Owners of medical practices and businesses, as well as high net worth individuals, face significant liability risk -- not only from product liability or malpractice that may arise from their business or profession, but also as employers, real estate owners and parents. This presentation will explain common liability traps, dispel common myths about asset protection and identify the "Best Practices" in the following areas: - Using the proper entities for a business or professional practice - Shielding real estate, equipment, intellectual property and other business assets from lawsuits - Safeguarding your personal and business cash flow - Protecting personal assets, including qualified plans, IRAs, liquid investments and the home ABOUT THE PRESENTER: David B. Mandell, JD, MBA is a principal of OJM Group. David is an author, former attorney, and renowned authority in the fields of risk management, asset protection and financial planning. As a writer, David co-authored several books for John Wiley & Sons, Inc., the oldest book publisher in the U.S. and the leading business book publisher in the world. Titles include Wealth Protection: Build & Preserve Your Financial Fortress and Wealth Secrets of the Affluent: The Keys to Fortune Building and Asset Protection. David has also written ten books for physicians, including For Doctors Only: A Guide to Working Less & Building More, and state-specific versions of the book in California, Ohio, Georgia and New York. David also penned Risk Management for the Practicing Physician, a Category 1 CME-certified monograph with five editions since 1998. In addition to his books, his articles have appeared in over 30 leading national publications, including The American Medical News, Physicians Money Digest and over 20 regional or specialty medical publications, as well a number of general business periodicals. David has addressed numerous local and national organizations, from national medical associations to entrepreneurial organizations and meetings of attorneys, CPAs and financial professionals. David holds a bachelor's degree from Harvard University (Cum Laude). He earned his law degree from the University of California Los Angeles' School of Law, where he was awarded the American Jurisprudence Award for achievement in legal ethics. While at UCLA, David also earned a Master's Degree in Business Administration from the Anderson Graduate School of Management....(read more)
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Asset protection is crucial for both corporate and personal finances. Asset protection is a strategy to protect financial assets and reduce the risk of financial loss. In today’s unpredictable economic environment, protecting assets is more critical than ever. Here are some best practices for corporate and personal asset protection planning. Corporate Asset Protection Planning: Corporate asset protection planning is necessary to mitigate risks associated with the corporate structure. Limited Liability Companies, partnerships, and corporations can limit the liability of shareholders and protect their personal assets from any potential legal disputes. Here are some best practices for corporate asset protection planning: 1. Incorporate Your Business: Incorporating your business is the first and most critical step in protecting your assets. It will separate your personal assets from the company's assets, making it more challenging for creditors and plaintiffs to come after the personal assets of the shareholders. 2. Maintain Proper Records: Corporate record-keeping is important for asset protection. Keep all records of company transactions, agreements, reports, and other essential documents. This will provide a clear paper-trail of the company's assets and the transactions that have taken place. 3. Maintain Proper Insurance: Insurance can be your first line of defense, particularly in litigation or other similar events. Proper business insurance can help safeguard corporate assets while fulfilling potential liabilities. Personal Asset Protection Planning: Personal asset protection planning is essential for both individuals and families. It includes asset protection strategies such as estate planning, trust planning, and a well-structured asset protection plan. Here are some best practices for personal asset protection planning: 1. Establish Asset Protection Trust: Establishing a well-structured asset protection trust can safeguard personal assets in the event of a lawsuit or other financial event. An asset protection trust is designed specifically for this purpose. 2. Proper Estate Planning: A well-designed estate plan ensures that assets are distributed the way they should be. It eliminates the risk of probate and tax implications that may arise without proper planning. 3. Protect Your Personal Information: Identity theft and data breaches are prevalent in today's digital world. To prevent personal assets from being compromised, it is essential to safeguard personal information. In summary, asset protection planning is an essential step towards protecting your corporate and personal assets. By incorporating these best practices, you reduce the risk of financial loss and protect your financial stability in the long run. https://inflationprotection.org/corporate-and-personal-asset-protection-planning-a-guide-to-best-practices/?feed_id=95257&_unique_id=6457ebb4c0149 #Inflation #Retirement #GoldIRA #Wealth #Investing #assetprotection #benefits #businessowner #CorporationOrganization #DavidMandell #EntrepreneurProfession #FinancialPlanning #highnetworth #individual #insurance #Investments #OJMGroup #PhysicianProfession #tax #wealth #SpousalIRA #assetprotection #benefits #businessowner #CorporationOrganization #DavidMandell #EntrepreneurProfession #FinancialPlanning #highnetworth #individual #insurance #Investments #OJMGroup #PhysicianProfession #tax #wealth
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