Let's look at a few of the best and most common ways to protect and safeguard your properties and other assets.
Have you considered a Family Limited Partnership (FLP) to meet your wealth preservation goals? FLP's can make sense for some docs under the right conditions. But all docs? Not even close.
Financially successful people need to protect their assets or risk serious loss. Steven Podnos of Wealth Care explains the most important ways to do that.
Need more tax-protected space? Consider giving part of your business to your spouse. Be sure to select the right amount of income to minimize the Social Security tax cost while maximizing the benefits.
Doctors get sued all the time. That's no reason to go bankrupt. Take these steps to protect as much as you can.Most docs are over-worried about being sued above their limits. However, they should still be aware of the asset protection laws in their state.