Why ALL Business Partnerships Must Have a “Buy-Sell” Agreement

Any business or medical practice with multiple owners must have a funded buy-sell agreement in place to protect the partners and their families from the death or exit of a partner. We look at what should be covered in this essential legal document and what happens when it isn’t complete. What is a “buy-sell” agreement?  […]

Asset Protection Basics for Doctors: Interview

Asset Protection attorney Ike Devji helps protect thousands of doctors nationally and is a frequent CME presenter and author on this area of the law. Here is his first interview with “Doctor Money Matters” a national podcast dealing with personal finance issues for physicians, hosted by Dr. Tarang Patel.

More Self Defense for Captive Insurance Company Owners

Captive insurance companies may be ticking times bombs of legal and financial liability for their owners. Captive owners must act quickly, be educated about specific risks and be well represented by counsel. I previously provided specific examples of the abusive fact patterns that have drawn the ire of the I.R.S. and a list of red flags […]

Captive Insurance Companies In Harm’s Way

Captive insurance companies owned by small businesses and doctors are often thinly disguised abusive tax shelters. Their owners and their promoters are currently being harshly examined by the I.R.S. and knowing what to ask, what do and what not to sign will be vital to the financial futures of all involved and can put you […]

Why Giving Assets To Spouse, Relatives Isn’t Asset Protection

The thing about bad planing is that it tends to stack up, getting bigger and badder with each step. Like waiting too late to act, then doing what you’re not allowed to when you’re not allowed to do it. The Old, “I Don’t Own Anything, My Wife (Kid, Brother, etc.) Owns It All” We have previously […]

Current Threats To Wealth – FEB 2018

Asset Protection for doctors includes financial due diligence and risk management in many forms that go far beyond just medical malpractice. Be aware of these risks as tax season starts in your role as both a physician and a business owner. Tax Related Liability The I.R.S. issues annual guidance on the 12 most prevalent tax […]

The Weinstein Effect: Protecting Your Business, Employees From Sexual Harassment

Workplace sexual harassment is a risk every entrepreneur must be informed of and manage. The Harvey Weinstein Effect Starting with the floodgates that opened with the alleged egregious actions of Harvey Weinstein, headlines across the U.S. feature claims of sexual harassment, assault and misconduct with news stories literally breaking by the hour on some days. Last week […]

Ask These Questions Before Buying Life Insurance

The fourth quarter of the year is when life insurance sales kick into high gear. In many cases, life insurance is often sold as a tax savings plan, here are the questions you must ask before purchasing this important asset. The majority of this discussion involves the use of some form of “whole life” insurance […]

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 […]

Year-End Tax-Scams Targeting Doctors and Business Owners

 The year-end planning rush so familiar to physicians has many pitfalls including a variety of serious tax scams. Some scams covertly target you externally, while others are actually brought to doctors and business owners by their own would-be advisors; today we provide some red flags to look out for on both fronts. This is part […]