Many thanks to Brian Bradley, Esq., for discussing the topic of asset protection during this 20-minute video. Brian is an asset protection attorney with Bradley Legal Corp.
The more assets one has, the more critical asset protection becomes. However, asset protection plans may be advisable even for those without private jets and multiple residences. Brian advised that anyone who invests in something beyond their personal residence should consider asset protection. For example, owning a single rental property may warrant a Limited Liability Company (LLC) or other strategies. According to Brian, real estate is a “very risky asset” because you become a landlord with tenants. Other assets, including “anything that needs a key that has a motor,” such as an airplane, boat, or recreational vehicle, requires inclusion in an asset protection plan.
Brian explained that “asset protection” goes beyond insurance policies and estate planning. Asset protection is crucial because it places an additional legal barrier between assets and a potential creditor. As the stakes get higher, security can be layered. An asset protection trust may be advisable for high-net-worth individuals. Brian also explored whether malpractice insurance provides sufficient protection for most physicians. This depends upon the type of medical practice as well as personal risk tolerance.
To learn more about malpractice, check out Chapters 11 and 12 of my book, “The Locum Life: A Physician’s Guide to Locum Tenens,” available on Amazon and through my website: www.andrewwilner.com If you have assets to protect, it’s important to develop a continuing relationship with an attorney specializing in asset protection. A directory of asset protection attorneys is available at www.assetprotectioncouncil.com.
Brian Bradley can be contacted at: www.btblegal.com
For more fascinating interviews, please subscribe to “The Art of Medicine with Dr. Andrew Wilner.”
