Legal Question in Real Estate Law in Pennsylvania
asset protection
My husband is a doctor who i feel has fallen under the spell of a motavational speaker.After attending the conferance he wants us to protect out assets by putting them in a trust for our kids.The only asset we have is our house which is morgaged.He is not self employed but is paid a salery at another doctors clinic.The clinic pays his malpractice insurance and we have homeowners insurance.He is afraid that in the future someone will sue us and we'll lose our home.I've heard of frivalous lawsuits but is this something we should do?The company,National Medical Foundation for Asses Protection has given us a deadline to sign up.This is a red flag to me.They sent us a box that apparently has tapes and cd's and software to file things.$3995.00,we habe til friday to let them know of our intent to reject this product to get refunded the money.
2 Answers from Attorneys
Re: asset protection
You worry about frivalous law suits yet you are willing to pay someone close to $4,000.00 for legal advice who has no legal background? Seek legal representation and tell your husband the real problem in medical malpractice is A.) the doctor and B.) the insurance industry!
Re: asset protection
First off, the amount requested for presumably a prepackaged trust seems awfully high. Second, courts have repeatedly pierced the trust in cases where they are designed solely to shield assets. If the home is owned in both of your names, as husband and wife, the ability for a plaintiff to force a sale is vitually non existant. You and your husband would be better served setting up trusts for any children which courts have upheld and would protect dedicated financial assets to provide for their education, weddings or other future purposes. I offer free consultations.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
