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.
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.
- 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!
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