Interested in not paying taxes and living the like the “big guys”?  Check out the post on the blog at our sister asset protection firm, MahanyLaw.  Apparently some guy named Big A can save you thousands and help you live like the big guys for a single easy payment of $97.

Big A can’t tell us his name because his secrets “scare” the IRS and lawyers.  We don’t know who the guy is or what the Big A stands for but there is plenty of speculation in the office!

Here is the link to the full article on our sister blog: http://www.mahanylaw.com/mahanylaw/?p=270

Happy New Year and Be Well

Brian Mahany, Christopher Ertl, Joe Bird, Bethany Kroes, Wassim Malas and the rest of the Mahany & Ertl team.

Let’s start this post by me saying we are a firm of plaintiff’s lawyers and proud of it. We don’t bring frivolous lawsuits and strive for justice in everything we do. Not all lawyers can say that, however.  I personally know several physicians who are so afraid of being sued that they have much of their money offshore.  The fear is justified but simply moving one’s money doesn’t solve any problems and if done incorrectly, can land you in jail.

There is a place for offshore asset protection if done correctly. An effective asset protection plan need not be complex. It should be drafted by a lawyer specializing in both estate planning and asset protection, however.

Let me share a story from the City of New York and I think you will understand why so many doctors are worried about frivolous lawsuits.

Nancy DiGeronimo is a Jehovah’s Witness. Because of her religious convictions, she does not believe in receiving blood transfusions. Unfortunately, during childbirth DiGeronimo had severe complications and almost died in the delivery room. Her doctor, Allen Fuchs, ultimately had to transfuse blood to save her and the child. He says she consented and her husband signed a consent form. She doesn’t remember (probably because she was near dead).

Ultimately, she sued her doctor for saving her life and the that of the baby. It took 5 long years of litigation before the judge finally through out her suit. In doing so he said, “The plaintiff’s argument, taken to its logical conclusion, is that the doctor should have allowed her to die rather than give her an ‘allogenic’ blood transfusion. Since the plaintiff’s transfusion saved her life, this action is analogous to one for ‘wrongful life’ against the doctor. However, there is no cause of action for ‘wrongful life’ in the State of New York.”  Amen to logic, unfortunately Dr. Fuchs’ defense fees were probably well into the 6 figures.

The point of this story has nothing to do with wrongful life suits and whether the judge was right or wrong. It’s that people in high risk occupations need to worry about lawsuits.  One can only obtain so much insurance and try to anticipate so many risks.

Smart professionals have a well thought out asset protection plan that includes insurance and legal structures to hedge against runaway jury awards and frivolous claims. Simply moving one’s money offshore or purchasing an “off the shelf” trust from an Internet huckster isn’t the way to go.

The time to establish an asset protection plan is before there are any claims or potential claims. Once again, human nature is such that many callers to our firm contact us after they have been sued. Simply trying to hide assets during a lawsuit is often illegal and usually ineffective.

If you have questions about offshore and domestic asset protection, give us a call. The call is without obligation and completely confidential.  For more information contact attorney Brian Mahany at (414) 704-6731 (direct) or by email at brian@mahanyertl.com

[Depending on your location, services may be performed by MahanyLaw or Mahany & Ertl, LLC. Hat tip to silive.com, the Internet edition of the Staten Island Real TIme News for the story.]

It is never too early to start thinking about estate planning and asset protection. While most people think that these concepts are for the elderly, nothing could be further from accurate.

Asset protection must be done before there is a claim. Once you are sued or have even a potential claim against you, it often is too late to move your assets. Courts consider transfers after such an event to be a fraudulent conveyance. Moving your house into your brother-in-laws name can get you and him in trouble.

Working age people tend to get involved in more lawsuits than older people. The young neurosurgeon is much more likely to get sued than the geriatric patient in the nursing home.

Estate planning is much more than death planning. What happens if you are incapacitated? What happens if you and your spouse are both injured in a car crash or other accident. Who will take care of your kids? Do you want the state to decide what is in your best interest? In your kids best interests? If you are on life support, what family member should make medical decisions for you? I think you can see where this is going.

Without a will, living will and power of attorney, you could easily lose control of your finances, health care decisions and any say in how your family is to be cared for should something happen to you. Having a will and planning for these events eliminates a lot of family squabbles too.

Assuming you have kids, absent a will they will get whatever the court awards them at age 18. Are they ready to handle that? Most are not! Many parents set up trusts or provide that any inheritance just be used for tuition or certain specified living expenses until the child turns 21, 25 or older.

A good financial planner or estate planning attorney can help you plan for the future. A few minutes now can make a huge difference in the future. Unfortunately, most people don’t think of these things until the last minute or until its too late. If you want to show your family that you really care, break the mold and start your plan today.

For more information, contact attorney Bethany Kroes at (262) 970-8500 today. The estate planning and asset protection lawyers at Mahany & Ertl can help save your assets and protect your family’s future.

Mahany & Ertl, LLC. America’s Fraud, Asset Protection & Tax Lawyers. Offices in Michigan, Wisconsin, California & Maine. Services nationwide.

Millions of Americans think of IRA’s and company 401 plans as a means of retirement planning and reducing taxes. When used as part of a comprehensive asset protection and estate planning program, they are great for protecting assets from creditors too.

If an account is a “qualified retirement plan,” it is protected by federal law, the Employee Retirement Income Security Act or ERISA for short. Congress passed the ERISA statute in 1974. It’s purpose is to insure that when workers go to retire, their pensions and retirement funds will be available. Under the law, qualified plans are protected from civil judgments and even bankruptcy. The rules get tricky with IRA’s, especially rollover IRA’s.

Many people think that IRA’s are always exempt from creditors. That’s not true. While traditional IRAs are normally pretty safe, there is a list of prohibited transactions that can open up exposure to creditors.  Purchasing not traditional investments with your IRA is especially risky.

The bottom line? Putting your retirement money in an IRA, a 403 plan or a 401(k) plan often makes sense from both a tax planning and asset protection standpoint. Before you do this, however, spend some time getting some professional advice. Creditors are getting more aggressive. If you are in an occupation with high litigation risks, the need for professional planning is even greater.

For more information, contact attorney Bethany Kroes. The asset protection lawyers at Mahany & Ertl, LLC can help you protect your hard earned money and insure a legacy for your family. From our offices in Milwaukee, Detroit, Portland & San Francisco, we have helped people across the United States. An ounce of prevention now is worth tens of thousands of dollars of legal fees and years of hassle later.

Bethany can be reached at (262) 970-8500 or at bckroes@mahanyertl.com.