating assets for attorneys. They can locate bank accounts, real estate, brokerage accounts, auto, businesses, etc., all in your name. Often a medical malpractice attorney will do an asset search on you before he even bothers to sue. The attorney wants to make sure you have something of value before spending time and money. There is little about your personal and financial well being that cannot be found. However, if proper techniques are utilized, finding them becomes much more difficult (even impossible) and expensive for the plaintiff's lawyer.
HOW TO MINIMIZE YOUR ASSETS
How do you minimize the chances of losing assets? By becoming a smaller target.
ARE THESE TECHNIQUES LEGAL?
Absolutely! The rich have practiced asset protection for decades. They use these very tools and strategies that we are discussing. They are legal, effective and can give you the peace of mind you have earned.