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  • jfoxcpacfp
    replied
    Random musings...it is easy to get caught up in asset protection scenarios to the point that you hyper-focus on absurdly unlikely situations. You seem to be well-informed and protected. I’m not sure how much PUP insurance you have: $3M or $6M? Is one policy on the rental and the other on your home? Do you own multiple rentals? $6M sounds like an awful lot to me.

    One area to be vigilant about, however, is family members. Teach your children not to use the internet unwisely (i.e., disparage others publicly, post pictures without permission, etc.) and make sure  you have maximum accident protection when they start driving. Be cautious about allowing them to operate a 3-ton weapon without proper training and make sure they do not text, talk on the phone, and drive. Limit the number of other teenagers they can haul around in their car (having no more than 1 passenger limits distractions). And so on.

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  • Hatton
    replied
    I 'retired" from OB because of above concerns.  Above a certain net worth there is no reason to continue doing something risky.

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  • Lordosis
    replied
    I am not really sure which is why I didn't specify. But probably above 8-10 there is little financial benefit to working and the risk continues.

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  • snowcanyon
    replied




    Sounds good to me. If I had mega millions I would bow out of practicing medicine and find a lower risk career move or just retire. Not going to happen for a while though.
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    How mega would be mega?

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  • Lordosis
    replied
    Sounds good to me. If I had mega millions I would bow out of practicing medicine and find a lower risk career move or just retire. Not going to happen for a while though.

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  • afan
    replied
    I would not do a DAPT at a $3M networth. The trusts are expensive to set up and maintain. You have to park money there and not use it. At a total NW of $3M it will not be possible to put enough into the trust to justify the cost.

    You can protect yourself from most liability with umbrella insurance, get a bigger malpractice policy if you think you need one, make sure your practice is structured to limit liability for incidents at the office. Speak with an attorney if your group owns a building for example.

    At $20M the DAPT might make sense. But only if you cannot protect assests more cheaply with insurance. It is not clear how well they work. Lots of ways to attact them. You can spend a lot of money fighting in court to keep the protection intact with no assurance you would win.

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  • lostlost
    replied
    DAPT domestic asset protection trust as opposed to a foreign off shore trust : a couple of states allow it as long as it satisfies a couple conditions.

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  • CM
    replied


    Will your answer changes as your net worth increases like what if you have 10 million?
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    I'd probably find something else to do at that point (i.e., retire).

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  • CM
    replied


    DAPT
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    Dual anti-platelet therapy?

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  • G
    replied
    You sound great to me.  Could argue to increase your umbrella if you get that higher NW, but could also argue to keep it the same.

    Ditch the rental properties (and/or obscure/shelter in LLCs), never drive, don't marry/co-habitate, don't have kids, move taxable off-shore or non-traceable assets, don't do high-risk cases/stop practicing medicine are all strategies that would lower your liability....

    I think the reason that the other thread (or Jim's recent-ish blog post) didn't gain more traction is that bread and butter stuff seems to work.  I'm open to hearing about evidence to the contrary.

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  • lostlost
    started a topic Another asset protection thread

    Another asset protection thread

    There was an asset protection thread recently and it seems not everyone is bought into doing more than basic stuff like good insurance, max retirement accounts, etc. Can someone chime into what else I could do beside the bread and butter stuff?

    For insurance, I have renter, home, auto(250/500), umbrella (3/6 mil), and malpractice (1/3 mil). The state I practice has a patient compensation fund that is well funded. My specialty is anesthesia and my patient population is not necessarily litigious (many of my partners never been sued). I contribute fully to all my retirement accounts every year and plan to do so in the future as well. My state has no or negligent homestead exemption and no tenant by entirety.

    First question, given state's well funded patient compensation fund, would you do much more for asset protection beside what I have mention above (insurance, IRA, 401k). Will your answer changes as your net worth increases like what if you have 10 million?

    Second question, if you suggest more asset protection strategies such as FLP and DAPT ect, when would you do them? meaning at what net worth should I do them. 2 million? 3 million?

    Thanks in advance.

     

     

     

     
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