Physician?

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…

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…

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…

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…

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…

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…