Fisher Law Office domestic asset-protection plans protect your assets from lawsuits by creditors and estranged family members, and help mitigate numerous taxes levied by the IRS. Consequently, asset protection is crucial if you are a doctor, dentist, attorney, or business owner, since these professions attract lawsuits for personal injury liability and malpractice.
A common solution to the threat of lawsuit is simply acquiring a hefty insurance plan as a safety net. This is a flawed plan for protecting assets from lawsuit. Here’s how it goes: (1) You acquire extremely expensive insurance; (2) The plaintiff discovers you have lucrative insurance and is encouraged to file suit in hopes of a significant settlement; (3) The insurance company would rather settle than litigate; and finally (4) Your insurance premiums then skyrocket after the settlement. Repeat as needed, or find another way.
The other way you’re looking for is an asset protection plan, which is often crafted alongside an estate plan to maximize the available transfer exemptions and trusts.
To learn more, dial (443) 270-6305 or message me using the contact form below.