Legally Mine Reviews the Advantages of Asset Protection and Tax Savings for Medical Professionals

Legally Mine is a company that provides comprehensive asset protection and tax savings strategies for physicians and other healthcare providers. Recognizing that medical professionals face a growing risk of lawsuits that can jeopardize their hard-earned assets and financial security, Dan McNeff founded Legally Mine to help doctors safeguard their wealth and navigate the complex legal landscape of medical liability.

“The average physician in America is going to be sued four times before their career ends,” McNeff explains. “The American Medical Association did a study that showed that a physician is seven times more likely to be sued in any given year than they are to be in a car wreck.”

This sobering reality emphasizes the importance of proactive asset protection for medical professionals. While many doctors carry malpractice insurance, McNeff argues that additional measures are necessary to protect their assets and financial well-being fully. With Legally Mine’s comprehensive strategies, medical professionals can gain a sense of security and confidence in their financial future.

Based in Orem, Utah, Legally Mine has served over 15,000 members since its founding in 2007. The company has established itself as a leader in the asset protection industry, offering a unique combination of legal expertise, personalized service, and ongoing support to help medical professionals safeguard their assets and reduce their tax liabilities.

How Legally Mine Protects Medical Professionals’ Assets

At the core of Legally Mine’s services is a team of highly skilled attorneys and paralegals who specialize in asset protection law. ‘Our team’s expertise in asset protection law allows us to provide targeted, effective solutions for our clients. We’re not generalists – we’re specialists in protecting the assets of medical professionals,’ McNeff emphasizes.

Many doctors believe that simply incorporating their practice provides sufficient protection from lawsuits. However, as McNeff points out, this is often different.

“People think, ‘Well, I’ve incorporated, I don’t have to worry about it,'” McNeff says. “And then they get sued, and the lawsuit will name them as an individual. The judge pierces the corporate veil, and now their savings and investments, their home, their rental properties, even their cars and their boats – anything and everything they own will become subject to the lawsuit and can be taken.”

Legally Mine develops customized asset protection plans for each client to address these vulnerabilities. These plans typically involve creating a network of legal entities across multiple jurisdictions and strategically structuring assets to minimize exposure to potential lawsuits.

Tax Savings Strategies Legally Mine Offers Physicians

While asset protection is the primary focus of Legally Mine’s services, the company also helps clients unlock significant tax savings opportunities. By restructuring how assets are held, and income is earned, medical professionals can often substantially reduce their tax liabilities.

McNeff emphasizes that these tax strategies are a natural extension of proper asset protection planning. “We don’t just shield assets; we strategically reorganize how doctors hold their wealth and earn income,” McNeff shares. “This approach often leads to significant reductions in their tax burden. It’s a comprehensive financial strategy that goes beyond simple asset protection.”

Legally Mine works closely with clients and their existing financial advisors to implement these tax-saving strategies. The company’s in-house tax strategists stay up-to-date on evolving tax laws and regulations, ensuring clients can take advantage of all available opportunities to legally and ethically reduce their tax burden.

Estate Planning and Living Trusts from Legally Mine

Recognizing that comprehensive wealth protection extends beyond a doctor’s lifetime, Legally Mine also offers estate planning services. The company helps clients create living trusts and other estate planning documents to protect their assets and efficiently transfer them to their heirs.

“Part of what we do also includes a living trust,” McNeff notes. “A living trust is a vital part of anybody’s estate plan, and we have two dedicated trust attorneys as a part of our package.”

By integrating estate planning with asset protection and tax planning, Legally Mine provides a comprehensive approach to wealth management that addresses medical professionals’ immediate and long-term concerns. This holistic approach can provide reassurance about their financial future.

Legally Mine’s Unique Approach to Client Education and Service

One of the distinguishing features of Legally Mine’s business model is its emphasis on client education. The company conducts regular seminars and webinars to help medical professionals understand the risks they face and the strategies available to protect their assets.

“We want to make sure you’re educated on what we are going to do with your assets and how we’re going to organize them,” McNeff says. “You need to understand right off the bat that we are never, ever going to take your assets out of your hands. I am absolutely adamant you always have to maintain control of your assets.”

This commitment to education extends throughout the client relationship. After a client decides to work with Legally Mine, the company guides them through a detailed questionnaire to understand their unique financial situation. Based on this information, Legally Mine creates a customized blueprint for asset protection and tax savings.

“We conduct what we call a ‘blueprint review’ with each client,” McNeff explains. “During this review, One of our attorneys or experienced paralegals walks them through the entire strategy, explaining each component in detail. This ensures our clients fully understand the plan and allows them to ask questions or request changes. We want them to be completely comfortable with how we’re protecting their assets.”

Growth and Future of Legally Mine

Since purchasing the company in 2007, McNeff has overseen significant growth and evolution at Legally Mine. McNeff attributes much of the company’s recent growth to two key factors: effective communication of their services and consistent delivery of results for clients.

“I have found a couple of people who can communicate as well as, maybe even better than I do,” McNeff says. They’re able to go out and do educational seminars in such a way that it opens people’s eyes up and gets them motivated.”

Equally important, he notes, is the company’s ability to follow through on its promises. 

“On the back side, our people here at the office accomplish everything that we promise we’re going to accomplish,” McNeff relates. “When problems arise, a lawsuit comes in, we can handle it.”

This track record of success has led to strong word-of-mouth referrals, with satisfied clients often speaking up at seminars to share their positive experiences with Legally Mine.

Looking to the future, McNeff sees continued growth potential for Legally Mine as medical professionals become more aware of asset protection needs. The company’s unique combination of specialized legal expertise, comprehensive service offerings, and commitment to client education positions it well to meet this increasing demand.

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