"Protect What You Built!"

An anesthesiologist worth $6M asked me: 

"How do I protect this from lawsuits?"

I asked: "Where's it held?" "Joint account with my wife."

I almost fell off my chair.

One lawsuit. One car accident. One angry patient. Everything gone.

Here's proper asset protection:

Level 1: Insurance

Malpractice. Umbrella policy 

Disability own-occupation specialty specific 

Level 2: Entity Structure

LLC for practice, Separate, LLC for real estate

Holding company structure

Level 3: Trust Planning

Revocable trust (probate protection)

Asset protection trust (lawsuit protection)

Charitable remainder trust (tax efficiency)

Level 4: Strategic Positioning

Retirement accounts (ERISA protected), 529 plans (state protected)

Homestead exemption (state specific)

BY,

Gary Kaufman