What Does a Physician Need to Know About Asset Protection?
By Phillip B. Rarick, Weston Asset Protection Attorney
Although statistics show that virtually every physician who practices long enough will be hit with a malpractice claim regardless of skill and experience, the good news is that there are powerful asset protection strategies to fight back.
Here are 3 Bare Essentials a physician must know about asset protection planning to help protect the physician’s family and investments:
The goal is to have no exposed assets for a plaintiff malpractice attorney to attack forcing the plaintiff to settle within insurance policy limits. The goal is to make the physician an extremely unattractive target to preempt lawsuits before they are launched. We call this the Porcupine Manifesto: All exposed assets should look like porcupines to the creditor.
Assets not protected by Florida law should be inside a domestic asset protection trust, off-shore trust, off-shore LLC, Delaware LLC or other legal entity. You have multiple options to consider.
There is no such thing as a one size fits all asset protection plan. A good, strong, asset protection plan is carefully designed with multiple layers to meet your specific needs and your budget.
As Weston estate, tax and asset protection attorneys, our firm has been concentrating in the these fields for over 20 years. We have helped many physicians prepare robust and comprehensive asset protection structures. We also help to make sure you properly maintain your asset protection structure after it is established. Let us know if we can help