Asset Protection

You've poured your heart and soul into your business, but have you considered what would happen if you or your partner suddenly couldn't continue? As a San Diego Planning Attorney, I've seen too many thriving businesses falter when faced with unexpected transitions. That's where a buy-sell agreement comes in - it's the safety net you hope you'll never need but will be eternally grateful for if you do. 

What Exactly is a Buy-Sell Agreement? 

At its core, a buy-sell agreement is a legally binding contract designed to deal with the big “D” challenges that can face co-owners of a business. These are death, disability, divorce, and departure. What will happen with a business owner's share if they die, become disabled, divorce, or depart the business either voluntarily or after a conflict with their co-owners? A buy-sell agreement helps protect against sharing the business with your co-owner’s widow or ex-wife.
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If you're a new doctor building your practice or a seasoned physician branching out on your own, it's time to give serious thought to asset protection planning. Did you know that doctors are among the top professionals targeted in lawsuits? It's not a matter of "if" but "when" you might face a claim. Too many professionals focus on earning and not protecting what they will earn and have earned.

In San Diego, protecting your hard-earned assets is even more crucial given the high cost of living and increased litigation risks. As a San Diego asset protection lawyer, I often hear some common misconceptions from doctors starting out, and I want to make sure you're not caught off guard.
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Retirement accounts, such as 401(k)s and IRAs, are often significant components of your financial portfolio. But do you know who will inherit these funds when you pass away or whether they will need to immediately pay tax on the inheritance? It's a crucial aspect of estate planning that deserves attention. Here, a San Diego inheritance lawyer offers expert insight into how retirement accounts are handled after your death. 

Designating Beneficiaries: Your First Step 

The most critical factor in determining who receives the money from your retirement account is your beneficiary designation. This is a decision you make when you open the account and can update at any time.
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