Leading Wills & Trusts Lawyer R. Sam Price Reveals Common Mistakes Doctors Can Avoid In Estate Planning – Redlands, CA
May 1, 2021
Doctors are vulnerable to medical malpractice suits, making their assets easy prey if they don’t plan effectively, warns probate attorney R. Sam Price founder of the Price Law Firm, APC in Redlands CA. For more information please visit https://pricelawfirm.com
Redlands, CA, United States - May 1, 2021 /MM-REB/ —
In a recent interview R. Sam Price founder of Price Law Firm, APC in Redlands CA outlined that doctors are vulnerable to medical malpractice suits, making their assets easy prey if they don’t plan effectively.
For more information please visit https://pricelawfirm.com
The Redlands, California-based lawyer took time out from a busy schedule to outline several potential errors doctors could make when planning to shield their assets from possible future legal action.
Mr Price disclosed one significant error was incorrectly assigning assets to a spouse. “If a couple comes to divorce later or their spouse gets into legal difficulties, then those very assets could well be in jeopardy. So an effective asset protection plan is critical.”
Failing to have sufficient liability insurance was also a common mistake Mr Price had found among his clients in the medical community. “Umbrella liability insurance covers the gaps left by homeowners and auto insurance. It also often acts as an additional layer of security if a practitioner faces a lawsuit,” he explained.
Medical professionals can also be caught out by adding their names to vehicles others use. “For example, if an adult child operates cars, jet skis and boats that are also legally in your name, then you could get sued if your child encounters an accident.”
He added: “Another mistake is assuming revocable living trusts are protected from creditors. A revocable living trust allows you to freely transfer assets in and out of a trust, but the real drawback could be when a judge orders you to use money in a living trust to pay back a creditor.”
Doctors also slipped up when trying to protect their assets intended for inheritance purposes. “An asset protection trust must include a trustee who is someone other than the beneficiary. By doing this, assets will be shielded away from someone, like an ex-spouse, that could take away money intended for your children.”
Finally, medical practitioners often overlook the details of transferring wealth to their family from their IRA or qualified retirement plan, particularly after the new federal SECURE Act.
He said: “A physician’s IRA or other retirement plans will be one of their largest assets, but they are either overlooked for protection or little attention given to the beneficiary designations.”
To avoid such errors, he urged the medical community to seek advice from a seasoned asset protection attorney before making any major decisions.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Source: MM-REB
Release ID: 89007054
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