How my profession takes advantage of your profession
By Howard Wolkowitz
Asset protection for physicians is an important topic to understand. Equally important is knowledge of who and why someone needs asset protection planning. There are inexpensive and expensive ways of securing asset protection. Your sales agent may show you the more costly and possibly unnecessary ways of achieving your goal. Your job is to meet with an asset protection specialist versed in physician needs and solutions.
Florida has some of the strongest asset protection laws in the country. Florida law provides homestead protection and protects tenants by entireties assets, head of household wages, retirement accounts, annuities, life insurance, disability insurance, and more.
Titling of assets is one of the keys to asset protection
Tenancy by the Entireties (restricted to husband & wife)
Joint Tenancy with the right of survivorship
Tenancy in Common
Irrevocable Trust
Revocable trust
Asset protection Trust
LLC’s
Insurance and annuity products
Life insurance cash value in Florida is protected.
Annuity cash value in Florida is protected.
Retirement Plans
401K in Florida is protected under ERISA.
IRA in Florida is protected under State statute.
SEP IRAs are protected under ERISA.
State Statutes that are free and valuable include:
Homestead Protection.
Head of household wages through a qualified wage account.
Disclosure: I had to quit all affiliations with insurance company sales forces and terminate my securities license to write freely and provide information that physicians can utilize without spending money on “shiny object” sales. Since I am not a lawyer, I am not going into more detail now, but you can email me with questions. You can reach me at howard@lifeinsureassure.com or visit my website at lifeinsureassure.com.
