Asset protection has become a significant issue as our lives become increasingly litigious. Both individuals and businesses are at risk of sometimes frivolous claims, so more and more people are ensuring that their assets are well protected. Asset protection strategies generally concentrate on separating assets from risks.
Here are some of our recommendations or “financial prescriptions” to help protect physicians:
- Liability Umbrella Policies
- Limited Liability Company
- Family Limited Partnerships
- Asset Protection Trusts
- Off Shore Trusts
Beat a Lawsuit Before it Begins
You have worked too hard to see your efforts go up in smoke. This two-pronged approach can help doctors protect their assets.
Protect Your Assets With a ‘Family Bank’
One of the biggest drains on your account may not be the market but rather family requests for money that may never be repaid. Preserve assets—and emotional health—by setting up a “family bank.” By adopting a few basic ground rules, a family bank could be a real win-win for you and your family.
Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal advice or services. Please consult the appropriate professional regarding your legal needs.