I carry malpractice and/or liability insurance. Is that enough to protect my assets? [Haimo Law]

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We are diligent and dependable, compassionate and personable and innovative and professional. Haimo Law (HaimoLaw.com) helps you protect your family and your business’s interests for the immediate and long-term future. Together, we can take advantage of incredible tools and techniques that are available to you right now. Call us for wills, trusts, probate, asset protection and business planning. Haimo Law offers premium legal representation at an affordable price and customer service you will not find elsewhere. We are reliable, approachable, honest and attentive. Helping your family and business is our priority.

The term “Property” includes everything you can possibly own. You or your assets have the potential to harm someone or something in some way, either actively or passively. Consequently, if that happens, you’re probably on the hook unless you planned ahead. Forming a business entity, such as a corporation, does limit your personal liability in some ways, but leaves you extremely vulnerable in other ways.

Fortunately, you can protect yourself, your family, your business and your assets. Asset protection planning involves taking advantage of debtor friendly laws, especially in Florida, in order to minimize your exposure to personal liability. I’m talking about maximizing your use of assets that are deemed “off limits” to creditors. It also includes covering all your bases such that you and your properties are both isolated and insulated from each other. An effective plan also requires using the combination of several business entities and trusts.

I’m pleased to share with you that asset protection is NOT necessary for everyone. But if you’re serious about protecting your assets, you need an asset protection plan. Asset protection is relevant to estate planning because they overlap significantly. An effective plan will have your estate plan built-in so your business and estate transitions smoothly to subsequent generations.

Malpractice insurance is the first line of defense with respect to liabilities deriving from you providing professional services. However, there is a limit to the coverage you can enjoy, and often insurance companies find ways to avoid paying. Since insurance coverage is limited to the purpose for which it is obtained (such as professional malpractice), and creditors can still attack your personal assets, it’s important to engage in asset protection planning with an attorney that focuses exclusively on that area.

I carry malpractice and/or liability insurance. Is that enough to protect my assets? [Haimo Law]

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