We all know that there are certain risks that come simply with owning property and building wealth; this is why just about everybody has some kind of insurance coverage, from simple home or auto insurance to more complicated asset protection strategies. But doctors, lawyers, accountants, and other “professionals” carry a different kind of risk; these professionals require a more comprehensive kind of insurance—and they often need a more comprehensive asset protection strategy.

Everything about professionals tends to be “slightly more” than the average Joe. If you are a professional you most likely have “slightly more” education than the next person, you have “slightly more” income and savings, and you probably pay “slightly more” in taxes. Unfortunately, you likely have “significantly more” risk and liability.

Luckily, if you are a professional you have a number of different (and very comprehensive) strategies available to you for asset protection. However, as a professional you will require “slightly more” risk planning and protective measures. You may wish to hold your assets in a Limited Liability Company (a popular tool among professionals); or if your practice is a family endeavor you may choose a Family Limited Partnership to help you protect your assets and pass them on to the next generation.  In addition, depending on the size of your estate and the nature of your assets, there are a great many different kinds of trusts that can be customized to meet your needs.

As a professional myself I know how important it is to protect your family, your business, and your assets. I know that there is no one simple answer when it comes to asset protection; every family and every situation will require its own unique plan, and this is especially true for highly educated, high liability risk professionals. I specialize in evaluating your occupation, risk level, assets and goals and helping you (and your loved ones) understand and choose the most effective asset protection strategies for your situation. Call my office and let me help you protect your business and your family.

Post a Reply