Jason M. O'Dell

Don't fool yourself. If an attorney has the opportunity to attack unprotected assets in order to get a client paid in full, they will do so. Further, if they didn't pursue those assets, the attorney would then be liable for malpractice to the client.

Do you think that the plaintiff who wins a $4 million judgment would simply settle for $2 million of insurance coverage when they could put a lien on the $1.5 million of equity in your home in two hours at a cost of $500?

A buy-sell agreement can prevent unwanted ownership, eliminate the need for negotiation with surviving spouses and/or children, and perform the role of a succession plan, providing for continuity or orderly succession of business management.

Any asset protection plan that will truly stand up if challenged must have economic substance. Taken a step further, superior asset protection planning would involve tools that are primarily used by people for non-asset protection purposes.

The benefits of international planning can be significant. However, the international tax and reporting laws are highly complex, leaving many areas where an individual or advisor could make a mistake. Make sure your team of advisors has an asset protection expert who can help you navigate these tricky waters.

To help you make the best possible decisions with your financial advisor, it is important to understand how he or she is compensated so you can become comfortable with any conflicts of interest that may exist.

When young and old members of a practice group disagree on implementation of a benefits plan, everybody loses. Here's how to work around traditional office politics.