Legally Mine stands as a source of hope and relief in the high-stakes world of medical care, where a single lawsuit can threaten years of hard work and financial stability.
Founded by Dan McNeff, the Legally Mine‘s mission is to provide comprehensive asset protection and tax savings strategies tailored specifically for medical professionals, offering them a sense of security and confidence in their financial future.
“I wanted to change the company from being a self-help kit to being a full-service program where we could put these asset protection tools together for our clients and ensure that it was done correctly,” McNeff explained, describing his vision for Legally Mine.
This shift from a do-it-yourself model to a comprehensive service has resonated with medical professionals across the country. Today, Legally Mine boasts a client base of over 15,000 members, proving the growing need for specialized asset protection in the medical field.
Based in Orem, Utah, Legally Mine has quickly become a trusted name in the asset protection industry since its inception in 2007. The company’s unique approach combines legal expertise from a team of six full-time attorneys and approximately 50 full-time employees, including law clerks, paralegals, and administrative staff, with personalized service, offering physicians a way to shield their assets from potential lawsuits while optimizing their tax strategies.
The Legal Field Legally Mine Navigates for Doctors
While the American healthcare system is advanced in many ways, it presents unique challenges for medical professionals regarding legal liability. The threat of malpractice lawsuits looms large, creating an environment where physicians must constantly be on guard.
McNeff painted a stark picture of this reality, “The average physician in America is going to be sued four times before their career ends.” he said. “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 statistic gives an insight into the critical need for robust asset protection strategies among medical professionals. While malpractice insurance provides a first line of defense, it often falls short of fully protecting a physician’s personal assets.
Legally Mine steps into this gap, offering a more comprehensive approach to asset protection. The company’s team of specialized attorneys and paralegals work to create sophisticated legal structures that can help shield a doctor’s assets from potential lawsuits.
How Legally Mine Structures Assets Beyond Basic Protection
Many physicians mistakenly believe that simply incorporating their practice provides sufficient lawsuit protection. However, as McNeff points out, this approach often needs to be revised in the face of determined litigators and sympathetic judges.
“Today, judges can do what’s called ‘pierce the corporate veil,’” McNeff explained. “They use what’s also referred to as the alter ego rule. With the use of that Alter Ego rule, they basically determine that your corporation is nothing more than an extension of yourself.”
This legal maneuver can expose physicians, potentially putting all of their personal assets at risk in a lawsuit. Legally Mine’s approach goes beyond basic incorporation, employing a multi-layered strategy to create a more robust shield for their clients’ assets.
The company’s asset protection plans typically involve creating a network of legal entities across multiple jurisdictions. This complex structure is designed to create barriers between a physician’s professional liability and their personal assets, making it much more difficult for potential litigants to access these resources.
Legally Mine Unlocks Tax Savings Through Strategic Planning
While asset protection forms the core of Legally Mine’s services, the company has found that its strategies often unlock significant tax savings opportunities for its clients. Medical professionals can reduce their tax liabilities by restructuring how assets are held and income earned.
“We’re able to show people not only how to protect their assets from lawsuits but also significantly reduce their income tax,” McNeff noted. This dual benefit has proven to be a powerful draw for many of Legally Mine’s clients.
The company’s in-house tax strategists work closely with clients and their existing financial advisors to implement these tax-saving strategies. By staying abreast of evolving tax laws and regulations, Legally Mine ensures its clients can take advantage of all available opportunities to legally and ethically reduce their tax burden, demonstrating our commitment to providing the most up-to-date and effective strategies for our clients.
The Process of Educating, Implementing, and Supporting Clients
One hallmark of Legally Mine’s approach is its emphasis on client education. The company believes informed clients are better equipped to protect their assets and make sound financial decisions, empowering them to take control of their financial future.
To this end, Legally Mine conducts regular seminars and webinars for medical professionals. These educational sessions cover various topics, from the basics of asset protection to advanced tax planning strategies.
“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 emphasized. This commitment to transparency and education helps build trust with clients and ensures that they fully understand the strategies being implemented on their behalf.
Once a client decides to work with Legally Mine, the company guides them through a detailed process. This includes an initial assessment to understand the client’s unique situation, the creation of a custom blueprint that outlines the recommended strategies, a blueprint review to ensure the client’s understanding and agreement, implementation of the strategies, and ongoing support to address any changes or new challenges. This structured yet flexible approach allows Legally Mine to provide tailored solutions for each client while ensuring a consistently high level of service.
Legally Mine Builds Trust Through Results and Referrals
In an industry where trust is paramount, Legally Mine has built its reputation on delivering tangible results for its clients. The company’s growth in recent years is primarily attributed to positive word-of-mouth from satisfied customers.
“People at the end of the year do their taxes, and they’re getting reductions in their taxes,” McNeff noted. “Frankly, they come back to the educational seminars that we’re doing, and they stand up and say, ‘Hey, you’re kind of silly if you don’t do what these people say because they’re saving me a ton of money.’”
This organic growth through client referrals has allowed Legally Mine to expand its reach without compromising on the quality of its services. Today, the company boasts a team of six full-time attorneys and approximately 50 full-time employees, including law clerks, paralegals, and administrative staff.
The company’s success stories span a range of scenarios, from helping clients navigate potential lawsuits to achieving significant tax savings. These positive outcomes have helped Legally Mine establish itself as a trusted partner for medical professionals seeking to protect their financial futures.
As the healthcare industry continues to face challenges and changes, Legally Mine stands ready to adapt and innovate, ensuring that its clients always have access to the most effective strategies for protecting their assets and optimizing their finances. In doing so, it not only serves individual physicians but also contributes to the stability and sustainability of the medical profession as a whole.
