Medical Malpractice: It Could Happen To You and Legally Mine Reviews Can Protect You

As a doctor, you’ve promised to do no harm. You care about the welfare of others every day. You’ve trained hard and you work hard. Yet someone could bring a medical malpractice suit against you, no matter how skilled you are.

We’re all human. No matter how hard you try, you can still make a mistake like anyone else. Many malpractice suits are based on an injury that was unintentional and might even be outside of a doctor’s ability to control.

It’s good if a team like Legally Mine reviews your assets and creates a plan to protect them. Of course, you care about patients and may want to help if they’ve been hurt at your practice. However, your personal assets often won’t be enough to cover a malpractice claim.

It’s important to make your personal assets invisible to potential plaintiffs—as much as possible. No one should take more than they deserve, and you shouldn’t become impoverished while you make things right.

Major Causes of Malpractice Claims

There are two major categories of causes behind malpractice claims: substandard care and failure to obtain informed consent.

Substandard Care

A malpractice suit must provide proof that a physician caused injury through substandard care, which can include mistakes or negligence in:

• Treatment (or the failure to treat)
• Diagnoses
• Medical decisions
• Dosage of medicine
• Aftercare

A malpractice suit generally can’t begin if a patient is simply dissatisfied with treatment. Even if a doctor provided substandard care, the plaintiff must have suffered an injury that led to considerable damage. Without that, a suit won’t get off the ground.

Lack of Informed Consent

What happens if you don’t get informed consent from a patient before a procedure? Even if you perform the procedure perfectly, a patient could bring a malpractice suit against you if the outcome of the procedure is unfavorable.

As you know, some treatments have a high probability of helping a patient and a small chance that something could go wrong. There’s risk involved, but some patients are willing to take it. However, without informed consent, you could be left responsible for any negative result.

Protecting Your Assets with Legally Mine

An ineffective way to try to prevent malpractice suits is this: requiring patients to sign a document stating they won’t sue. They don’t work because courts often don’t honor these agreements, because patients sign them without understanding their complex legal language. Plus, patients can feel insulted by them or suspicious.

Instead, you need to implement a legal asset protection plan, which minimizes the visibility of your assets. If plaintiffs and their attorneys don’t see that you own many personal assets, they won’t have the motivation to pursue a suit against you. They’ll have to go to your medical malpractice insurance instead.

There are complex rules and considerations involved in asset protection for doctors. For example, out of all the corporate entities you might use, only some will be right for you, and they can be set up correctly or incorrectly. Also, each state has different laws that apply to asset protection.

You might have heard that asset protection involves hiding money in another country and paying unreasonably large fees to do so. Fortunately, there are strategies available that are perfectly legal, ethical, and inexpensive. If a professional firm like Legally Mine reviews the best strategies with you, you can get a personalized asset protection plan that you can feel good about implementing.

Asset Protection - What Works and What Doesn’t

As a professional, you run the risk of losing everything if you’re not properly safeguarded with a solid asset protection strategy.

That’s why you must protect your assets against:

·       Lawsuits

·       Tax Liens

·       Bankruptcy

·       Divorce

How do you protect yourself and avoid financial harm?

Legally Mine offers 11 proven asset protection and lawsuit protection strategies that work.

1- Don’t Put a Target on Your Back

There are about 1 million lawyers in America. That amounts to 1 lawyer for every 300 residents!

For that reason, you need to make your wealth less visible. How? Avoid being perceived as having deep pockets, both in everyday life and on paper.

2- Don’t Procrastinate

If you feel the need to shield your assets, it’s probably too late. At this point, your actions could be interpreted as a “fraudulent transfer”.

You’re better off assuming you or your business will one day be up against legal action and taking asset protection seriously starting now.

3- Get More Than Enough Insurance...Then Get More

Insurance is your first line of defense in asset protection. All other actions are considered supplemental to it.

In every policy, there is an exception and chances are fair that your policy won’t pay. Take out multiple policies and consider an umbrella policy to protect against any gap in coverage.

4- Don’t Let Your Personal and Business Financials Commingle

If your business assets and your personal assets are not 100% separated, you open the door for plaintiffs to assess damages based on both.

This means you must always keep separate bank accounts and credit cards.

5- Review Your State’s Laws

Every state has different laws. It’s in your own best interest to know which asset protection and lawsuit protection strategies are legal in your state.

Some of the differing state-to-state laws surround topics such as:

·       Homestead Exemptions

·       Titling of the primary residence as “tenants by the entirely”

·       Federal bankruptcy exemptions for ERISA-qualified retirement plans and IRAs

6- Do Your Homework on Every Asset Protection Tactic

The growing need for asset protection has generated a proliferation of simplified information. Quick explanations are great for an introduction, but the reality is that every situation is unique and the details to cover are vast.

·       Do your homework.

·       Weigh the benefits as well as the costs.

·       Hire a professional with expertise in asset protection and legal protection, such as Legally Mine.

7- Don’t Try to Conceal Assets

It’s common to panic if you sense your unprotected assets will be taken...but don’t! To reiterate strategy #2, don’t try to conceal assets. Otherwise, it could be defined as a “fraudulent transfer.”

Protecting yourself beforehand is by far the best option, but if you didn’t, try one of the following tactics instead:

·       Refuse to settle and go to trial.

·       Appeal the verdict.

·       Negotiate a lower amount.

·       Work out an affordable payment schedule.

·       Bring your situation to the court of public opinion.

8- Diversify Your Asset Protection Strategies

Don’t just stick to one or two asset protection tactics. Use multiple strategies. That way, if one of them doesn’t work out and you are left with a devalued asset, your other assets will still be left intact.

9- Realize You Are Not an Exception

There are certain professionals who are especially vulnerable to lawsuits:

·       Medical doctors

·       Dentists

·       Architects

·       Psychotherapists

·       Lawyers

If you are in one of these professions, don’t assume you’ll be the exception. You may just end up losing everything in a malpractice lawsuit if you’re not prepared.

10- Don’t Try to Avoid the Complexities of Asset Protection

It’s not wise to take financial shortcuts. You will regret it should problems arise.

If you are overwhelmed by the sheer amount of details, paperwork, and legalities that are involved in full asset protection, hire an expert like those at Legally Mine to do the job right. You’ll never regret it.

11- Keep Going

Trust us, your situation is never set and you’re never done with asset protection.

Every time there is a change (state law, family relationship, health, job, real estate market, etc.) it also changes your assets and the protection of them.

Even if you are currently “set,” there is always another strategy to implement that will further protect your assets or that can increase your wealth.

Continually reassess and tweak your asset protection and lawsuit protection strategies to reap the rewards of a future full of financial success.

If you have any questions or want to better protect your assets, contact Legally Mine today!

How to Get Big Tax Breaks | Legally Mine

If you want to truly reach financial success, you must reduce the heavy burden of taxes.

With proper entity structuring and smart tax strategies, you will be shocked at the tax breaks that are open to you. The proper use of legal entities for tax purposes is very important because they allow you to take advantage of different laws that will serve you best. These laws can be used to take huge deductions...deductions that are life-changing.  

The Big Tax Breaks You Want

When most people think of tax breaks, the following federal tax credits are first to come to mind:

• Earned Income Tax Credit
• American Opportunity Tax Credit
• Lifetime Learning Credit
• Child and Dependent Care Credit
• Savers Tax Credit

Also, small business owners know well the small business tax deductions they can take:

• Business Insurance
• Business Interest and Bank Fees
• Charitable Contributions
• Education
• Home Office
• ...And many more

However, the surprise really comes when you find out that you may qualify for some of the many tax breaks that are afforded to the largest corporations in America. Yes, there is a whole other set of tax breaks that can be taken legally in order to ease your often-high tax burden. These “tax expenditures” are designed to legitimize special interest tax breaks and loopholes. You better believe the corporate giants take full advantage of the tax code that was written especially for them!

Just ask General Electric, the nation’s largest corporation. They are notorious for claiming tax benefits, at times going years without paying any taxes at all. In fact, GE paid less in federal income taxes in five years than a single American family pays in one year. They certainly have earned billions of dollars in tax benefits, though! Dozens of other Fortune 500 firms enjoy the same benefits.

The good news is that you can receive some of the same tax benefits as the big boys!

How Legally Mine Experts Can Help

While CPAs and tax preparers often act more like IRS compliance officers and tax return filers than tax reduction specialists, Legally Mine goes the extra mile to make sure you get to take full advantage of the tax code while remaining 100% compliant to it.

Most tax preparers have no idea that legal entity laws exist because they were created for the super wealthy and the IRS does not widely publicize them. This puts a heavy burden on you to find out what they are and how to implement them.

Luckily, Legally Mine knows the ins and outs of these tax laws and how to put them to work for your benefit.

Legally Mine Reviews

Legally Mine was founded over 40 years ago and currently boasts a team of attorneys and financial experts who help thousands of customers meet their tax reduction needs. We have been able to implement tax-saving strategies that save people, on average, $7,000 per year in taxes.

Here are just a few reviews left by our happy clients:

“In a day and age when customer service is lacking in most businesses, Legally Mine has been outstanding. They have either been able to talk me through my questions or get someone else in the legal team to quickly return my call and answer my questions. Phenomenal customer service.” -Madisonville Vet

“The staff at Legally Mine were very professional. They went over every document and answered every question that we had. They made all of the legal processes very quick and painless.” -Natanya Nielsen

“Great and helpful guidance. Patient with my questions and very informative.” -Justin Rader DDS

See for yourself how Legally Mine can help you get big tax breaks!

Legally Mine: What to Do Before You're in a Medical Lawsuit

While a lawsuit cause is often out of control of the party held responsible, the motivation for the lawsuit is always the same: assets. If your assets are protected, there simply is no motivation to go forward with a lawsuit. However, unprotected assets raise the flag to potential prosecutors that there is money to be won.

Here is how can you protect yourself from a medical lawsuit and how Legally Mine can help.

How to Protect Your Assets

Many medical professionals require their prospective patients sign a disclosure document “absolving” the medical professional of any medical mistake. The truth is, these documents rarely hold up in court.

In addition, you probably assume you are already protected from losing your personal assets should you find yourself in a medical lawsuit because you filed your practice correctly and separated your personal assets from your business ones.

Unfortunately, these two actions do not guarantee you won’t lose everything should you get sued (even if you know you’re innocent and believe you will win your case). Yes, asset protection entities such as LLCs and Family-Limited Partnerships can be used to protect personal assets, but if they are worded incorrectly or the papers are not kept up to date, these entities will lose most (or all) of their effective benefits.

The fact is that a judge can “pierce” the corporate veil and make available all of your personal assets to the lawsuit if the prosecuting attorney names you, the medical professional, personally in the case. However, if your personal assets are protected and cannot be taken in a lawsuit, a prosecuting attorney will be forced to settle with the insurance company instead.

Here’s what you need to do:

• Split your medical practices up into multiple locations.
• Set up a separate company (an LLC) to hold medical equipment.
• Set up an Asset Protection Trust (and consider an international one).
• Use LLCs to hold investments.
• Do not mix safe and dangerous assets.
• Add additional privacy measures to your LLC.
• Put your home into a land trust.
• Strip the equity from your domestic real estate.
• Place other liquid assets beyond the reach of the courts.

While this can be a lot to take in, and while an average attorney isn’t always equipped to complete all these steps properly, the Asset Protection Package from Legally Mine will get you the protection you and your family deserve.

Legally Mine Reviews from Medical Practices

In recent years, the American Bar Association conducted a survey of their attorneys which revealed that only 0.05% of U.S. attorneys consider asset protection one of their specialties . . . but it is ours!

That’s one reason why our Legally Mine’s clients are so happy with our service. Read for yourself.

“I attended a state conference, and one of the presentations given was from Legally mine. After realizing my exposure to lawsuits and the potential for a serious setback in my financial holdings, I contacted Legally Mine. They carefully walked me through the process. They have patiently answered my questions and advised me with the best decisions that would fit my situation. After setting up several legally protective entities, I am protected and know that my estate will be there for my loved ones.”  -Dr. Leo Hastings, DVM

“Legally Mine has done a fantastic job helping me start up our business. I would’ve never been able to figure out how to create or maintain an LLC by myself. I would’ve had to pay a lawyer several thousand dollars along with another thousand to a different lawyer to help me create a living trust. They really walk you through everything which is exactly what I needed since I really have no experience with any of this. I feel so at ease knowing our family and assets are now protected…” -K Ott

“They provide a variety of services to protect a person or small business’ assets from liability or lawsuits by limiting your exposure. And, a real person answers the phone when you call. The people I have dealt with have been helpful when contacted.” -Joe Zinser

Now that you’ve heard from our happy clients, get started protecting your assets from a medical lawsuit. Contact Legally Mine today!

Legally Mine: Are Your Bank and Brokerage Accounts Safe From Lawsuits?

How and where you keep your savings and retirement money can have a huge impact on how secure it is. This statement isn’t necessarily a commentary on how you decide to build your wealth, but on how and where you store it. Ask yourself, “in the event of a lawsuit, would my wealth be legally mine?”

Bank and brokerage accounts, for example, are some of the safest financial assets you can have. By themselves, these accounts aren’t necessarily at particular risk of being sued out from under you. However, when you are named in a lawsuit and these assets are found during an investigation, the fact that you even have them could give an opposing attorney reason to recommend pursuing the suit to gain access to your other types of wealth. Perhaps this seems unfair, but no matter how unfortunate it is, it’s completely legal.

So, How Do I Ensure My Assets Are Legally Mine?

When an attorney performs an asset search, they will be looking for wealth that exists under your name. Therefore, if you change the owner’s name of record of your brokerage or bank accounts, you can shield them from being associated with you.

Name modification is an effective asset protection tool when used along with limited partnerships and other asset protection strategies. If you maintain signature authority over these bank and brokerage accounts, they may still be exposed during an asset search. The important thing to remember, however, is that under a limited partnership or other asset protection entity, a creditor’s ability to access those accounts will be severely limited or completely void. This is where your “legally mine” protection lies.

Why Can’t I Transfer Assets to Heirs?

It’s common for people to transfer their bank and brokerage accounts into the name of a child or spouse. But the good intentions of this practice can have unexpected drawbacks. You might add someone else’s name to the account so that they can take care of bills and other transactions in case you are ever rendered unable to do so. But keep in mind that when someone else becomes co-owner of those assets, they not only have the right to withdraw the money, but that wealth could also become accessible to their creditors.

Also remember that in the event of your death, joint tenancy ownership will always supersede a will or trust. “That means the co-owner of your bank and brokerage accounts will become the owner, no matter what your trust or will has to say about it,” says Matthew McNeff, asset protection specialist at Legally Mine.

Consider a Separate-Limited Partnership

The best way to ensure you’re using the right asset protection strategies is to consult a specialist. He or she can help families with significant liquid safe assets choose the right asset protection strategy. This will often include a Limited Partnership, which can be used to hold savings and brokerage accounts, along with stocks and bonds, antiques, collectibles, jewelry, artwork, family heirlooms — essentially anything of real value to the family outside of firearms or vehicles.

Since these are liquid assets, they are not necessarily tied to the family’s state of residence. That leads many asset protection professionals at Legally Mine and other firms to establish these partnerships in states with a history of very strong Limited-Partnership provisions, such as Utah, Nevada, or Alaska (Legally Mine is actually located in Utah).

When setting up a Limited Partnership or other asset protection strategies, the most important thing is to use an experienced professional. Start by doing some homework to find a qualified asset protection attorney in your area. Then, have an open conversation about what assets you have in place so that he or she can help you protect what you’ve worked so hard to accomplish.

Asset Protection for the Business Owner | Legally Mine

Many small business owners underestimate the possibility of a lawsuit as well as the measures they could take to prevent one. Our professional consultants at Legally Mine will help you develop a plan to protect your assets.

To get started, knowing what types of claims you might face and which assets are most at risk will benefit you before implementing a strategy. Legally Mine will make sure you know what all your asset protection options are and help you to create a personalized plan that suits your specific business needs.

Internal Claims vs. External Claims

Internal claims will only affect the assets belonging to the company. For example, an injury that occurs on company property or with company equipment can only lead to loss of that property, equipment, or other assets owned by the company. An internal claim runs under the assumption that you personally were not responsible for the accident.

 However, if you are operating the equipment or you own the property, an external claim may be filed. An external claim holds you personally accountable and your personal assets are now at risk as well. Your Legally Mine consultant can answer any questions you may have about internal and external claims and advise you on how to keep them safe.

What is a Dangerous Asset?

Dangerous assets are those that have the potential to cause a problem. Real property, machinery and equipment, and company vehicles are all dangerous assets because they present a liability risk.

Safe assets are generally monetary rather than tangible. Assets like stocks, bonds, and personally-owned bank accounts are considered safe assets, as they can not cause problems on their own.

How Can I Protect My Assets?

The first step in protecting your assets is to set up a meeting with Legally Mine to go over your finances and expectations. Legally Mine will educate you on the benefits and drawbacks of each asset protection option as it relates to you. A solid protection plan will include ways for you to maintain control of your assets without direct ownership, thus reducing the risk of personal loss in a lawsuit. Some of your options may include forming a C Corporation, S Corporation, Limited Liability Company, Partnership or Trust.

• C Corporation - Individuals and the corporation are both taxed separately in a double taxation. This option allows for profits to be reinvested into the company at a lower corporate tax rate.
• S Corporation - A company with fewer than 100 shareholders can be taxed as a partnership while still gaining the benefits of a corporation. This way double taxation is avoided.
• Limited Liability Company - This option combines the benefits of a corporation and a partnership and allows members of the company freedom from liability.
• Partnership - A General Partnership is an agreement between two people where both parties are responsible for all asset liability and is not usually recommended. A Limited Partnership includes both general and limited partners, allowing limited partners to not be personally responsible for the debts of the partnership.
• Trust - In a trust, a grantor is responsible for holding onto the assets for another party and distributing them to the trustee as agreed upon.

When choosing a firm to assist you in organizing and protecting your assets, keep in mind that many law firms do not specialize in asset protection. Legally Mine has over 40 years of experience helping medical and business professionals protect their personal and business assets. Because asset protection is all we do, we have attracted a large volume of clients, which allows us to charge less than standard competing attorneys. As your business grows, we’ll continue to advise you on the best asset protection plans and make adjustments as needed.

What is Asset Protection? | Legally Mine

Asset protection is something that people tend to misunderstand. Some see it as a tool for avoiding financial responsibilities like paying debts or taxes, or essentially as a means of covering for fraud.

In reality, asset protection is an important part of financial planning that can protect you from fraudulent or petty claims. The key is to make sure it’s done properly. That’s why turning to experts like Legally Mine is important to your financial planning.

Asset protection is implementing financial planning strategies to keep your assets safe from legal claims against you. There are a number of strategies you can utilize, such as:

• Liability insurance: This is a good first line of defense. One shortcoming, however, is that it can open you up to more legal claims from people who see it as easy money.
• Corporate designations: Using corporate designations like limited liability can also protect you from losing assets.
• Financial planning: This is an all-around strategy that planning experts like Legally Mine can help you with. It includes designating certain assets as exempt from claims against you.

How People Get Asset Protection Wrong

The biggest mistake people tend to make when trying to protect their assets is waiting until it’s too late to do so. It is unlawful to engage in asset protection after a claim has been filed or is even about to be filed against you. This will appear fraudulent and is where many misconceptions of asset protection arise.

How to Do It Right

Instead of thinking of asset protection as a response to a claim against you or your property, it’s important to think of it as an integral part of your financial planning before anything happens. That’s why turning to someone like Legally Mine who can integrate all key elements of your planning is a sound strategy. You’ll want to review your financial goals like retirement and estate planning with your financial and legal planning team. Try to set timelines for these milestones, and have a clear picture of your net worth and assets that have protection potential.

Once you have a clear picture of your assets and various defense lines established, you can protect yourself from legal claims against your property. Rather than being a tool for committing fraud, asset protection -- when done properly and ahead of time -- is a way of keeping yourself safe from fraud.

Call Legally Mine today for a free consultation. We have the expertise to answer your initial questions formulate a strategy to protect you and your assets, making us your number one choice for asset protection. This will give you the peace of mind you want and the protection you need before you ever need it.