Bad Legal Advice on Insurance, LLCs Can Wipe You Out

Business owners, doctors and entrepreneurs are often targeted with asset protection sales pitches from unqualified advisors. Let’s review some of the questionable advice you are getting and how to qualify your advisors. The (not so) Magic Umbrella Policy I was recently contacted by a physician with seven figures in exposed home equity and other significant […]

When An Estate Plan Isn’t Asset Protection

In a previous post I shared the details of the incomplete (if not financially fatal) advice  one physician got from a source with questionable experience. That advice involved some common misconceptions among lay people and advisors about very basic legal and risk management concepts. Understand the REAL Role of Your Estate Planning For the most successful and/or […]

Asset Protection: What Your Umbrella Policy Covers

Understanding the Vital Role of Your Umbrella Policy (And Why It is Not Enough On It’s Own)   Financial columnist Steve Savant interviews asset protection attorney Ike Devji on Asset Protection Strategies for Business owners and entrepreneurs.

Asset Protection VITAL When Selling Your Business

  Asset protection, perhaps counter intuitively, is just as important for entrepreneurs who are selling their businesses as it is for those who are running one. In fact, “selling a business” is one of my “risk factors” listed in the chart below. Most so-called succession and exit planners focus only on the deal terms, taxation, the valuation, estate planning, life insurance sales and where your sales […]

Fatal Flaws of Asset Protection Part 4

FATAL FLAWS

Asset Protection attorney Ike Devji interviewed by Financial expert Steve Savant. In part four of this five part consumer legal education video series, Ike discusses using LLCs and common scams and defective strategies like gifting that business owners and entrepreneurs should avoid.

Video: Common Asset Protection Mistakes Pt. 3

FATAL FLAWS

  Asset protection lawyer Ike Devji discusses common fatal mistakes in asset protection planning. In part 3 of his 5 part interview series with financial expert Steve Savant Ike discusses how entrepreneurs and business owners might use the wrong legal tools or actually drag liability back into their safe legal planning.

A $500K Asset Protection FAILURE

FATAL FLAWS

Successful business owners and doctors face many different kinds of risks. The following real story* illustrates significant exposures in one physician’s planning. Failure to Adequately Insure and Implement Legal Planning I was personally involved in this case earlier this year as an anti-fraud consultant.  A doctor’s husband was at fault in a car-pedestrian accident and struck and seriously injured […]

Asset Protection Mistakes Part 2: Interview With Attorney Ike Devji

In part two of a five part, plain English discussion of the common fatal mistakes of Asset Protection planning, lawyer Ike Devji and financial expert Steve Savant discuss why traditional estate planing alone won’t protect your wealth and why many successful people defeat their own planning by using the wrong tools or putting “too many […]

Employment Manuals Commonly Overlooked in Asset Protection Plans

EMPLOYEE HANDBOOKS

Medical practices and other businesses of all types face many types of risk outside the strict scope of their professional liability. One major lawsuit risk to business owners and doctors is employment-related lawsuits that must be mitigated with a professionally drafted employment manual. I continually stress that a good asset protection plan has many layers, including management of all reasonably anticipatable risks. […]

Crisis Management: Dealing with Bad Press at Your Business

CRISIS

 Events beyond your control and outside the scope of your business can cause reputational damage and receive media and public attention that can literally shut your business down. Knowing how to handle such an event should be part of your asset protection plan. A previous article examined the different types of crisis plans required to operate any business, especially one that […]