How Dental Professionals Can Avoid Common American Asset Protection Scams

How Dental Professionals Can Avoid Common American Asset Protection Scams

As a dental professional, you have spent years completing your education and building your practice. With all that you have invested, you likely want to protect the wealth that you have built. Dentists need to carefully avoid the many asset protection scams that exist in America today. Numerous scams seek to rob dentists and other professionals of the assets that they have amassed. You want to ensure that creditors, the IRS and lawsuit plaintiffs cannot access your hard-earned wealth. While asset protection is a good idea, you need to understand how to recognize the difference between a true asset protection plan and one that is simply trying to take your money while providing little-to-no benefit to you.

Tips to Help You Discern the Difference Between a Valid Asset Protection Kit and a Scam

  1. Scams offer a one-time seminar and then sell kits that are one-size-fits-all at the conclusion – The con artists advertise heavily, often targeting dental and other medical professionals since they understand that people like you are often victims of greedy plaintiffs who frequently file lawsuits, according to the Examiner. As such, these professionals want to protect their assets, which is important but must be done on a personal basis. A one-size-fits-all approach will likely not protect you adequately. Instead, look for asset protection plans that are individualized and customized specifically for you, your assets and your estate-planning needs.
  2. After your purchase, scammers disappear – Once the scammer has closed the deal, they often simply disappear. You cannot call them for help as they will have moved on to their next victims. True asset protection plans are offered by professionals in their fields. These key personnel should have expert knowledge in tax planning, estate planning and lawsuit protection. Make certain that you know who you are dealing with, what they are offering and how they can be reached after your purchase.
  3. Scammers do not provide ongoing counseling and advice throughout the process – Con artists only want to separate you from the money that you spend on their fraudulent asset protection kits. On the other hand, you can contact true asset protection companies to provide individualized and ongoing counseling in order to address all of your questions while guiding you throughout the entire process.

When to Start Thinking about Asset Protection

Savvy business owners should begin thinking about asset protection from the start and have at least a rudimentary plan in place before you open the doors of your practice. While professional liability insurance is important, you also want to make certain that you have selected and formed the most appropriate legal entity structure through which your practice will operate. As your assets grow, you will need to set up additional structures to provide added layers of protection.

Look for a company with professionals who have experience in the areas of tax law, lawsuit protection and estate planning. Attorneys should work closely with you to make certain that your assets will be protected if the worst-case scenario happens.