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  • #16







    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand…


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
    Click to expand...


    Caution -  even though docs enjoy one of the lowest industry divorce rates at 20-24%; that's still a lot higher than any other risk on your assets.   Giving control to the spouse isn't necessarily the best play.

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    • #17




      I ‘retired” from OB because of above concerns.  Above a certain net worth there is no reason to continue doing something risky.
      Click to expand...


      At what NW do you think the risk outweighed the benefits of OB practice? Of gyn surgery practice?

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      • #18
        Having been sued and having many physician clients that have been sued-I'd argue to increase the difficulty in which a plaintiff can attack your assets.  Much of asset protection planning is setting up "fences" to overcome between you and the plaintiff (whether malpractice or other liability).  If you have substantial unprotected assets (as you state, no tenants by entirety or homestead protection), then I'd recommend another fence.

        DAPTs have yet to be tested. Multimember LLCs, the same but are probably ok.  I'd strongly consider a Family Limited partnership in your situation OR putting funds into a low cost no load variable annuity like with Vanguard/Fidelity/Ameritas, etc. (assuming your state protects annuities).

        It is easy for others to reassure you that it is unlikely you are not "ok".  It is gut wrenching to be sued with potentially exposed assets.

         

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        • #19







          I ‘retired” from OB because of above concerns.  Above a certain net worth there is no reason to continue doing something risky.
          Click to expand…


          At what NW do you think the risk outweighed the benefits of OB practice? Of gyn surgery practice?
          Click to expand...


          OB  5 million.  GYN  8 million.

          Comment


          • #20







            My state has no or negligent homestead exemption and no tenant by entirety.
            Click to expand…


            I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
            Click to expand...


            TBE is state- (not custodian-) specific
            Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment


            • #21










              My state has no or negligent homestead exemption and no tenant by entirety.
              Click to expand…


              I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
              Click to expand…


              TBE is state- (not custodian-) specific.
              Click to expand...


              This link doesn't seem to work.
              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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              • #22
                Here is a site with state-by-state info regarding asset protection vehicles: https://www.assetprotectionbook.com/forum/viewtopic.php?f=142&t=1566
                Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

                Comment


                • #23













                  My state has no or negligent homestead exemption and no tenant by entirety.
                  Click to expand…


                  I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
                  Click to expand…


                  TBE is state- (not custodian-) specific
                  Click to expand…


                  This link doesn’t seem to work.
                  Click to expand...


                  Thanks for letting me know - I had snuck a period in at the end. Should work now.
                  Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                  Comment


                  • #24


                    It is easy for others to reassure you that it is unlikely you are not “ok”.  It is gut wrenching to be sued with potentially exposed assets.
                    Click to expand...


                    Agreed and my first response was not meant to be flippant.  However, at some point, it's gotta be "ok."  It's an asymptote discussion; there are big/easy things that you can do with excellent benefit but then you are searching for more and more things that give increasingly minimal benefit.  But you never get to zero....

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                    • #25
                      hey Steven Pod, I assume FLP are state specific. If you retire and move to lets say another state e.g. Florida, you would have to dissolve the FLP and start all over in the new state right?

                       

                       

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                      • #26
                        I would always confirm the status of asset protection in any given state with a good estate planning attorney, but FLPs have been around a very long time and the vast majority of states will offer protection to them.   FLPs are commonly used to own assets in family businesses that have members across various states and can be sited in a friendly state.

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