Leading Asset Protection Lawyer Michael Huguelet Reveals Common Mistakes Doctors Can Avoid In Estate Planning – Orland Park, IL

Orland Park, Illinois, United States – May 30, 2022 —

Doctors need to plan their estate planning carefully to prevent their assets from falling prey in the outcome of medical malpractice lawsuits, urged Estate Planning and Elder Law Attorney Michael T. Huguelet.

For more information please visit https://www.hugueletlaw.com

The founder of the Law Office of Michael T. Huguelet, P.C., in Orland Park, IL, outlined several errors doctors make when planning to shield their assets from possible legal action.

One error is incorrectly assigning assets to a spouse. Huguelet said: “If a couple does divorce or a spouse has legal difficulties, then those assets could well be exposed and in jeopardy. So an effective asset protection plan is critical.”

Not having sufficient liability insurance is a common mistake among his clients in the medical community. He added: “Umbrella liability insurance covers the gaps left by homeowners and auto insurance. It often acts as an additional layer of security if a practitioner faces a lawsuit.”

Another misstep medical professionals make is adding their names to vehicles others use. “For example, if an adult child operates cars, jet skis and boats that are also legally in your name, then you could be sued if your child is in an accident.”

He added: “Assuming revocable living trusts are protected from creditors is another error I find medical professional clients make. A revocable living trust allows you to freely transfer assets in and out of a trust, but the drawback could be when a judge orders you to use money in a living trust to pay back a creditor.”

Doctors also slip up when trying to protect their assets intended for inheritance purposes. Huguelet said: “An asset protection trust must include a trustee who is someone other than either a beneficiary or someone defined as a subordinate under the Internal Revenue Code. By doing this, assets might be shielded from someone, like an ex-spouse, that may attempt to take away money intended for your children.”

Medical practitioners often overlook the details of transferring wealth to their family from their IRA or qualified retirement plan, particularly after the new federal SECURE Act. “A physician’s IRA or other retirement plans will be one of their largest assets,” he said. “But they are either overlooked for protection or little attention given to the beneficiary designations.”

He urged doctors to seek advice from an experienced asset protection attorney before making any significant decisions on their finances that they may come to regret.

Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com

Release ID: 89075809

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