Asset protection for physicians and other professionals is extremely important because of the high risk for lawsuits natural to their profession. A successful lawsuit will gobble up hard-earned assets in short time. But a well-planned asset protection strategy will protect those assets, including the income they generate, from lawsuits and also minimize estate and income taxes.

An Inheritance that is not properly protected can be divided between divorcing spouses in family court. If you leave an estate to your adult child and he or she gets divorced, the money and property you left behind could end up in the hands of your child’s former spouse. Likewise, if you and your spouse end up divorcing, money and property you intend to leave to your kids could be lost to your ex-spouse if not properly protected. Your Dayton estate attorney can help you set up the proper documents and entities needed to ensure the inheritance you leave behind goes to the people you intend it to go to.

Assisted living and nursing home costs can be extravagant, eating away at your savings, assets and the inheritance you intend to leave for your family if measures aren’t taken to protect them.

Because of the high expense of extended care, many elderly folks try to qualify for Medicaid, which will pay for those expenses. However, Medicaid requires full disclosure of your financial situation and can put an estate recovery claim on the value of certain assets after your death, including your home and other real estate.

The use of limited liability companies and limited partnerships for Dayton and Ohio asset protection is a common strategy because these business structures protect family assets from business risks and protect business assets from personal liability.

Wealth management experts frequently recommend these types of business structures because they have the tax advantages of a sole proprietorship or partnership while also providing the liability protection of a corporation. Let’s look at how these business structures benefit both family assets and business or investment assets.

Gudorf Law Group, based in Dayton, has asset protection strategies designed to protect a family’s assets in the event of an accident, business risk and other unexpected circumstances that may otherwise force a family to liquidate those assets to pay a judgment. Nobody is immune from circumstances that can jeopardize unprotected assets, so no matter what your income level or net worth is, it’s a good idea to put a protection strategy in place.