Today's blog is about the importance of setting up your asset protection plan before commencing or beginning a lawsuit against another party. The first rule when one sues another party is that the Plaintiff should expect the possibility of a counter suit.
A counter suit is essentially a lawsuit being filed against the Plaintiff. For example, I have one client who is a physician that sued other physicians for violating their non-compete agreement. In return, the physicians filed a lawsuit against my client and his former business partner. The end result was a $1.6 million judgment against my client.
Fortunately, my client had performed asset protection legal services. Typically, the beginning process is to properly set up your home. This is done by placing your house into a Private Land Trust. A private land trust is a strategy in Illinois that does not allow liens and judgments to attach to the real estate. This is one (1) helpful tip.
Sean Robertson is an estate and asset protection attorney for Physicians and Dentists. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Friday, February 25, 2011
Thursday, February 17, 2011
Malpractice and Asset Protection
Malpractice is a major concern for Physicians and Dentists because a major malpractice case may jeopardize the financial assets of a Physician or Dentists. Often times, malpractice insurance policies are limited to the first $1 million and in major medical malpractice cases, $1 million in insurance coverage is insufficient.
Asset protection is critical for Physicians and Dentists because of the perception of big pockets. Plaintiffs and their attorneys are finding new strategies and theories to enhance their pocket, which is increasingly scaring Physicians and Dentists.
Asset protection is not fraud but it is re-titling of one's assets to minimize the liability exposure of a Physician or Dentists's assets. A Family Limited Liability Corporation (LLC) or Irrevocable Trust are common techniques to reduce the liability risks of a Physician or Dentists.
Sean Robertson is an asset protection attorney based in downtown Chicago. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Asset protection is critical for Physicians and Dentists because of the perception of big pockets. Plaintiffs and their attorneys are finding new strategies and theories to enhance their pocket, which is increasingly scaring Physicians and Dentists.
Asset protection is not fraud but it is re-titling of one's assets to minimize the liability exposure of a Physician or Dentists's assets. A Family Limited Liability Corporation (LLC) or Irrevocable Trust are common techniques to reduce the liability risks of a Physician or Dentists.
Sean Robertson is an asset protection attorney based in downtown Chicago. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Tuesday, February 8, 2011
5 Asset Protection Tips for Physicians
Here are five (5) Asset Protection tips for Physicians.
1. The first tip is make sure your primary residence is properly protected with your spouse/partner. This is the most important because in case of litigation, people's major concern is their house. Your house is important because it represents more than money. Rather, your house represents your family, your stability, and your future. You protect your house in Illinois by transferring your house into a Private Land Trust. A Private Land Trust is a way to own property where liens and judgments do not attach. This is important because if a lawsuit is filed against you and they are successful, a lien cannot be placed against your house. If you are married, your house should be titled inside the private land trust as tenancy by entirety.
2. The second tip is understand what assets are affected in case of a lawsuit. Any balances in checking accounts, savings accounts, mutual funds, stocks, bonds, and personal property are subject to the lawsuit and judgment. This means these assets are particularly vulnerable to lawsuits. Assets that are protected are retirement accounts, cash value life insurance, and annuities.
3. The third tip is make sure any investment or vacation property are properly protected. A Limited Liability Corporation (LLC) is an excellent way to title your real estate to insulate it from claims of your creditors (other than that piece of property). Creating an LLC is like creating a fictional person that owns the property interest.
4. The fourth tip is have an appropriate Living Trust that provides for your family in case of a disability or death. A Living Trust is a private document that dictates your wishes upon your death. Unlike a will, a Living Trust avoids the pain and agony of probate court.
5. The fifth tip is create a Family Limited Liability Corporation (LLC) to hold your vulnerable assets discussed in Paragraph 2. A Family LLC is an asset protection tool, which places your vulnerable assets beyond the reach of future creditors. This is important because it is difficult to collect on a judgment against a Family LLC. Physicians should use a combination of a variety of asset protection strategies.
Sean Robertson is an Physician Asset Protection Attorney based in downtown Chicago. Sean Robertson may be reached at 312-498-6080. Sean Robertson practices in Cook, Dupage, and Will Counties.
1. The first tip is make sure your primary residence is properly protected with your spouse/partner. This is the most important because in case of litigation, people's major concern is their house. Your house is important because it represents more than money. Rather, your house represents your family, your stability, and your future. You protect your house in Illinois by transferring your house into a Private Land Trust. A Private Land Trust is a way to own property where liens and judgments do not attach. This is important because if a lawsuit is filed against you and they are successful, a lien cannot be placed against your house. If you are married, your house should be titled inside the private land trust as tenancy by entirety.
2. The second tip is understand what assets are affected in case of a lawsuit. Any balances in checking accounts, savings accounts, mutual funds, stocks, bonds, and personal property are subject to the lawsuit and judgment. This means these assets are particularly vulnerable to lawsuits. Assets that are protected are retirement accounts, cash value life insurance, and annuities.
3. The third tip is make sure any investment or vacation property are properly protected. A Limited Liability Corporation (LLC) is an excellent way to title your real estate to insulate it from claims of your creditors (other than that piece of property). Creating an LLC is like creating a fictional person that owns the property interest.
4. The fourth tip is have an appropriate Living Trust that provides for your family in case of a disability or death. A Living Trust is a private document that dictates your wishes upon your death. Unlike a will, a Living Trust avoids the pain and agony of probate court.
5. The fifth tip is create a Family Limited Liability Corporation (LLC) to hold your vulnerable assets discussed in Paragraph 2. A Family LLC is an asset protection tool, which places your vulnerable assets beyond the reach of future creditors. This is important because it is difficult to collect on a judgment against a Family LLC. Physicians should use a combination of a variety of asset protection strategies.
Sean Robertson is an Physician Asset Protection Attorney based in downtown Chicago. Sean Robertson may be reached at 312-498-6080. Sean Robertson practices in Cook, Dupage, and Will Counties.
Wednesday, February 2, 2011
Top 5 Estate Planning Tips for Physicians and Dentists
In this blog, we will discuss the Top 5 Estate Planning Tips for Physicians and Dentists.
1st Tip: The first tip is to have a Living Trust. A Living Trust is a device that transfers your assets into your Living Trust in case you or your spouse become disabled or unable to make decisions for yourself. This is important because a properly funded Living Trust will avoid court procedures and probate court. Unlike a will, a Living Trust is a private document because there is no court procedure and there is a smooth transition upon your death or incapacity.
2nd Tip: Make sure your principal residence is titled in a Private Land Trust. For married couples/partners, it is important to have your house as tenants by entirety. Tenants by entirety provides asset protection in case you, the Physician or Dentists, has a lawsuit or judgment against you. Titling your primary residence as tenants by entirety allows you and your wife to avoid a creditor from forcing the sale of your primary residence. The benefit of a Private Land Trust is privacy and liens and judgments do not attach to your primary residence with some exceptions.
3rd Tip: Make sure your assets are properly titled and outside of your personal name or joint ownership with your spouse or partner. Often times, I see a Physician or Dentists and they have a couple of real estate properties that are owned by them and their spouse or simply by themselves. This is a big "no, no" because an accident on any of the investment real estate properties threatens their financial solvency.
4th Tip: Make sure you and your spouse have a power of attorney for property and healthcare. A power of attorney is a legal document where you appoint a person or multiple people (depending on deaths, etc.) to act as your agent in case you are unable to make healthcare or financial decisions.
5th Tip: Stop waiting to get your estate and asset protection plan completed because you may have a lawsuit or potential lawsuit filed against you, which makes it difficult to properly plan for your estate or asset protection goals.
Sean Robertson is an estate planning and asset protection attorney that counsels Physicians and Dentists on their asset protection and estate planning goals. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Robertson Law Group, LLC has offices in downtown Chicago and Naperville, Illinois.
1st Tip: The first tip is to have a Living Trust. A Living Trust is a device that transfers your assets into your Living Trust in case you or your spouse become disabled or unable to make decisions for yourself. This is important because a properly funded Living Trust will avoid court procedures and probate court. Unlike a will, a Living Trust is a private document because there is no court procedure and there is a smooth transition upon your death or incapacity.
2nd Tip: Make sure your principal residence is titled in a Private Land Trust. For married couples/partners, it is important to have your house as tenants by entirety. Tenants by entirety provides asset protection in case you, the Physician or Dentists, has a lawsuit or judgment against you. Titling your primary residence as tenants by entirety allows you and your wife to avoid a creditor from forcing the sale of your primary residence. The benefit of a Private Land Trust is privacy and liens and judgments do not attach to your primary residence with some exceptions.
3rd Tip: Make sure your assets are properly titled and outside of your personal name or joint ownership with your spouse or partner. Often times, I see a Physician or Dentists and they have a couple of real estate properties that are owned by them and their spouse or simply by themselves. This is a big "no, no" because an accident on any of the investment real estate properties threatens their financial solvency.
4th Tip: Make sure you and your spouse have a power of attorney for property and healthcare. A power of attorney is a legal document where you appoint a person or multiple people (depending on deaths, etc.) to act as your agent in case you are unable to make healthcare or financial decisions.
5th Tip: Stop waiting to get your estate and asset protection plan completed because you may have a lawsuit or potential lawsuit filed against you, which makes it difficult to properly plan for your estate or asset protection goals.
Sean Robertson is an estate planning and asset protection attorney that counsels Physicians and Dentists on their asset protection and estate planning goals. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Robertson Law Group, LLC has offices in downtown Chicago and Naperville, Illinois.
Subscribe to:
Comments (Atom)
