What are Estate Taxes and How Do I Avoid Them?
In 2001, the Economic Growth and Tax Relief Reconciliation Act was enacted and included sweeping changes to how estate taxes are determined and calculated. The Act also repeals federal estate taxes in 2010. However, there is a Sunset Provision, which means that all of the estate and gift tax laws revert back to the law in effect prior to the passage of the Act—which would be the laws that were in existence in 2001. This “sunset” provision is part of Congress’ procedures and budgetary estimates.
Federal estate taxes are expensive in 2004 they start at 45% and quickly go up to 55%. And they must be paid in cash, usually within nine months after you die. Since few estates have this kind of cash, assets often have to be liquidated. But estate taxes can be substantially reduced or even eliminated-if you plan ahead. If your estate exceeds the estate exemption amount set by Congress below, your family must pay estate taxes within 9 months of your death.
Estate Exemption and Tax Rates
Calendar Year Estate Exemption Amount Highest Tax Estate Rate________
2005 $1,500,000 47%
2006 $2,000,000 46%
2007 $2,000,000 45%
2008 $2,000,000 45%
2009 $3,500,000 45%
2010 $0 n/a
2011 $1,000,000 55%
Unlike a will, a Trust agreement has provisions, which reduce federal and state estate taxes. A Trust agreement may take advantage of federal laws, which allow the separation of one’s estate into Marital and Family Trusts or sometimes referred to as Credit Shelter Trusts or A/B Trusts. The purpose of the Marital Trust is to maximize the surviving spouse’s estate tax exemption. Any amount of money over the estate tax emption should go into the Family Trust and be spent first to reduce or eliminate the likelihood of paying estate taxes (see Attorney for explanation). Upon the surviving spouse’s death, the marital trust is transferred to the Family Trust. The purpose of two Trusts: Marital and Family Trust is to reduce the likelihood of a federal and state estate tax.
HOW IS MY NET WORTH DETERMINED?
Simply put, you add your total assets minus your liabilities to equal your net worth. To get your total net worth, you add all of your assets together such as your home, business interests, bank accounts, investments (CDs, Stocks, etc), personal property, retirement plans, stock options, and death benefits from your life insurance to equal your total net value. Here is a form to assist you entitled “Calculating Your Net Worth”.
Calculating Your Net Worth
Inventory
Assets
Stocks, bonds, mutual fund $___________________
Bank accounts $___________________
Retirement accounts [IRAs, 401(k)s, etc.] $___________________
Life insurance proceeds $___________________
Annuities $___________________
Real Estate $___________________
Personal property (jewelery, belongings, etc.) $___________________
Automobiles and other vehicles $___________________
Business Interests $___________________
Other/miscellaneous $___________________
Total Assets $___________________
Liabilities
Residential mortgages $___________________
Personal debts (loans, credit cards, etc.) $__________________
Estate settlement costs (3-8% of estate) $___________________
Business-related debt $___________________
Total Liabilities $___________________
Net Worth $___________________
(total assets minus total liabilities)
HOW DO I REMOVE ASSETS FROM MY ESTATE?
A. Tax Free Gifts
First, you may want to be charitable with some of your assets while you are alive (if you can afford it). You likely already know who you want to be the beneficiary of your assets upon your death. You could give tax free gifts to your children, grandchildren or even your favorite charity. Tax free gifts are easy and cost effective. Each person can give away $12,000 per year ($24,000 if married) to as many people as you wish. Gifting is tied to inflation and may increase every couple years.
For example, if you have three children and six grandchildren and you give the maximum amount of gifts allowed per beneficiary each year, your estate will be reduced by $108,000 per year. If your spouse joins in and makes gifts with you, your estate will be diminished by $216,000 per year. With estate taxes around 50%, this could save your estate over $100,000 in estate taxes per year. Additionally, an individual (or married couple) may make unlimited gifts to charities, educational institutions, and healthcare providers if the gifts are made in the correct manner. Why should you begin a gifting program? A simple gifting strategy may save your estate thousands to millions of dollars in estate taxes. Before you start a gifting program, you should consult an estate planning attorney.
B. Irrevocable Life Insurance Trusts (ILITS)
An irrevocable Life Insurance Trust (“hereinafter referred to as ILIT”) are an irrevocable trust that cannot be amended, revoked, or altered upon formation. For most families, death benefits from life insurance proceeds are a major asset of their total net worth. Removing life insurance proceeds from one’s estate may save some families thousands to millions of dollars. For instance, Dan Smith (hypo only) has a total net worth of $4 million with $2 million dollars in life insurance proceeds in 2004. In 2004, the estate tax exemption amount is $ 2 million. Therefore, anything over $2 million will be taxed at a rate of approximately 50 percent. By setting up an ILIT and removing $ 2 million dollars of life insurance from Mr Smith’s estate, his estate is getting an estate tax savings of around $1 million. Additionally, ILIT may be an inexpensive way to pay estate taxes without liquidating any non-liquid assets such as a business or real estate. Please note that transfers within 3 years of your death, may be disregarded by the IRS if not planned correctly.
C. Equalize Both Spouses’ Estates
A great way to reduce estate taxes is to maximize the marital exemption provided by the IRS. With many families, one spouse earns substantially more than the other and owns the business in their individual name (in an LLC or Corporation typically). For example, a doctor earns $400,000 per year and owns his/her medical practice worth $2 million (according to IRS). In this case, one spouse may have a disproportionate amount of the net worth of the family due to the ownership of the medical practice. Therefore, an effective estate strategy is to equalize both spouses’ estates, so that each spouse uses the maximum amount of estate exemption allowed by the IRS. Please see an attorney for a better explanation.
C. Qualified Personal Residence Trust
A qualified personal residence trust (QPRT) is an irrevocable trust that removes a home from one’s estate at a discounted value while remaining to live in the property. The purpose of a QPRT is to remove assets from one’s estate and reduce the amount of estate taxes due upon death while enjoying the benefits of living in their home.
D. Family Limited Partnership/LLC
A family limited partnership or limited liability corporation is an estate tax and asset protection strategy designed to minimize one’s estate value. Simply put, a family limited partnership/LLC is designed for business, farm, real estate, or stock assets thereby saving thousands to millions of dollars in estate taxes. A family limited partnership/LLC also allows you to transfer appreciating assets to your children, reducing your gross taxable estate. If planned correctly, the general partner (senior family member with high net worth) can keep full control of the family limited partnership/LLC.
E. Charitable Trust
A charitable trust (CT) converts appreciated assets into lifetime income with no capital gains tax and saves estate (assets out of your estate) and income taxes (by creating a charitable deduction). Upon your death, the charity of your choice receives trust assets.
Sean L. Robertson is a Wealth Preservation Attorney and Principal of Robertson Law Group, LLC. Sean concentrates in Wills and Trusts, Advanced Estate Planning, Probate and Guardianship, and Asset Protection law. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Sunday, June 7, 2009
Robertson Law Group, LLC Trust Package Information
ROBERTSON LAW GROUP, LLC:
ASSET PROTECTION LAW FIRM
Attorney and Counselor of Law
312-498-6080
RobertsonLawGroup@gmail.com
PLANNED GIVING
Hiring our law firm will be your first step towards successfully planning to protect your loved ones during your lifetime and beyond. Your package will include several important legal documents that will assist you in accomplishing your ideal giving situation. These documents are a revocable living trust, durable power of attorney for property, durable power of attorney for healthcare, and a pour-over will. Below is an explanation of what each document protects and how it will be utilized during your estate planning process.
Revocable Living Trust: You are a trustor (person who grants or bequests property interests), who will hold legal title to all bequeathed interests for the benefits of those you name (beneficiaries) to receive your bequest. The trustor creates his/her intent to pass his/her property interests (bequests) through this document (trust). The trustor shall name a person to manage the trust once he/she is deceased this person is called a trustee. A revocable trust is a right reserved by the trustor to change, terminate and recover any property interests that have been included in the trust document(s) without upsetting any loved ones or involving a long court process.
Durable Power of Attorney for Property: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact business for the trustor. This authorization would only become effective upon the trustor’s incapacitation or incompetence. The power would consist of making financial decisions, paying the trustor’s debts, and continuing to meet the trustor’s daily financial obligations.
Power of Attorney for Healthcare: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact healthcare decisions for the trustor. This authorization becomes effective upon the trustor’s disability, incapacitation, or incompetence. This kind of document would have made the Terri Schiavo situation more of a private matter between her and her loved ones and not the court system.
Pour-Over Will: This documents works like a normal will, but in this situation most of your assets of your estate are included in the trust; therefore this document will explain what happens to property that does not make it into the trust. For example, personal property such as clothing or a car may not make it into a trust. These simple personal items shall be distributed by this document (will).
Living Will: Living will usually covers specific directives as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases forbidding treatment and sometimes also food and water, should the principal be unable to give informed consent ("individual health care instruction") due to incapacity. Works in combination with Power
ASSET PROTECTION LAW FIRM
Attorney and Counselor of Law
312-498-6080
RobertsonLawGroup@gmail.com
PLANNED GIVING
Hiring our law firm will be your first step towards successfully planning to protect your loved ones during your lifetime and beyond. Your package will include several important legal documents that will assist you in accomplishing your ideal giving situation. These documents are a revocable living trust, durable power of attorney for property, durable power of attorney for healthcare, and a pour-over will. Below is an explanation of what each document protects and how it will be utilized during your estate planning process.
Revocable Living Trust: You are a trustor (person who grants or bequests property interests), who will hold legal title to all bequeathed interests for the benefits of those you name (beneficiaries) to receive your bequest. The trustor creates his/her intent to pass his/her property interests (bequests) through this document (trust). The trustor shall name a person to manage the trust once he/she is deceased this person is called a trustee. A revocable trust is a right reserved by the trustor to change, terminate and recover any property interests that have been included in the trust document(s) without upsetting any loved ones or involving a long court process.
Durable Power of Attorney for Property: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact business for the trustor. This authorization would only become effective upon the trustor’s incapacitation or incompetence. The power would consist of making financial decisions, paying the trustor’s debts, and continuing to meet the trustor’s daily financial obligations.
Power of Attorney for Healthcare: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact healthcare decisions for the trustor. This authorization becomes effective upon the trustor’s disability, incapacitation, or incompetence. This kind of document would have made the Terri Schiavo situation more of a private matter between her and her loved ones and not the court system.
Pour-Over Will: This documents works like a normal will, but in this situation most of your assets of your estate are included in the trust; therefore this document will explain what happens to property that does not make it into the trust. For example, personal property such as clothing or a car may not make it into a trust. These simple personal items shall be distributed by this document (will).
Living Will: Living will usually covers specific directives as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases forbidding treatment and sometimes also food and water, should the principal be unable to give informed consent ("individual health care instruction") due to incapacity. Works in combination with Power
10 Estate Planning Mistakes for Physicians & Dentists
Robertson Law Group, LLC
9923 S. Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312-498-6080 f) 312-377-2480
RobertsonLawGroup@gmail.com
www.robertsonlawgroup.com
blog: www.assetprotectionlaw.blogspot.com
SERVING COOK, DUPAGE, AND WILL COUNTIES
TEN ESTATE PLANNING MISTAKES
FOR PHYSICIANS & DENTISTS
1. Titling property jointly with your children as a substitute for a will.
With a will or Revocable Living Trust (Trust), you make contingencies in case your initial beneficiaries listed are either disabled or deceased. Having a second or third contingent beneficiary is crucial because it helps to avoid probate court. Additionally, titling your personal residence jointly can result in partial loss of the capital gain exclusion if it is sold before your death or result in a gift tax (50% tax rate).
2. Failing to plan for the possibility of children getting divorced or having problems with creditors.
Parents often regret having made outright gifts to their children when the child subsequently divorces and the ex-son or daughter-in-law is awarded an interest in the gifted property by a court, or when property is taken pursuant to a legal creditor judgment against the child. These problems can be reduced through Trusts because Trusts have a spendthrift provision, which prevents the inherited money being subject to a divorce or creditor of the surviving beneficiary.
3. Underestimating Family Conflicts Caused By An Inheritance.
Any person setting up a will or Trust should strongly consider the family dynamics when considering who should be a Trustee and who should inherit their estate. For example, if A dies and has a surviving spouse, which is the result of a 2nd marriage and A has two children from a first marriage, this family will likely have a serious problem. If the estate is not properly structured, the 2nd husband and A’s kids from the first marriage will likely dispute who is entitled to plan the funeral, inherit from the estate, and whether the 2nd husband should continue living in the residence that A and the surviving spouse lived in together.
4. Failing to plan for the possibility of a guardian for your children if they are under age 18.
Many families fail to plan who they will choose to be the guardian over their minor children. A couple factors should be considered: a) who is your first, second, and third choice for guardian over your minor children if you and your spouse are deceased; b) should one or two guardians manage the finances and parental responsibilities; c) what happens if your choice of guardian is divorced and unmarried; and d) what school district and lifestyle will your children have if you choose certain people as guardians.
5. Failing to plan for children that you do not consider to be your children or grandchildren.
Families (especially high net worth) often ask an estate planning attorney to eliminate language in their wills or Trusts that state that they (person creating will or Trust) want to provide for any unborn or adopted children not listed in the will or Trust. Many professionals are concerned about illegitimate children or grandchildren claiming a right to a family inheritance that the family was unaware of.
6. Underestimating the true value of your estate for Federal Estate Tax Purposes.
Many people are unaware that life insurance proceeds are includable in their taxable estates upon death. The estate tax unified credit is currently $2 million and if properly structured, an estate tax can be totally eliminated or greatly reduced with some simple planning techniques.
7. Selling real estate without considering the benefits of “step up” in tax basis upon death.
For example, A owns two real estate properties and is 85 years of age. A is considering selling the property upon her death. If A sells the real estate properties upon her death, A may pay a substantial capital gain’s tax as a consequence of having a low tax basis in A’s real estate properties. If A does not sell the real estate properties and A deceases, A’s family gets a “step up” in tax basis in the real estate property which eliminates the capital gain’s tax on the real estate properties.
8. Protecting loved ones from a substantial inheritance.
One benefit of a Trust is the creator of the Trust can put restrictions on use of a beneficiary’s use of Trust’s assets to protect a beneficiary from their inability to manage money, protect a beneficiary from immaturity, and guaranteeing that a beneficiary will not spend all their inheritance by selecting a Trustor that is good with managing money. For instance, one always should strongly consider how to protect their children and their children’s lifestyle such as choice of educational institutions if the guardian is irresponsible with money.
9. Failing to plan for incapacity or disability.
Families should have appropriate powers of attorney for property and healthcare to appoint a guardian or conservator to act on their behalf if you become disabled or unable to make healthcare or financial decisions for yourself. For instance, if you became disabled today, would you be able to pay your bills or continue running your business. If you have business partners, would your business be able to withstand the absence of a business partner for a substantial amount of time without draining the resources of your business. Do you have an adequate buy/sell written partnership agreement and the proper funding vehicles to fund the buy/sell agreement in case of a disability or incapacity.
10. Failing to review and update your estate plan every couple of years.
Law changes along with personal, family and business changes make it necessary to update your will or Trust. For a lot of families, a Trust is more appropriate than a will and seeking out an estate planning expert can prevent your family from conflicts and substantial legal fees and costs associated with probate court. A second opinion is always good because a lot of attorneys are not seasoned estate planning attorneys and fail to understand the complicated family conflicts and ever changing estate tax laws. For example, have you had a baby, moved to a different state, accumulated additional assets, or been married or recently divorced? If you have had a substantial change in your family or personal life, you should strongly consider scheduling an appointment with an estate planning attorney.
Sean L. Robertson is a Wealth Preservation attorney concentrating in Asset Protection, Estate Planning, and Physician Legal Planning. Sean represents Physicians, Healthcare Groups, and Dentists. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com
Key words: Wills, Trusts, Estate Planning, Dentists, Powers of Attorney (Property & Healthcare), Living Wills, Physician, Asset Protection
9923 S. Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312-498-6080 f) 312-377-2480
RobertsonLawGroup@gmail.com
www.robertsonlawgroup.com
blog: www.assetprotectionlaw.blogspot.com
SERVING COOK, DUPAGE, AND WILL COUNTIES
TEN ESTATE PLANNING MISTAKES
FOR PHYSICIANS & DENTISTS
1. Titling property jointly with your children as a substitute for a will.
With a will or Revocable Living Trust (Trust), you make contingencies in case your initial beneficiaries listed are either disabled or deceased. Having a second or third contingent beneficiary is crucial because it helps to avoid probate court. Additionally, titling your personal residence jointly can result in partial loss of the capital gain exclusion if it is sold before your death or result in a gift tax (50% tax rate).
2. Failing to plan for the possibility of children getting divorced or having problems with creditors.
Parents often regret having made outright gifts to their children when the child subsequently divorces and the ex-son or daughter-in-law is awarded an interest in the gifted property by a court, or when property is taken pursuant to a legal creditor judgment against the child. These problems can be reduced through Trusts because Trusts have a spendthrift provision, which prevents the inherited money being subject to a divorce or creditor of the surviving beneficiary.
3. Underestimating Family Conflicts Caused By An Inheritance.
Any person setting up a will or Trust should strongly consider the family dynamics when considering who should be a Trustee and who should inherit their estate. For example, if A dies and has a surviving spouse, which is the result of a 2nd marriage and A has two children from a first marriage, this family will likely have a serious problem. If the estate is not properly structured, the 2nd husband and A’s kids from the first marriage will likely dispute who is entitled to plan the funeral, inherit from the estate, and whether the 2nd husband should continue living in the residence that A and the surviving spouse lived in together.
4. Failing to plan for the possibility of a guardian for your children if they are under age 18.
Many families fail to plan who they will choose to be the guardian over their minor children. A couple factors should be considered: a) who is your first, second, and third choice for guardian over your minor children if you and your spouse are deceased; b) should one or two guardians manage the finances and parental responsibilities; c) what happens if your choice of guardian is divorced and unmarried; and d) what school district and lifestyle will your children have if you choose certain people as guardians.
5. Failing to plan for children that you do not consider to be your children or grandchildren.
Families (especially high net worth) often ask an estate planning attorney to eliminate language in their wills or Trusts that state that they (person creating will or Trust) want to provide for any unborn or adopted children not listed in the will or Trust. Many professionals are concerned about illegitimate children or grandchildren claiming a right to a family inheritance that the family was unaware of.
6. Underestimating the true value of your estate for Federal Estate Tax Purposes.
Many people are unaware that life insurance proceeds are includable in their taxable estates upon death. The estate tax unified credit is currently $2 million and if properly structured, an estate tax can be totally eliminated or greatly reduced with some simple planning techniques.
7. Selling real estate without considering the benefits of “step up” in tax basis upon death.
For example, A owns two real estate properties and is 85 years of age. A is considering selling the property upon her death. If A sells the real estate properties upon her death, A may pay a substantial capital gain’s tax as a consequence of having a low tax basis in A’s real estate properties. If A does not sell the real estate properties and A deceases, A’s family gets a “step up” in tax basis in the real estate property which eliminates the capital gain’s tax on the real estate properties.
8. Protecting loved ones from a substantial inheritance.
One benefit of a Trust is the creator of the Trust can put restrictions on use of a beneficiary’s use of Trust’s assets to protect a beneficiary from their inability to manage money, protect a beneficiary from immaturity, and guaranteeing that a beneficiary will not spend all their inheritance by selecting a Trustor that is good with managing money. For instance, one always should strongly consider how to protect their children and their children’s lifestyle such as choice of educational institutions if the guardian is irresponsible with money.
9. Failing to plan for incapacity or disability.
Families should have appropriate powers of attorney for property and healthcare to appoint a guardian or conservator to act on their behalf if you become disabled or unable to make healthcare or financial decisions for yourself. For instance, if you became disabled today, would you be able to pay your bills or continue running your business. If you have business partners, would your business be able to withstand the absence of a business partner for a substantial amount of time without draining the resources of your business. Do you have an adequate buy/sell written partnership agreement and the proper funding vehicles to fund the buy/sell agreement in case of a disability or incapacity.
10. Failing to review and update your estate plan every couple of years.
Law changes along with personal, family and business changes make it necessary to update your will or Trust. For a lot of families, a Trust is more appropriate than a will and seeking out an estate planning expert can prevent your family from conflicts and substantial legal fees and costs associated with probate court. A second opinion is always good because a lot of attorneys are not seasoned estate planning attorneys and fail to understand the complicated family conflicts and ever changing estate tax laws. For example, have you had a baby, moved to a different state, accumulated additional assets, or been married or recently divorced? If you have had a substantial change in your family or personal life, you should strongly consider scheduling an appointment with an estate planning attorney.
Sean L. Robertson is a Wealth Preservation attorney concentrating in Asset Protection, Estate Planning, and Physician Legal Planning. Sean represents Physicians, Healthcare Groups, and Dentists. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com
Key words: Wills, Trusts, Estate Planning, Dentists, Powers of Attorney (Property & Healthcare), Living Wills, Physician, Asset Protection
Saturday, May 2, 2009
Asset Protection for Physicians
Asset Protection for Physicians
Asset protection is a legal strategy that diminishes your asset risk profile and discourages lawsuits from being filed against you. Simply put, asset protection is making you judgment proof and protecting your assets in a manner that discourages creditors and plaintiff attorneys from suing you in the first place.
Today, there is a huge trend of litigation, which seems to be increasing. The costs of malpractice premiums are increasing and it is jeopardizing many physicians ability to practice medicine in a profitable manner. Furthermore, physicians are constantly investing in real estate, their medical practices, stocks and bonds, and other business ventures, which increase their risk profile.
How To Work With An Asset Protection Attorney
An Asset Protection Attorney's Job is to work with the Physician and find out about the Physician's insurance, investment, and business risks. Hence, the Attorney will use Trusts, LLCs, & many other vehicles to protect the Physician's investments and assets.
Example of the Need for Asset Protection
Asset Protection is important because one lawsuit can jeopardize your family's financial future. For example, I have a physician who was involved in a business partnership and the partnership dissolved and a couple of physicians competed against the business partnership. Thus, the departing physicians possibly breached their non-compete agreement. This resulted in litigation and litigation brings counterclaims. A counterclaim is when a person sues another person and that Defendant sues the Plaintiff. A counterclaim is typical because the best defense is a good offense. In this example, the Defendant set up an Limited Liability Corporation (LLC) but set up his LLC ownership interest in his personal name. Therefore, all of his personal assets were exposed. Fortunately, for him and his family, we had done asset protection and his primary residence, his condo, and his personal assets are well protected. The opposing attorney has not pursued my client.
For more information about Asset Protection, please call Sean Robertson, Esq. Sean Robertson concentrates his practice in Asset Protection, Estate Planning, & Elder law. Sean Robertson has an expertise in representing Physicians and derives about 80 percent of his revenue from representing Physicians, Dentists, & Chiropractors. Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Contact Information:
Sean L. Robertson, J.D., Esq.
Robertson Law Group, LLC
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312-498-6080 f) 312-377-2480
e) RobertsonLawGroup@gmail.com
Asset protection is a legal strategy that diminishes your asset risk profile and discourages lawsuits from being filed against you. Simply put, asset protection is making you judgment proof and protecting your assets in a manner that discourages creditors and plaintiff attorneys from suing you in the first place.
Today, there is a huge trend of litigation, which seems to be increasing. The costs of malpractice premiums are increasing and it is jeopardizing many physicians ability to practice medicine in a profitable manner. Furthermore, physicians are constantly investing in real estate, their medical practices, stocks and bonds, and other business ventures, which increase their risk profile.
How To Work With An Asset Protection Attorney
An Asset Protection Attorney's Job is to work with the Physician and find out about the Physician's insurance, investment, and business risks. Hence, the Attorney will use Trusts, LLCs, & many other vehicles to protect the Physician's investments and assets.
Example of the Need for Asset Protection
Asset Protection is important because one lawsuit can jeopardize your family's financial future. For example, I have a physician who was involved in a business partnership and the partnership dissolved and a couple of physicians competed against the business partnership. Thus, the departing physicians possibly breached their non-compete agreement. This resulted in litigation and litigation brings counterclaims. A counterclaim is when a person sues another person and that Defendant sues the Plaintiff. A counterclaim is typical because the best defense is a good offense. In this example, the Defendant set up an Limited Liability Corporation (LLC) but set up his LLC ownership interest in his personal name. Therefore, all of his personal assets were exposed. Fortunately, for him and his family, we had done asset protection and his primary residence, his condo, and his personal assets are well protected. The opposing attorney has not pursued my client.
For more information about Asset Protection, please call Sean Robertson, Esq. Sean Robertson concentrates his practice in Asset Protection, Estate Planning, & Elder law. Sean Robertson has an expertise in representing Physicians and derives about 80 percent of his revenue from representing Physicians, Dentists, & Chiropractors. Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Contact Information:
Sean L. Robertson, J.D., Esq.
Robertson Law Group, LLC
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312-498-6080 f) 312-377-2480
e) RobertsonLawGroup@gmail.com
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