The Asset Protection Guide for Florida Physicians

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A trend that has arisen since the medical malpractice insurance crisis started making the news is a proliferation of attorneys, financial advisers, and other professionals getting into the asset protection business after seeing a profit to be made. Unfortunately, many of these professionals lack the requisite skill in this area, or worse, have come up with a one size fits all solution which they are heavily marketing, and which provide the greatest benefit to the marketer rather than the physician engaging in the planning. The old adage "if it seems too good to be true, it probably is" is one you should take to heart before spending your valuable time and money on an asset protection plan. Common sense should tell us that every asset protection technique from the most simple to the most complex has upsides and downsides. Unfortunately, since there is money to be made in this type of planning, many people offering assistance in asset protection planning focus purely on the upsides and fail to educate the people with whom they are working as to the downsides of a given technique. I have also searched the bookstores to try and find a good book I could recommend to people interested in learning more about asset protection planning. What I found was a few good books written exclusively for lawyers and a proliferation of books written for non-lawyers that hype the need for asset protection and then fail miserably in providing the reader with any meaningful explanations of what real asset protection is. This finally lead to my writing the Asset Protection Guide For Florida Physicians which will explain the "traps for the unwary" together with strategies to build a fortress around your hard earned assets.

The new Updated and Revised Edition of this book covers all of the major Florida laws dealing with asset protection, discusses relevant federal laws, and covers topics such as Family Limited Partnerships, Alaska, Delaware, and Nevada Trust structures, and Offshore planning. Some of the many things you will learn by reading this book are:

1. The circumstances under which a Florida homestead can be subject to being forcibly sold by a judgment creditor.
2. How to discern whether retirement assets are protected from the claims of creditors.
3. What effect the new bankruptcy laws have on your asset protection plan, how to mitgate its negative effects, and how to benefit from some of its positive changes
4. How to protect your future wages from being garnished by a judgment creditor and the exact steps to properly establishing and maintaining a "Wage Account."
5. Some important exceptions to the protection offered by Florida Wage Protection laws, and how to avoid various "traps for the unwary" that could result in your wages being left unprotected.
6. How to properly establish "Tenancy by the Entireties" ownership and the upsides and downsides of using this type of property ownership to protect your assets.
7. The "planning musts" if you use "Tenancy by the Entireties" or placing assets in your spouse's name as your primary method of protecting your assets.
8. The upsides and downsides of using life insurance and annuities as part of your asset protection plan from a source that does not profit from the sale of these financial products.
9. The law of Fraudulent Transfers and why waiting to implement your asset protection plan can dramatically reduce your options.
10. When a Family Limited Partnership makes sense and when it could be a nightmare if you were ever really sued.
11. The upsides and downsides of domestic and offshore asset protection trusts.
12. Whether a professional corporation (a "PA"), a professional limited liability company (a "PL"), or a "non-professional" entity (an "Inc." or "LLC") is the best entity to house your medical practice.
13. Asset protection pitfalls for those physicians who have formed a partnership of individual PAs.
14. The truth about protecting your practice assets (including your accounts receivable) and which techniques are not likely to succeed.

These are just a few of the many topics covered in the Updated and Revised Edition of The Asset Protection Guide For Florida Physicians. This new edition also covers changes brought about by Florida's new Trust Code and the recent changes to its limited partnership laws. Remember, there is no such thing as "one-size-fits-all" asset protection planning and that what may be right for your friend or partner may be completely inappropriate for you. The best advice I can give you is to become educated as to your choices, and implement the asset protection plan that is right for you sooner rather than later. You do not want to wait until you have been sued only to find that the best option for you is no longer available.

You can purchase The Asset Protection Guide for Florida Physicians at Amazon.com by clicking here.

THE KIRWAN LAW FIRM

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Protect What's Important

Why Is Asset Protection So Important?

The Florida Asset Protection Trust

The Florida Asset Protection Trust (“FLAPT”)is an irrevocable trust that is sitused (at least initially), in the state of Florida but which is highly flexible to meet the your changing needs. The FLAPT not only provides excellent asset protection, but the protection may even be better than Delaware or Nevada type Trusts. To learn more click here.

Protect Your Income From Creditors.

Protecting your assets is obviously important, but it is also critical to protect your future income. To learn how, click here.

Why The “P.A.” Is The Worst Legal Entity To House Your Medical Practice

P.A.s (professional associations) and P.L.s (professional limited liability companies) are the single worst form of legal entity to house your medical practice; and perversely, this is business entity that most physicians have been told to use by their advisers. This article discusses the problems posed by P.A.s, why so many physicians have them, and what Florida physicians can do to protect the source of your livelihood in these uncertain economic times., click here.

Protect Your Children.

Our children are our most valued asset. To learn how to do customized, intelligent planning to ensure the have the best chance of happiness and success, even if you are not around to guide them yourself, click here.