3 Asset Protection Tips for Physicians – Glendale Wills & Trusts Attorney

Hi everyone, Armine Bazikyan here from Bazikyan Law Group. I’m a wills and trusts attorney here in Los Angeles and this month I wanted to talk to of the medical professionals out there
the physicians the pharmacists the dentist the tomah trysts all of you out
there that are licensed by one of the boards in California this video is
specifically intended for you I want to make sure that I’m conveying three tips
and tricks for asset protection purposes that you can utilize today so as a
licensed physician or an individual within the medical community you have
very specialized estate planning needs you know your your trust as a doctor
will look very different from my trust as an attorney and it’ll look very
different from an our trust will look different from someone who’s an engineer
or just a w-2 workers so it really does require some specialized estate planning
so if you are licensed holder be very very cautious and careful about how your
state plan is comprised with this video I just want to throw out three tips that
you can utilize to protect yourselves I know that for a lot of physicians your
your industry is fraught with liability and claims you might have some
malpractice claims you might have employee claims you might have potential
claims arising out of actions from a partner or a person that’s also involved
in your business so we want to make sure that you safeguard the assets that
you’ve acquired and we pass it on to the next generation in your state plan so
the number one tip I have for you is make sure that you are purchasing as
much insurance as an insurance company will actually sell you so on your
homeowners insurance maximize your liability coverage do the same on your
auto by umbrella or axe excess liability insurance if you can and get the most
that anyone will sell you make sure that your general liability insurance is
intact and has you have a good policy in place with good limits because these
insurance policies are believe it or not going to be your first soldiers in line
of defense they’re going to be the first thing the
first item that the claim will attach to in the first line item that will
actually defend you in the scenario that we’re discussing so make sure that
you’ve opted all your liability coverages the second thing you can do is
sit down with an attorney and talk about some state exemptions that might be
available to you so California has some exemptions and there’s some assets that
are actually exempt from certain creditors so it’d be a really good idea
to know what type of assets it is that you should continue to invest into that
will not be subject to any lawsuits or creditors so just by way of example
California has a homestead you might find yourself filing a homestead to
protect a little bit of the equity that you have in your home so there’s all
these little tips and tricks that we can do to kind of protect you from a
holistic approach the third thing or the third recommendation I have is that if
you are operating a private practice or even if you’re not for that matter make
sure that you’re operating through a business entity because that business
entity whether it’s a corporation or an LLC is actually going to provide you
with yet another layer of liability protection so make sure that you’re
consulting with an attorney about which one might be the right one for you and
make sure that all of these interests combined with an estate plan are
designed for a license holder in the medical industry in mind again as a
license holder in the state of California there are certain obligations
that you have when you are doing your estate plan and if it’s planned
incorrectly it might jeopardize your practice and the value of it when
transferred to your loved ones if at all possible so make sure that you’re doing
it correctly and that you’re putting together a comprehensive estate plan
that’s designed for you and your profession so feel free to contact my
office I do provide free consultations so we can sit down talk about what it is
that you need and see if we could put together a plan that might work to your
benefit for not only asset protection purposes but also to make sure that all
of the hard work that you’re doing to amass the wealth that you’re amassing
will actually transfer into the next generation and we can move that wealth
on to your loved ones so contact our office and schedule a free consultation

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