Asset protection for physicians is simply estate planning with the goal of preserving personal wealth from professional liability. This is particularly important for asset protection for physicians and other business owners. What you want is to keep business creditors and other parties away from your personal assets.
For example, an anesthesiologist or surgeon needs a lot of insurance, due to the risk of lawsuits. Sometimes, the lawsuits are caused by actions of partners or employees for whom the professional is responsible. So it’s not always within your control, and insurance is not always adequate to dissuade my fellow attorneys from pursuing personal assets.
A plan to protect against that problem must be created before the liability (act) arises to be effective. Such a plan is legal, ethical and relatively simple to do. But timing is critical so don’t delay!
A large part of my estate planning practice for dentists is called asset protection. Dentists have a particular potential for liability in their profession, and therefore, have a desire to preserve their personal assets from that liability. That is called Asset Protection Planning. It is essentially and simply estate planning with an eye towards protecting assets from potential liabilities. It is a simple thing to do, but there are many concepts that must be understood. There are some actions that could be taken that are unethical, and frankly, illegal. It is, therefore, important to set this up properly, and that is what I do in my practice. My role is to help dentists preserve what they can for their family, and not have to worry about liability through their practice, either directly or for your partners.
If you own rental property, you may have a similar problem; people who are injured or have cause to file an action against the property owner. All of those things impose a real risk for people involved in those activities. There is a way to set up an estate so that you can have peace of mind. That is what we do.