SMR&S is experienced in developing asset protection strategies and estate planning for professionals in a cost-effective way. For more information, contact Richard M. Schwartz (rms@smrslaw.com), Scott M. Slovin (sslovin@smrslaw.com), or Stanley L. Ruby (sruby@smrslaw.com).
| 1. |
Do not own everything yourself |
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Titling of assets matters
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| 2. |
Insure the liability & the asset |
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Malpractice insurance, disability and life insurance, general liability insurance |
| 3. |
EEOC, ERISA & HIPAA compliance procedures |
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Have procedures reviewed to ensure compliance |
| 4. |
Business entities and agreements |
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Entity selection, business formalities, succession agreements |
| 5. |
Special assets |
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Determine Federal or state protection for Qualified Plans, IRA's, life insurance & annuities |
| 6. |
SPLAT - spousal protection limited access trust |
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Intervivos transfer to marital QTIP |
| 7. |
DAPT - domestic asset protection trust |
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Explore favorable jurisdictions to hold investments, such as Alaska or Delaware |
| 8. |
Foreign jurisdiction entities - offshore trust or LLC |
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Can be expensive and very cumbersome |
| 9. |
Keep assets in trust for children as long as possible |
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Distribution provisions in your own estate plan or that of your parents protect against creditors, predators and failed marriages |
| 10. |
Do not put all your eggs in one basket |
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Do not rely on only one of the above strategies |
