First Principle: Physicians Asset Protection Group, LLC. helps clients preserve and grow their wealth with minimum risk, anyone stating they can do this without any risk are at the best exaggerating.
What are some of the major root causes that make it necessary for you to protect your assets?
- Litigation
- Market Volatility
- Decline in the Value of the Dollar/Inflation
- Continued Decline of Real Estate Values
- Federal, State, and Local Income taxes
The medical profession is more challenged by medical malpractice problems today than any time in History. The words "Medical Malpractice" have become everyday language in American society. You may think, "It will never happen to me." Unfortunately, it can and does happen to thousands of Florida physicians each year. It has never been more necessary to protect yourself from the devastating effects of a lawsuit. Fault has little to do with it, physicians are looked upon as "deep pockets" by plaintiff's attorneys. Malpractice insurance sometimes acts almost as an invitation to sue, because the insurance establishes a base line minimum number of dollars available to claim. It has been estimated that 50,000 lawsuits are filed each day of the week in the United States with a very disproportionate number against physicians.
“LOOK OUT! If You Have Never Been Sued, Chances Are You Will Be!”
With more people without income due to increasing unemployment rates and lawyers aggressively advertising their services – more and more lawsuits (many frivolous) are filed every day.
There are nearly one million lawyers in the United States, a number that represents over 70% of all the lawyers in the world. America has 361 lawyers for every 100,000 people, compared to Britain with 94 per 100,000, 33 in France and a mere seven per 100,000 in Japan.
One of the results of so many lawyers – about 17 million civil cases were filed in state and federal courts in each recent year. Your chances of being involved in a lawsuit during your life time are one in five.
We assist clients throughout Florida using both traditional asset protection strategies as cited in California licensed attorney Robert J. Mintz's (rjmintz@rjmintz.com) outstanding book, Asset Protection for Physicians and High Risk Business Owners, and recommend him as a consultant on all aspects of asset protection (Including off shore trusts and accounts).
Asset protection strategies that specifically apply to Florida state law were developed by Mr. Robin Fearn over a six year period of teaching a course entitled "Ethics and Legal Issues in Health Care" for National-Louis University (Tampa, FL Campus) in the Health Care Leadership degree program.
During this current recession (not yet called a depression) most stocks, bonds, and mutual funds return variability has been unusually high, very similar to the 1929-1941 Great Depression. The higher the return variability the greater the risk in being invested in the market. It is our opinion that most of the U.S. (and most European) stocks, bonds, and mutual funds are at dramatic risk for massive downward shifts.
Decline in the Value of the Dollar/Inflation
Technically in economic theory there is a difference between devaluation of a currency (in this case the U.S. dollar) and inflation, but from a practical view point the effect on persons and businesses is the same. Under either situation or combination of these conditions each unit of currency (the dollar) buys less goods and services.
Continued Decline of Real Estate Values
No area in the United States has avoided the general decline in real estate value (selling prices). Nationwide and including Florida the typical value lost for all types of real estate has exceeded 20%, with many properties dropping in value 50% and more. This happened in a period of less than an year. There appears to be a very slight increase in value of real estate for selective areas throughout the United States even incentive programs to purchase properties. Florida has been one of the hardest hit states for decline of real estate values.
Federal, State, and Local Income taxes
Starting in early 2009 there has been a general increase in types of taxes and fees at all levels of government, much of it to support social programs need to offset the effects of the current recession and the high rates of unemployment. At the federal level many new social programs have been instituted including massive infusion of cash into the business economy.