Asset Protection Tips & Stories
How Doctors Can Avoid Mistakes When Protecting Their Assets
Because doctors are so vulnerable of being sued in a medical malpractice suit, they must proceed with extreme caution in protecting their assets. Here are some common missteps made by doctors when drafting an asset protection plan. An error typically made is incorrectly titling their assets, which could place a doctor’s finances into jeopardy. To…
Read MoreThe 8 Ways To Protect Your Assets From A Lawsuit You Should Know About
To protect what you have, it’s vital to take some defensive measures, to make it more difficult for creditors to seize your assets in the event you lose a lawsuit, have a judgment entered against you, or are forced into bankruptcy. 1. Use Business Entities It’s important to separate your personal assets from those of…
Read MoreTop 7 Asset Protection Misconceptions For Physicians
The purpose of this article is to debunk some of the commonly held myths about asset protection and to motivate the reader to take some basic, inexpensive steps to learn how to protect their nest egg. MISCONCEPTION 1: Asset protection is only for the very wealthy… REALITY: If you practice medicine and you have any…
Read MoreThe 6 Most Common Mistakes Physicians Make Protecting Their Assets
You worked hard to get where you are! The thought of losing it all to a malpractice or accident leads to many sleepless nights (or should). 1. Not Having Enough Umbrella Liability Insurance Not having enough liability insurance is crazy. Every physician should have a large “umbrella liability” insurance policy. These policies pick up after…
Read MoreThe 6 Must Know Asset Protection Measures for Physicians
1. Form a Professional Corporation Professional Corporations do not offer professional liability asset protection. They do not protect you if you remove the wrong kidney. However, they can still provide protection from business liability, employees, etc. As an example, one unincorporated medical practice sent a secretary to pick up lunch for the group. When pulling…
Read MoreAn Asset Protection Warning for Doctors
The (not so) Magic Umbrella Policy I was recently contacted by a physician with seven figures in exposed home equity and other significant assets from a state with less than $100,000 in homestead protection, the amount of home equity protected from creditors by statute. As part of the comprehensive plan, she requested I outline a…
Read More#1 Myth Of Asset Protection: Why You Can Lose Assets In A Medical Malpractice Lawsuit
The thinking of many physicians around the country, and unfortunately their advisors as well, is that there is little to any risk of a physician losing their personal assets in a malpractice claim, especially if there is $1-3 million malpractice insurance coverage. There are a number of key issues in this analysis to review. We…
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