In self-defense, if you train to draw your gun with an explosive Count 1, you will have more time and more options during counts 2 through 5.
It’s the same with asset protection. Take the initial steps now so you have more options later.
And there are plenty of options for us Californians. Not only do we live next door to one of the best asset protection jurisdictions (arguably THE best), Nevada, but California itself has a statutory private retirement trust scheme that was actually the basis and inspiration for ERISA.
Some physicians make the mistake of assuming that by setting up a corporation, they are adequately shielding their personal assets from claims. Yet, as claims sometimes “pierce the corporate veil” to seize personal assets, as lawyers say, this tends to be fallacious logic. There’s another side to asset protection that is sometimes underappreciated. By structuring your assets properly, you can not only shield them from claims, but also reduce your tax burden and accomplish estate planning. Laws on asset protection vary by state, so it’s important to get local advice on what works best in your location.
Source: 3 Personal Asset Protection Tools for Physicians | MD Magazine
