Estate Planning & Asset Protection For Physicians

By: Irving O. Farber, Esq.

The asset protection planning legal scholar, Duncan E. Osborne reminds us that, in the absence of a nefarious reason, asset protection planning is a right. He has written that:

“Almost all estate planning lawyers, almost all of the time, represent honorable , law abiding clients, men and women who daily contribute to society by their productivity and with their generosity, who pay their bills and their taxes, and who are not deadbeats, cheats, frauds, or criminals.  These same good people, some of whom have acquired significant wealth by their own hard work or that of their forebears, are legitimately concerned about the success of an American litigation system which sometimes more Continue reading

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Equitable Distribution: Marital vs. Separate Property in a Divorce

Marriage is the chief cause of divorce. – Groucho Marx

Perhaps second only to the issue of child custody, determining what assets are—or are not—subject to Equitable Distribution is the most important factor that shapes matrimonial litigation.

Since 1980, New York State has employed the Equitable Distribution methodology to dividing “Marital Property” in divorce proceedings. The Equitable Distribution approach, in stark contrast to the division used in common law property states, divides “Marital Property” equally regardless of individual ownership by taking a snapshot of the assets owned between husband and wife upon the commencement of the Divorce action.

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Consider Before your Divorce

At a time in which approximately half of all American marriages end in divorce, it is imperative that those interested in dissolving their marriage understand the key issues that must be addressed when seeking to obtain a Judgment of Divorce. Regardless of whether the spouses are interested in proceeding with litigation or a form of Alternative Dispute Resolution, such as mediation or collaborative law, each spouse should consider the following key issues prior to taking any action:

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