Services Provided
Asset Protection, Irrevocable Trust Creation
Situation
A busy physician couple with large medical practices and many investments wanted to make sure they were covered should anything happen to them from a liability standpoint. While both were covered by significant insurance policies, and they had an estate plan, the couple also had investment accounts, real estate investments and even two small businesses, all of which were both the sources of additional income and the potential source of lawsuits or liability.
Approach
Mike and his team met with the couple and reviewed their insurance plans, current trusts and business interests. In order to provide maximum protection of the couple’s assets, the team created a separate set of LLCs to better structure their businesses, and helped the couple create an irrevocable trust and other tools to safeguard their wealth.
Outcome
The couple found what they sought: peace of mind. They are now able to practice and pursue their interests knowing they are protected from unplanned liability.