THE SAFE MONEY — LONG TERM CARE INSURANCE — Can You Afford NOT having it?

Ten Vital Points to consider about your LONG TERM CARE INSURANCE

As an Asset Protection attorney ANY avoidable source of loss, risk or exposure to my clients is unacceptable. One often overlooked area is the possibility that you or a loved one may need long term care as a result of age, illness or accidents. In cases where such care is required, the financial effects can be devastating even to the most affluent clients and are a needless expense that can be avoided.

For help in this area I turned to an expert, Dr. Jonathan Smith, M.D. a medical specialist who knows what this care costs and who now provides education and coverage to clients and advisors all over the U.S. on this easily addressed but potentially serious exposure. He shares important thoughts on this issue with us below. The insurance part is good enough, but some options are also both creditor protected AND have a return of premium guarantee if you never need it. Interestingly, even DOCTORS (who know better) often neglect this area of their own planning.

THE SAFE MONEY — THE DANGER WITHIN

EMPLOYEE LAWSUIT EXPOSURE IN A DOWN MARKET ECONOMY

Are you properly protected from employee liability? For those of you who are business owners and have employees or have clients who do, this is very important, especially if you may have to consider lay-offs or downsize as a result of the current business climate.

American business owners are 5 times more likely to be sued by employee than for any other reason, and employees win 75% of the time.

Remember that the people affected by these kinds of economic necessities take it personally, not just as a business decision, and will often turn a necessity based lay-off into a discrimination claim (or something worse) with the help of an employment attorney. Be sure you carefully document any staff reduction, whether based on economic necessity or performance; how would you react if you were fired or laid off amidst fears of a recession? Most people panic and grasp at straws.

THE SAFE MONEY — AFFINITY FRAUD

New FRAUD Schemes Prey on Personal, Religious and Cultural Connections to Build Investor Confidence

Something quick, down and dirty I want all our clients and partners to be aware of, as you folks are the ideal candidates for the bad guys – you are among the most successful people in the U.S.

http://www.fa-mag.com/fa-news/4036-sec-advisor-scheme-targets-chinese-americans.html

As markets continue to fluctuate and rattle investor confidence a new series of alternative investment  fraud schemes are emerging and being exposed faster than I can email you all the details.

The Safe Money — Internet & ID Theft Scams Spiraling out of Control — ASSET PROTECTION UPDATE

The links below contains some good information about how ID thieves and criminal gangs are capitalizing on current economic conditions and confusion among consumers.

As you know, we have always advised our friends and clients to guard the assets of their identity and credit as carefully as their more tangible assets. These assets are more valuable than ever before, please take a moment to review these points.

The Safe Money — Survival Plan for 2009 (Asset Protection)

As 2008 draws to a close we look back at the lessons learned and forward to new opportunities. Below are some critical points we have seen illustrated many times by those we work with, some of the most successful and intelligent people in their various professions and businesses. Despite the phenomenal track record many of them have in terms of making money safely, predictably and responsibly for many years, no one was left untouched by the recent crisis. Here are some of the 2008 “lessons” we feel it is most important to reflect on and examine for yourself as we start 2009.

The Safe Money — Medical Identity Theft — Teleconference & CEU Credits

We try to take as many continuing education courses as we can in areas related to physicians & dentists, but obviously can’t take all of them. Given current economic conditions we are seeing spikes in these kinds of crimes and this may be an ideal seminar for you and/or your practice manager to participate. As with HIPPA, there are substantial liabilities for your practice.

Yours, Ike

TELECONFERENCE HIGHLIGHTS

Did you know that medical identity theft is one of the more difficult forms of identity theft to resolve and may put more than just your client’s finances at risk? This crime is a growing threat and can take years to recover from. Gain the skills you’ll need to design a mitigation plan and understand the impact the new FTC Red Flag regulations will have. Register today!

Learn More & Register Today!

The Safe Money — The Asset Protection Basics Every Business Needs

PLANNING ESSENTIALS CHECKLIST

The following is a basic “must have” checklist (in no order) that most of our business owner and physician clients find to be indispensable.

The Safe Money — Understanding Liability Insurance and Its Limits – Asset Protection Update

ISSUE: WHAT ABOUT LIABILITY INSURANCE? WHY CAN’T WE SIMPLY INSURE OUR WAY TO SAFETY?

This is a reasonable and common question we get from clients and advisors alike. In the most egregious cases of arm-chair quarterback misinformation, we actually see uninformed advisors telling their clients that the only Asset Protection they need is a good umbrella policy – THIS IS FLAT OUT WRONG for the kind of successful people we protect. Why? Because they are successful, visible and typically have assets above and beyond just the insurance policy itself, they are good targets from a net-worth perspective.

The Safe Money — Asset Protection 101

Advisor Today Magazine
Asset Protection 101
Reprint of article originally published in February 2008 By Ike Devji

Your affluent clients depend on you to be a source of information on a wide variety of complex topics. They assume you are at least informed about every area even marginally related to your core business. One such area is asset protection.

As a financial advisor, you seek to create steady growth of your clients’ assets and help them avoid losses and exposures to things like market risk and income and estate taxes.

Read full article — Asset Protection 101

The Safe Money — Recession Proof Your Assets — Part 2

Recession Proof Your Assets — Part 2
By Ike Devji

Starting early September I had numerous requests to re-send PART 1 of this, which has been posted for your review as well. I’ve expanded it and added some other issues, listed here under PART 2.

The Safe Money — Recession Proof Your Net Worth — Part 1

ISSUE – WHAT CAN BE DONE TO RECESSION PROOF YOUR ASSETS?
By Ike Devji

As times get tough and we endure another economic slowdown, no matter how cyclical in nature, we encourage our friends to be aware of the following issues and how to examine they have “winterized” their net worth. This was originally sent to clients in January – and is even more relevant now. Here are some critical points to be aware of:

The Safe Money — How Do We Plan for the Unimaginable?

PROFESSIONAL EXPOSURE AND UNFORSEEN LIABILITY – HOW DO WE PLAN FOR THE UNIMAGINABLE?

The two stories below really hit home for us since our clients are primarily successful medical professionals and private business owners.

In the first one the tragic loss of a family member in a car accident illustrates the liability that a business can be imputed with for the actions of its owners and employees. We have talked about this issue for years with our clients and have explained time and time again that they are liable not just for their own actions but also the actions of their employees, no matter how unpredictable or egregious those actions may have been.

The Safe Money — Automobile Liability & Insurance Limits

ISSUE: APROPRIATE LEVELS OF LIABILITY COVERAGE FOR AUTO POLICY

This actually comes to me through a relative, who is now in an unfortunate position:

While driving in the middle of the day our friend, “Mr. Good” was struck broadside while crossing an intersection with a green light. The driver of the other car was turning left and failed to yield right of way, striking Mr. Good’s vehicle and injuring himself and causing his own death in the process. The reporting officers at the scene cleared Mr. Good of any wrong-doing and cited the other (deceased) driver noting that he was an elderly man who was driving at a high rate of speed and who had not been wearing his seat belt when he for some reason broadsided Mr. Good in oncoming traffic.

CFO x-ray$ Announces New Contributing Author — Ike Z. Devji

We are pleased to welcome my good friend and professional colleague Ike Devji as a Contributing Author to the CFO x-ray$ Weblog.  I have been privileged to know and to work with Ike and his colleagues for a number of years.  Ike’s special expertise is Asset Protection.

Ike Z. Devji, J.D.
Executive Vice-President, The Wealthy 100,
Of-Counsel, Lodmell & Lodmell, P.C.