WEALTH PROTECTION PLANNING
Nine common catastrophic errors in protection planning.
Wealth protection planning has to occur well before problems arise.
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 - It is vitally important to have appropriate insurance policies, which are coordinated with assets, entities, and umbrella coverage.
- 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.