Famous People and Estate Planning Disasters

If you think all the well-to-do or celebrities have a magnificent estate plan in place, think again. Many wealthy individuals and famous people failed to properly organize and plan their estates. The result? Estate planning nightmares that lead to millions of dollars being gobbled up by Federal estate taxes, unnecessary legal fees, and lengthy court battles between family members. Below are three prime examples of missed opportunities, in terms of proper estate planning: Steve McNair Steve McNair was a successful NFL quarterback who died suddenly and unexpectedly. He did not have a will or any estate planning documents when he passed away. He left behind a wife and four children. An all too common problem is that two of his children were from a prior relationship. This can create conflict because an estate that is divided by the laws of intestacy are not concerned about fairness or equity. Intestacy laws are a...

17 September

0 Comments

Sticky

Asset Protection for Physicians

Posted by Bobby Feisee

in Current Events

Physicians are constant targets of malpractice lawsuits. Generally, they have a high level of annual income as compared to most other people. Detailed required medical record keeping creates an ideal paper trail for any trial lawyer. Despite these challenges, physicians remain the highest earning professional group. Most physicians will accumulate significant business and personal assets that should be protected from the many liabilities that face the medical practitioner. This is where asset protection for physicians is absolutely critical. So what exactly is asset protection? Well, it is a hybrid between traditional estate planning and advanced planning strategies. This hybrid approach helps to lower your financial profile so that you become a far less attractive target for litigation while still ensuring your assets are invested properly. So, at the time of your passing, your loved ones will be taken care of. As mentioned above, a key to asset protection for physicians is to...