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Understanding How to Manage Risky Assets

If you are a doctor and you own a practice this is probably one of your riskiest assets. What about your office building? How about real estate? If your office building or real estate have equity or are completely paid for, these are considered valuable assets. Not a good idea to mix these with your practice which is a very risky asset.

What we do for our clients is create a limited liability company and separate valuable assets such as your office building if is completely paid off. Your practice will pay rent to your limited liability company so it’s still a deductible expense. The limited liability company will pay the mortgage if there is one and also the expenses depending on the kind of lease you signed with yourself, the firm you practice, and your limited liability company.

How do you protect your primary residence?

This is often some of our clients biggest assets, after all it is your primary residence. Consider homestead laws where if you live in certain states your house is protected. For example if you live in Florida your house is completely protected. If you live in Texas your house is also protected. My condolences to those of you who live in California because your house is weakly protected $50,000 – $75,000 depending on if you are married or not. Unfortunately most states are like California and not like Florida and Texas.

So what happens if you live in states with weak homestead protection?

It’s important to understand where you should hold your home. Your primary residence will either go in your name, your family limited partnership or your asset protection trust. For most cases your primary residence will go in your asset protection trust, but it can be put in your individual name. The trust is essentially where you want you primary residence.  This gives you all the benefits of  primary residence ownership, tax benefits, tax-free capital gain, and the home interest mortgage deduction. It protects the home while maintaining all the benefits of a primary residence. If you are not in a great homestead state, that’s the place you want to be.

Have questions about protecting risky assets and your primary residence? Call us at Lodmell & Lodmell. We would be happy to hear about your individual case, and how we might help you better protect your assets.

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This Post Has 2 Comments

  1. If I list my home as the physical address of the LLC, will it be protected from legal action by the LLC or has it become property of the LLC and susceptible to be used as recovery of funds in a legal action.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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