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.
Monday, January 31, 2011
What is a Living Trust?
A Revocable Living Trust or otherwise known as a "Living Trust" is an estate planning and asset protection tool, which helps provide a smooth transition upon a death or incapacity. Unlike a will, a Revocable Living Trust avoids probate court and guardianship court. A will is a legal document, which distributes your property upon your death. A will does not deal with any planning issues while you are alive unlike a Revocable Living Trust. A Revocable Living Trust is a powerful tool for Physicians and Dentists.
Additionally, a Revocable Living Trust is a private document, which is not public information like a will. Typically, a Revocable Living Trust is coupled with a pour over will. A pour over will is a will, which only is applicable if you did not fully fund your Revocable Living Trust. Thus, a pour over will is a catchall exception, if you purchased an item like an automobile and forget to properly title it in your Revocable Living Trust's name. Often times, clients title new assets without much thought about their Revocable Living Trust. This is why we give our clients a written letter at the Trust Signing, which clearly describes the dos and don'ts for their Revocable Living Trust. Titling of one's assets are critical for your Revocable Living Trust to work as intended. With many Physicians and Dentists, a Revocable Living Trust is vital because it saves a lot of hassles upon death and a lot of money in attorney's fees and costs.
In my opinion, a Revocable Living Trust is a powerful asset protection tool because it minimizes disputes. Asset protection is vital for Physicians and Dentists. Disputes are minimized because privacy protection simply does not give an adversary information to fight. For example, upon a person's death, no mailings are mailed to a disinherited relative like probate court. This invites a family conflict because a certified mailing must occur, which puts the person on high alert. With a Revocable Living Trust, the disputes often times resides because the person simply has no information to take an attorney and an attorney cannot attack the will like a living trust because often times, they have no access to the Revocable Living Trust.
In conclusion, a Revocable Living Trust is an excellent estate planning tool, which should be utilized. A Revocable Living Trust also is a cost-effective item, which reduces family conflicts and often times, a price cannot be put on continuing family harmony.
Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318. Robertson Law Group, LLC has a downtown Chicago Office and Naperville Office.
Additionally, a Revocable Living Trust is a private document, which is not public information like a will. Typically, a Revocable Living Trust is coupled with a pour over will. A pour over will is a will, which only is applicable if you did not fully fund your Revocable Living Trust. Thus, a pour over will is a catchall exception, if you purchased an item like an automobile and forget to properly title it in your Revocable Living Trust's name. Often times, clients title new assets without much thought about their Revocable Living Trust. This is why we give our clients a written letter at the Trust Signing, which clearly describes the dos and don'ts for their Revocable Living Trust. Titling of one's assets are critical for your Revocable Living Trust to work as intended. With many Physicians and Dentists, a Revocable Living Trust is vital because it saves a lot of hassles upon death and a lot of money in attorney's fees and costs.
In my opinion, a Revocable Living Trust is a powerful asset protection tool because it minimizes disputes. Asset protection is vital for Physicians and Dentists. Disputes are minimized because privacy protection simply does not give an adversary information to fight. For example, upon a person's death, no mailings are mailed to a disinherited relative like probate court. This invites a family conflict because a certified mailing must occur, which puts the person on high alert. With a Revocable Living Trust, the disputes often times resides because the person simply has no information to take an attorney and an attorney cannot attack the will like a living trust because often times, they have no access to the Revocable Living Trust.
In conclusion, a Revocable Living Trust is an excellent estate planning tool, which should be utilized. A Revocable Living Trust also is a cost-effective item, which reduces family conflicts and often times, a price cannot be put on continuing family harmony.
Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318. Robertson Law Group, LLC has a downtown Chicago Office and Naperville Office.
Thursday, January 27, 2011
Asset Ownership of Real Estate
For Physicians and Dentists, the way they own their real estate properties are vital because potential Defendants see them as large pockets, which are vulnerable. Physicians and Dentists often times falsely believe that a liability or umbrella policy is sufficient for asset protection. A liability policy is good but often times, it is common that Physicians and Dentists are underinsured. Unfortunately, many Physicians and Dentists are ill-prepared in evaluating insurance to know whether they have proper coverage or not. An umbrella liability policy is a cathcall policy that provides liability coverage up to a $1 million or $2 million in case an incident occurs that is not properly covered by their existing policy.
There are several ways to own real estate. The first and most common way is a Physician and his/her spouse own the property jointly. The only home that should be jointly owned is the primary residence. Tenancy by the Entirety is recommended with a Private Land Trust to protect against liens and judgments. The benefit of Tenancy by Entirety is to protect one spouse from the lawsuits, liens, and judgments of the other spouse. Essentially, the creditor that is coming after one spouse cannot foreclose the primary residence if the property is jointly held as tenants by the entirety. One downside to tenants by entirety is the surviving spouse does not automatically inherit the primary residence. This can simply be solved by a revocable living trust, which is an estate planning tool. A Revocable Living Trust is similar to a will in that is disposes of one's property upon death or incapacity. Unlike a will, there is no probate or court procedures upon death or incapacity. Furthermore, a revocable living trust is a private document unlike a will, which is public record.
The second type of real estate ownership is in the personal name. This is exceptionally risky because the property is subject to liens and judgements. Simply put, the purpose of asset protection is to eliminate and minimize (when eliminate is not possible) any liability risks. The downside to real estate being in one's name or jointly held property is the potential Defendant may cease any assets including the primary residence (if not structured right way), money market accounts, bank accounts, business interests, and a personal property to name a few assets. The benefit of incorporating as an Limited Liability Corporation (LLC) is to isolate the claims of the real estate investment property to that particular property.
The third type of real estate ownership is ownership through trusts. Often times, many couples assert that their revocable living trust provides asset protection. This is simply untrue in most cases except in probate avoidance. Owning a property in your revocable living trust is analogous to owning your property in your personal name. The second type of real estate ownership in trust is a private land trust. A private land trust is a common way in Illinois to own real estate where the identity of the owner is private. Private land trust are good but often times, inadequate for physicians and dentists. Private land trust are inadequate because it offers minimal protection and minimal propection oftne times is insufficient for a Physician or Dentists.
In conclusion, asset ownership of real estate is essential for Physicians and Dentists. Sean Robertson has over seven (7) years of asset protection experience and working with Physicians. Sean Robertson deals with lawsuits, litigation, and asset protection on a daily basis. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318.
Key words: Physician asset protection Naperville, Physician asset ownership Naperville, Physician asset protection Cook County, Dentists asset protection Naperville, Dentists asset protection Cook county, Asset Protection Attorney Cook County, Asset Protection Naperville, Sean Robertson Asset Protection Attorney
There are several ways to own real estate. The first and most common way is a Physician and his/her spouse own the property jointly. The only home that should be jointly owned is the primary residence. Tenancy by the Entirety is recommended with a Private Land Trust to protect against liens and judgments. The benefit of Tenancy by Entirety is to protect one spouse from the lawsuits, liens, and judgments of the other spouse. Essentially, the creditor that is coming after one spouse cannot foreclose the primary residence if the property is jointly held as tenants by the entirety. One downside to tenants by entirety is the surviving spouse does not automatically inherit the primary residence. This can simply be solved by a revocable living trust, which is an estate planning tool. A Revocable Living Trust is similar to a will in that is disposes of one's property upon death or incapacity. Unlike a will, there is no probate or court procedures upon death or incapacity. Furthermore, a revocable living trust is a private document unlike a will, which is public record.
The second type of real estate ownership is in the personal name. This is exceptionally risky because the property is subject to liens and judgements. Simply put, the purpose of asset protection is to eliminate and minimize (when eliminate is not possible) any liability risks. The downside to real estate being in one's name or jointly held property is the potential Defendant may cease any assets including the primary residence (if not structured right way), money market accounts, bank accounts, business interests, and a personal property to name a few assets. The benefit of incorporating as an Limited Liability Corporation (LLC) is to isolate the claims of the real estate investment property to that particular property.
The third type of real estate ownership is ownership through trusts. Often times, many couples assert that their revocable living trust provides asset protection. This is simply untrue in most cases except in probate avoidance. Owning a property in your revocable living trust is analogous to owning your property in your personal name. The second type of real estate ownership in trust is a private land trust. A private land trust is a common way in Illinois to own real estate where the identity of the owner is private. Private land trust are good but often times, inadequate for physicians and dentists. Private land trust are inadequate because it offers minimal protection and minimal propection oftne times is insufficient for a Physician or Dentists.
In conclusion, asset ownership of real estate is essential for Physicians and Dentists. Sean Robertson has over seven (7) years of asset protection experience and working with Physicians. Sean Robertson deals with lawsuits, litigation, and asset protection on a daily basis. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318.
Key words: Physician asset protection Naperville, Physician asset ownership Naperville, Physician asset protection Cook County, Dentists asset protection Naperville, Dentists asset protection Cook county, Asset Protection Attorney Cook County, Asset Protection Naperville, Sean Robertson Asset Protection Attorney
Wednesday, January 26, 2011
Physician Liability Protection Against Partnership Disputes
One of the primary liability concerns for physicians is surprisingly partnership and business disputes. Often times, physicians are concerned about asset protection against medical malpractice claims. This is a legitimate concern, but often times, real estate and partnership disputes pose a greater concern. First, a lot of times partnership or business disputes claim an element of fraud because punitive damages and attorney's fees may be awarded. Second, liability insurand and umbrella insurance policies are often ignored or underinsured.
Asset protection is vital for physicians and dentists. In my experience, most physicians and dentists are ill-prepared for lawsuits and potential judgments. Physicians and dentists are excellent targets for liability concerns because they are viewed as deep pockets.
Sean Robertson is an Asset Protection Attorney for Physicians. Sean Robertson has impeccable credentials as an Asset Protection and is experienced in working with Physicians.
Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318 or Sean@RobertsonLawGroup.com.
Asset protection is vital for physicians and dentists. In my experience, most physicians and dentists are ill-prepared for lawsuits and potential judgments. Physicians and dentists are excellent targets for liability concerns because they are viewed as deep pockets.
Sean Robertson is an Asset Protection Attorney for Physicians. Sean Robertson has impeccable credentials as an Asset Protection and is experienced in working with Physicians.
Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318 or Sean@RobertsonLawGroup.com.
Subscribe to:
Posts (Atom)
