The importance of protective legal action: 3 takeaways + quotes

During a featured session at Becker's The Future of Dentistry Roundtable, Mike Webb, a consultant with Legally Mine, discussed the importance of asset protection and tax savings for entrepreneurial ASC leaders. 

Mr. Webb emphasized the importance of setting up legal entities correctly to protect assets and avoid potential lawsuits. He also discussed the concept of a Family Limited Partnership (FLP) and the benefits of having a living trust and will. Mr. Webb also highlighted tax-saving strategies, such as renting out one's home and income shifting.

Editor's note: Quotes have been edited for length and clarity.

Key takeaways + quotes:

1. Claimants may target individuals based on their assets and potential financial gain from a lawsuit.

Mike Webb: They're going to do their homework, they're going to look and see what the assets are, what you have available, how vulnerable you are, and if they can make this much, they'll sue you every time.

2. Proper verbiage and legal protection strategies are crucial in asset protection.

MW: There is verbiage contained in some of these cookie cutter protections that are designed and put together by the very people that oversee a suit. The verbiage has got to be right.

3. It is essential to take protective action.

MW: The one thing I always want to convey to people is you come to a conference like this and we speak and we talk about these things, and then Monday rolls around and you get back to your practices. You never know when that lawsuit might show up at your doorstep and you can't go back after the fact to protect yourself.

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