Asset Protection | Live More Carefree
By Colin Ley
One of the foundations of any asset protection plan is determining what types of liability a person needs to plan for. I’ve defined inside vs. outside liability before, but it’s a very important topic, so it’s worth further exploration in this video.
[Read more…] about Inside vs. Outside Liability
By Colin Ley
As part of any estate planning package we offer at LayRoots, we work with our clients on advanced healthcare directives. Part of that planning process involves deciding whether a person wants to remain on life support after doctors decide there is no hope of recovery (i.e. when brain dead). I recently had a client who wanted to remain on life support for an extended period of time, unless it was a financial burden for her loved ones. Having never investigated the costs of long-term life support care, I was curious. [Read more…] about Estate Planning Strategies: Life Support Decisions
By Colin Ley
At LayRoots we like to host a number of Guardian Nomination Workshops. We help parents choose and document legal guardians for their children…just in case something happens to them. One of the most common questions we get is what should a parent do if he or she has separated from his/her co-parent. Put another way, what do you do if each parent wants different guardians for the children? [Read more…] about Naming Guardians as a Single Parent
By Colin Ley
Owning rental property in your own name is not a good idea. Landlords face increased levels of liability compared to somebody who say, invests in bonds, or something like that. So why is it a bad idea? Check out the video for more info. [Read more…] about Asset Protection Strategies: Protecting Rental Property
By Colin Ley
Retirement accounts are protected from creditors in Washington state. Lawsuit judgment? Bankruptcy? Your retirement savings is golden. But what if you inherit an IRA from somebody else (besides your spouse)?
An inherited IRA in Washington, and most other states, is not protected from creditors or bankruptcy. The basic reason for this: it wasn’t your retirement savings. With some asset protection trust planning, creditor protection can be passed along with your IRA. Check out the video for some more information. [Read more…] about Asset Protection Strategies: Inherited IRA
By Colin Ley
Medical professionals face high levels of liability. A 2010 survey by the American Medical Association (AMA) found that more than 60% of doctors had been sued at least once by late career. Furthermore, over 80% of surgeons have been sued at least once.
The Physician Insurers Association of America writes the defense against a medical malpractice claim averages over $22,000 for lawsuits that are dropped, dismissed or withdrawn, and more than $100,000 for cases that go to trial. [Read more…] about Asset Protection for Physicians
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