OFFSHORE ASSET PROTECTION - FOR PROFESSIONALS
Offshore Asset Protection is Most Needed by Professionals
Professionals - Engineers, Dentists, Lawyers, Chiropractors.
Do you know a professional that does not carry malpractice insurance? For professionals
of all varieties-doctors, lawyers, accountants, architects-the potential every day for liability is
a ticking time bomb - unless they have an Offshore Asset Protection plan. Clients look for the opportunity to find fault and a deep pocket if they are
not satisfied with a result. In fact, the litigious nature of clients and the legal profession that is
willing to represent them has made the cost of insurance prohibitive for many professionals.
Complex Field Are At High Risk
For
those in particularly complex fields, such as surgeons, obstetricians, and
anaesthetists, the
malpractice premiums are extremely high. If the doctor cannot afford to carry huge insurance
costs, he or she may be forced to pursue another less risky specialty.
The medical profession is not the only one to have problems with litigation, however.
Accounting firms have been forced out of business by client suits, and the partners' net worth
wiped out.1
Lawyers Even Need Offshore Asset Protection
More and more attorneys are being sued by their clients, and malpractice premiums
keep escalating in areas of specialization such as estate planning or securities because the risks
are so high. Even the average estate planning attorney who diligently develops a good and
trusting relationship with a client while planning his or her estate can face problems after the
client dies. The attorney is left dealing with the survivors who may not be happy with what they
inherited, with the tax situation of the estate, and so on. The survivors have no relationship with
the attorney and very often will sue. The only defence for the attorney is costly litigation. More
than likely, the survivors presume that the attorney is a professional "fat cat" with big bank
accounts and assets for the taking.
Financial Advisors Risk Litigation
This scenario may apply just as easily to financial and investment advisors.
No matter how well intended an investment recommendation may be, if things go
bad the advisor stands a good chance of a lawsuit and big damages claimed. A
huge deterrent is when the plaintiffs find out you have an Offshore Asset
Protection plan, it places the odds of a successful recovery at close to
zero.
1 One example is the former accounting firm Laventhol & Horwath.
Part 1: Offshore Asset Protection - ASSET PROTECTION MAIN PAGE
Part 2: Offshore Asset Protection - for Environmental Liability
Part 3: Offshore Asset Protection - for High Profile and Celebrity Individuals
Part 4: Offshore Asset Protection - for Officers and Directors
Part 5: Offshore Asset Protection - for Professionals
Part 6: Offshore Asset Protection - for Property Owners
