Asset Management And Protection by Morgan Legal
Manhasset, NY 11030
516-277-0690
http://www.morganlegalny.com/nyc-asset-protection-lawyer/who-needs-asset-protection/
24h
cash, all credit cards, check
Anyone who works in certain industries knows they must protect their career and accumulated earned
income in some manner. However, many of these affected individuals do not realize that merely
purchasing a professional indemnity insurance policy is not an effective plan. The type of coverage or
scope of protection can vary with different personal situations, but the concept is the same across the
various industries. In addition to insurance protection, it is also a sound business decision to establish a
revocable living trust as well that can be used to shelter idle personal wealth.
It is commonly understood that contemporary society is easily the most litigious business environment
known throughout history. This condition requires all high-income earners to always evaluate their need
for financial protection instruments that shield them when legal disputes arise. One thing is for certain in
contemporary society. Legal conflicts happen on a regular basis, meaning that being prepared
beforehand is always the best step for anyone who may be financially liable beyond maximum insurance
coverage.
One industry whose members are the target of a considerable number of legal actions is the healthcare
industry, physicians and surgeons in particular. While it is a fact that medical professionals are still human
and do make mistakes, it is also true that many claims brought forward are borderline at best. All
professionals in the healthcare industry understand their need for errors and omission insurance
protection, but this does not protect personal assets.
The best option for asset protection is usually establishing a revocable living trust that transfers excess
personal wealth under ownership of a separate financial entity. The only damages available in a legal
action will then be limited to insurance policy protection. This is a legal step that should also be part of
an overall estate management plan that could include other financial instruments as well.
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