Doctors and other High Risk Professionals need a Preventative Care Plan for their Money

 

Physicians and other medical professionals often stress preventative care and a healthy lifestyle. Preventative care can detect the onset of disease and other problems in time to design an effective treatment plan. It also allows for the detection of risk factors, and educating the patient on lifestyle choices that can help mitigate that risk. If this is such an important part of what it means to be a physician then you should put just as much care into your money.

Integrated Estate Planning is the preventative care plan for your money. It plans for the growth and protection of your assets. Your assets are managed with tax efficiency, safety from litigation, and your end goals in mind. Many people have an estate plan so that they can plan for disability and the end of their life. Physicians need more. They are at a very high risk for lawsuits and other financial challenges.

(more…)

Please follow and like us:
error

Doctors and High Risk Professionals Should Not Risk Everything To Lawsuits

 

Most of us have heard the age old wisdom of “never put all of your eggs in one basket.”  It is surprising how many business owners just don’t follow this line of reasoning.  Large Corporations often have subsidiaries and break up their lines of business into multiple entities.  Why don’t physicians and other high risk professionals do the same?
Medical Professionals and others with a high risk of lawsuits should not ignore the way that large successful corporations work. It is unfortunate, but your malpractice liability is basically unlimited. You can’t afford to overlook any detail in your asset protection plan. This is especially important when you have offices in more than one state.

(more…)

Please follow and like us:
error

Minnesota LLCs Lose Some Protection in New LLC Act

As many of you might know, there is a new LLC Act that goes into effect on January 1, 2018 for all LLCs in Minnesota.  I have previously written about how many of the changes might affect older businesses that operated under the old law.  However, there is also a change that many may not realize.  The Asset Protection features of the LLC in Minnesota were weakened.

LLCs and Partnerships have been attractive ways to protect assets in Minnesota for many years.  A Charging Order essentially allows for a creditor to receive any distributions from the LLC or the Partnership that the debtor might receive.  If the company doesn’t declare a distribution then the creditor isn’t able to get cash either.  However, due to IRS rules, the creditor still must recognize income related to the debtor’s share even if none is ever actually paid out.

(more…)

Please follow and like us:
error

A New LLC Act Becomes Mandatory Soon!

 

A new LLC Act will come into effect for all LLCs on January 1, 2018.  Currently, the Act only affects LLC’s formed after August 1, 2015 unless the company chooses to adopt it. The previous Act is Minnesota Statute 322B.  The new Act is covered in Minnesota Statute 322C, and will cover all LLCs whether or not the LLC opted in starting January 1, 2018.  This could have a major impact on any LLC that was formed before August 1, 2015.  An updated Operating Agreement can help your business avoid many problems created by the change.

(more…)

Please follow and like us:
error