SEMINAR TOPICS

Four main types of corporations exist in the United States:

• C corporations
• S corporations
• Limited Liability Companies (LLCs)
• Nonprofit Organizations

C corporations, S corporations and LLCs provide you with personal liability protection. S corporations and LLCs are commonly used for small business activities. Both enable you to grow your business and take on new owners. Both pass through income to owners who report it on their personal returns.

Find out how changing your small practice or business to a Corporation or a Limited Liability Company (LLC) can offer a range of advantages for the business owner.  Most notable is that a corporation or LLC protects owners’ personal assets in case debts or legal judgments are claimed against the business. Corporations and LLCs are both separate legal entities (business structures) that enjoy certain protections under the law and important benefits. Please schedule some time to come in and meet to see the total benefits of doing so.

It’s never too early or too late to start protecting yourself. After years of hard work, the last thing you want is to lose your assets due to some legal issue, bankruptcy, or court judgment.  With the proper planning and preparation this can be avoided. The most common targets of litigation are physicians and people with professional careers. Max can sit with you and design an asset protection strategy that can put a stop to losing assets when you run into serious problems.

The two most important factors to asset protection are diligence and starting early. There are laws in place to prevent people from protecting assets once ¬they anticipate a lawsuit or bankruptcy. We will guide you to implement free asset protection strategies now (i.e. Wage Account), before you start accumulating wealth. Even if you think you’re going to be sued, it may be too late!

An important thing to note, you can be sued for more than your policy limits (malpractice, car insurance, etc.). We will work with you to make sure all areas where you’re exposed to lawsuits are covered. Keep in mind, it’s not always patients that sue physicians. Often times it’s a personal injury claim from someone who knows you’re a doctor. Remember, the general public thinks you’re rich. NEVER drive your car with your white coat on, and if possible, change out of your scrubs.

Remember: It’s not a matter of whether you will be sued, it’s a matter of when you will be sued.

When you think about preparing for your future it should include being financially secure enough to enjoy your life in retirement.  Of course until you get to retirement, life includes a number of expensive “firsts” like purchasing a car, buying a house, and starting a family. With all of these big ticket items it’s hard to even think about the future.

Preparation starts with some key items to be addressed before graduation, and optimizing your employment contract. We will provide you a check list to complete prior to leaving residency or fellowship (i.e. letter to risk management, keeping contact info up to date), and dig into your contract with a fine tooth comb. There is a very specific art to negotiating contracts in the physician world which we have perfected almost 25 years and 9,000+ contracts nationwide.

We will sit down with you and discuss whether or not you should incorporate. If your income is W2 only, 1099, or you have the opportunity to moonlight, our goal is to make sure you save taxes at the highest level.

If you have student loans, here is the time to establish the most financially beneficial method for repayment without sacrificing your own planning.

Throughout the planning process, we will review all accounts from banking, credit cards, investments, real estate, vehicles, and corporations to make sure they’re titled properly. If you are married, we will guide you as to the most advantageous way to title assets for asset protection with your spouse. This is something we will visit and revisit on a regular basis.

One of the largest areas of exposure for lawsuit is outside of the hospital. Always make sure you drive with caution and leave your white coat in the trunk. If at all possible, change out of your scrubs as well.

Research has shown that those who plan for the future end up more secure than those who do not. Successful people are goal oriented: they set goals and develop a plan to achieve them. No differently than you did prior, during, and after medical school. Our approach is to take the time to understand your goals and be your champion throughout your life in achieving them.

Remember, throughout our process we are accomplishing foundational necessities for physicians; a stellar employment situation, asset protection, and tax savings. Throughout your and your family’s life, our team of legal, financial, and tax experts are here to make sure you have the most successful medical career possible.  Allow Max and his team to strategize with you in preparing for your future.

Wages, earnings or compensation of the head of household which are due for personal labor or services, including wages deposited into a bank account (provided they are traceable and identified as such) are exempt from garnishment or attachment under Florida Statute Section 222.11. A debtor is head of household if he financially supports someone for whom he has a legal or moral support obligation, such as a spouse, child, or parent. The dependent does not have to reside in the debtor’s primary residence. Exempt means that such wages cannot be reached by a creditor, except for alimony and child support payments, or except when the right to garnish wages is given to a creditor (such as in loan documents, in connection with a bank loan).

In Florida, the law provides for the protection of 100% of the head of household’s wages from garnishment even if the wages are commingled with other funds, as long as you can clearly trace and identify the wages deposited into the account. Advantages: The Asset Protection advantage is obvious in this instance, creditors cannot reach your wages for a certain period of time – at which you can construct and finalize your Asset Protection strategy, which may include these wages.