High-Risk Professionals and Business Owners
Proper planning for both high risk professionals, such as doctors and attorneys, and business owners often presents special challenges. The attorneys at Weisman, Young & Ruemenapp, P.C. have a wealth of knowledge and experience in assisting such clients and crafting comprehensive and functional plans that meet the clients' estate planning and asset protection planning needs.
Many individuals are engaged in professions that expose them to significant liability. A good example is doctors, who are often targets of litigation and may be at risk for catastrophic judgments that could wipe them out financially. However, while doctors may be the most visible example of professionals who could benefit from asset protection planning, they are certainly not the only ones. Attorneys, accountants, investment bankers and individuals who serve as directors of corporations often have exposure related to their professional activities. In such situations, a conventional estate plan, while still necessary, is likely to be insufficient to properly protect a client against substantial judgments.
Much like high risk professionals, business owners also have exposure related to their business operations. Often times, such exposure is a direct result of their ownership interest or personal guarantees of a loan or lease, or the fact that the business owner may be perceived as a target with deep pockets. In any event, a well crafted asset protection plan can coordinate smoothly with a sophisticated estate and business succession plan in order to provide security and piece of mind for both the client and his or her family.
Several asset protection planning techniques that may benefit a high risk professional or business owner include domestic asset protection trusts, strategic use of limited liability companies, and proper titling of assets. If your profession puts you in a higher risk profile, you may want to contact the law firm of Weisman, Young & Ruemenapp, P.C. at 248.258.2700 to discuss specific options and strategies that can help protect your assets that is may have taken you a lifetime to accumulate.