Douglass Lodmell is Managing Partner of Lodmell & Lodmell, P.C., one of the nation’s leading Asset Protection Law Firms. His firm is responsible for protecting over $4 Billion in client assets of various types, including real estate and securities. Douglass is also the author of the book “The Lawsuit Lottery: The Hijacking of Justice in America.” In this episode of the Progressive Dentist podcast, Douglass joins us to share his journey and talk about the asset protection structure he created specifically for dental practitioners.
Insurance Does Not Cover All the Bases
Douglass started his career as an asset protection attorney by working with dentists. Since then, he has served more than 500 dental clients, developing an intricate knowledge of their specific needs and challenges. One of the biggest asset protection mistakes the majority of his clients made was thinking that malpractice insurance was asset protection. There is a huge difference between insurance and asset protection but both are recommended. Whether it’s practice revenue or other sources of passive income, you need to ensure all of your income streams are protected.
How Asset Protection Works
With insurance, you are insuring a liability—that is why you need so many different types. Asset protection is not protecting you against particular liabilities, it is taking the entire sum of your assets and protecting them as a singular entity. Whether it is a partnership dispute, the bank, or the IRS, it doesn’t matter what the liability is. Asset protection takes your assets off the table so they are very difficult—or even impossible—to reach and it changes the playing field. This is something that every dental practitioner needs to have as a supplement to insurance. As always, please visit me at www.theprogressivedentist.com for more informative podcast episodes with other remarkable business leaders.