INTERVIEW WITH HADLEY DONENBERG
A SPECIALIST INTERNATIONAL ATTORNEY ON ASSET PROTECTION TRUSTS

We recently interviewed Hadley Donenberg at his home in Highland Park and despite telling us that he is 67 years of age, he appears fit, well and extremely knowledgeable in the field of international asset protection, specifically as it applies to the medical profession in the USA.

Hadley has recently noticed the rejection by the Appeal Court in Illinois to cap the amount of damages awards for malpractice. This has again opened up the gates for litigation and the increased penalties and punitive damages which may be awarded against the medical profession—hospitals and other medical advisors. Hadley has noticed in the past that medical practitioners often pay large sums of money to insurance companies so that they may continue their profession and hopefully protect their assets against claims. However, such amounts are usually inadequate for the large awards presently being offered in the courts. It is the advice of Hadley that members of the medical profession who may be exposed to large litigation awards should seriously consider placing all or part of their assets, including liquid stocks, bonds, bank securities and other moveable assets.

Hadley indicated that with correct timing and at reasonable costs, the structure is established in a specific jurisdiction, usually Nevis or Belize and the assets are moved into the APT (Asset Protection Trust).

The medical practitioner retains control through a protector as also through the trustees.

The benefits are that any litigation attempted against the practitioner may result in a judgment, but any writ to attach assets will come up short as the assets no longer vest in the practitioner, but have been duly transferred into the Asset Protection Trust and are under the care and auspices of the trustees who will defend any attempt to attach such assets. While it is imperative that the practitioner maintains his insurance, nevertheless the premiums for the insurance may be substantially reduced as a result of a number of the assets being removed out of the estate of the practitioner and into the Asset Protection Trust. Other benefits including estate planning and inheritance can also be discussed, but this is a subject for another editorial.

Hadley Donenberg is the President of Haddon Corporation, an Illinois company which is based in Highland Park and his website is www.haddonic.com; telephone (847) 831-2997.