We have been helping the medical community shield assets from potential lawsuits for years. While we often establish sophisticated trusts, limited partnerships, captive insurance companies, and even offshore arrangements to protect our clients’ assets and help them save taxes, often we need not be that creative.
In many states, the law gives us tremendous opportunities to protect wealth and lessen income taxes—through life insurance vehicles and annuities. If shielding your net worth from a potential lawsuit is important to you—and if you would like to pay less in income taxes—you must consider these tools as part of your financial plan. The question then becomes: if you have a choice between two fairly equal investments, why not use the one that is asset-protected and enjoys special tax treatment under the law? The wise choice is to make use of the asset-protected, tax-deferred investment. Let’s see how that works. more »
Topics: Financial Planning, Malpractice