Lance King of Healthcare Compliance Solutions Inc interviewed Dan McNeff, the founder and CEO of Legally Mine USA. Dan answered some questions about his company and how Legally Mine protects the assets of health care providers.
Legally Mine Backstory
Dan McNeff began his career working for Jay Mitton, the father of asset protection. Mitton started a company that developed an asset protection self-help kit marketed to medical associations. Dan started as a director, became a speaker for the business, moved up to run the whole company, and eventually bought the entire company from Jay Mitton. Dan decided to convert the business from self-help to full service because he felt the medical practices were better served and informed this way. Legally Mine has grown to be the biggest full-service asset protection provider for medical practices in the United States. It employs 6 full-time attorneys, 50 full-time employees, and over 20 law clerks and paralegals. Dan attributes Legally Mine’s success and growth to having the best industry knowledge and experience. Legally Mine specializes in protecting assets from lawsuits, as well as lowering income taxes for medical practices, and educating practices on continuing legal issues.
The biggest challenge Legally Mine overcame in the beginning was two-fold: finding the right people and putting them in the right place. Dan recalled cycling through many employees before he found the best of the best. Once he got the best people, he said another challenge was letting go of control and recognizing his own weaknesses so he could focus on his strengths. Focusing on strengths enabled everyone to do what he/she each did best, making the company more efficient. Now that he’s got the best people in the right seats, he says that the company is in high demand and they can accomplish everything they want to and do so in a timely fashion.
During the interview, Lance was reminded of the book, Good to Great by Jim Collins. The book has a chapter about hiring the right people, and states “Good to great companies first got the right people on the bus–and the wrong people off the bus–and then figured out where to drive it.” Dan McNeff is “driving the bus” in the right direction, as evidenced by the increased growth over the past two years.
Dan credits his valuable employees for the growth of his company. His talented educators are able to open the eyes of medical providers to the value of asset protection. His office staff is knowledgeable and efficient; they fulfill company promises and handle problems in a timely manner. Customers are impressed and offer voluntary testimonials to potential clients through word of mouth.
Why Legally Mine?
Legally Mine helps medical firms protect themselves against the biggest threat to their survival: lawsuits—both internal and external. Dan McNeff stated that the average physician will be sued four times in his/her career; he also said the American Medical Association found that a physician is seven times more likely to be sued than get in a car wreck in a given year. Dan reminded us that we all have car insurance, so why wouldn’t doctors all engage in asset protection? Dan said, “[Legally Mine] is the largest firm of our kind; that’s ever existed frankly. We know what we do works because we’ve faced more of it than anybody has ever faced. That does, in fact, make a difference.”
The main reason why medical providers are using Legally Mine is that owners are finding their assets are not protected as well as they thought they were in a lawsuit. When corporations were originally created, they were to gather large sums of money to create large companies. Because of the increased litigation, people began to incorporate businesses to protect personal assets in lawsuits, as well as to have the business be seen as an individual tax-wise. Lately, case law has created the ‘alter ego rule’ where legally a medical provider equals her practice. This rule makes it possible to ‘pierce the corporate veil’ and make personal assets available, such as homes, cars, boats, savings, and rental properties for seizure in lawsuits.
Legally Mine offers full-service asset protection, specialized for medical practices. Many lawyers don’t specialize in medical practice asset protection; Dan likened using a general practice lawyer instead of Legally Mine to getting eye surgery from a dentist. Dan asserts that not only do clients get the best services in the industry no one can beat Legally Mine’s prices for the services offered.
Alternative Solutions that are Less-Effective
Irrevocable trusts can be domestic or offshore but they work essentially the same way. Irrevocable trusts are less expensive than using Legally Mine. Unfortunately, they are not good options because there is no solid case history in testing them, so it is unknown if they will actually protect a practice’s assets. Irrevocable trusts are also just that, irrevocable! They cannot be changed, so it’s rather risky to make a decision that one cannot change. The IRS doesn’t like irrevocable trusts because they are tax shields; unfortunately, this means there’s a higher risk of audits by the IRS when a company employs this type of asset protection. Finally, the biggest problem with an irrevocable trust is that you are giving control and ownership to someone else. Dan used the example of having a home in trust and then having your kids decide that it would be in your best interest to sell the home and move you to a nursing home. You would have no say in the matter and would have to move.
The main problem with self-help kits is that business owners have to rely on themselves to become an authority on local, state, and federal laws instead of focusing on their practices. Someone might think they are legally covered until he discovers in a lawsuit that what he did was not good enough.
US Compliant Trusts
US Compliant Trusts place assets in life insurance policies by using the assets as the premium. The assets are backed by a cash value. The biggest problem with these is that the policyholder no longer owns the assets—the insurance company does.
Steps Involved with Legally Mine
Contact Legally Mine at www.legallymineusa.com or call 1 800 375-2435 to schedule an educational seminar. The seminar can be in person or a webinar; both will be live to allow for question and answer.
Once an owner/medical provider decides to retain Legally Mine’s services, the team will go over the assets involved and create a blue print of asset protection. They will also design a rudimentary tax reduction plan, as well as create a living trust.
If the owner/medical provider agrees to the blue print, the legal team will do a final review, and take care of everything for the owner. The information contained in the blueprint will be bound and presented to the owner.
Legally Mine offers continued support to their customers through a maintenance program that includes prep minutes for meetings monthly, newsletters, and a privileged section of their webpage with the newest in asset protection information.
Today’ show was brought to you by Healthcare Compliance Solutions Inc, the online compliance solution for OSHA, HIPAA, Medicare and employment law for small to mid-sized practices and business associates. http://hcsiinc.com