The 10 Biggest Legal Mistakes Physicians Make in Protecting Their Personal Assets
By Philip A. Goldblum, Esq.
Executive Summary
The goal of asset protection planning is to protect and preserve assets from being adversely affected by events such as a lawsuit, divorce, illness, death, business failure, or even a change in taxation or other government action. Physicians, who rely heavily on their practice income and who have significant professional exposure, should be acutely aware of asset protection and preservation issues, yet they often fail to plan. With proper planning, physicians can take many steps to protect and preserve their assets, which they have accumulated through their efforts.
Mistake 1 Failing to Consult with Legal and Financial Professionals
Mistake 2 Failing to Be Properly Insured
Mistake 3 Failing to Properly Insure for Death or Disability
Mistake 4 Failing to Consider How Assets Are Titled
Mistake 5 Failing to Consider Placing More Assets into Protected Classes of Assets
Mistake 6 Failing to Check Social Security Statements
Mistake 7 Failing to Implement Sophisticated Planning Strategies on a Timely Basis
Mistake 8 Failing to Conduct Estate Planning Properly
Mistake 9 Failing to Properly Consider Whether to Form an Entity and What Type
Mistake 10 Failing to Use Multiple Corporations
The above has been excerpted from the SEAK text, The Biggest Legal Mistakes Physicians Make and How To Avoid Them