Creditor Protection Planning
Helping clients insulate themselves from the threat of creditor actions and asset loss.
When you spend years or decades building your practice, profession and assets, you want to ensure that your assets can give you, your family and your business financial security and support for the long term.
The highly skilled asset protection attorneys at Gassman, Crotty & Denicolo, P.A. apply their many years of legal experience to shield clients from common mistakes that could have long-term adverse effects.
Nine common catastrophic errors in protection planning.
Whether you’re a physician, corporate executive, business owner or retiree, your assets deserve protection. We have identified the nine most common errors successful professionals make. At Gassman, Crotty & Denicolo, P.A., we are committed to helping clients steer clear of these mistakes, or, if they have already been made, successfully resolve them in our clients’ best interest.
- Insurance gaps or deficits – The insurance coverage you have may present significant liability risks.
- Failure to have a financially solvent state-registered malpractice insurance carrier and appropriate insurance coverage – Your choice of carrier, especially one not approved by the state of Florida, can place you at unnecessary exposure to risk.
- Failure to procure permanent continuing coverage or proper retroactive coverage when changing carriers – You must communicate an incident to both your current and previous carrier to ensure continuing coverage.
- Failure to keep assets out of a high-risk individual’s individual name – We maintain that no practicing physician should hold significant assets without asset protection planning.
- Confusion over tenancy by the entireties – Joint ownership of assets by spouses does not protect you. But if assets qualify and are owned as tenants by the entireties, you may be protected.
- Purchasing the wrong investments due to biased advice – Beware of the advisor who makes a commission from your business. Consult with other qualified advisors, such as your CPA, your lawyer or your pension advisor.
- Failure to ensure protection of medical practice assets – Allow qualified tax and legal advisors to help you structure the best medical practice strategy for creditor protection.
- Failure to coordinate all aspects of estate planning – Beneficiary designations, bypass trust, family trust and homestead planning must all be properly structured and coordinated to minimize exposure to risk.
- Failure to get proper individualized advice from a competent Florida lawyer – Trying to follow generalized advice or information given by non-specialists or intended for a mass audience can cause significant damage instead of providing the protection that should be in place.