Asset protection for physicians and highrisk business owners robert j. Physicians have a greater need for asset protection planning than many other individuals simply because of the nature of their work. The kirwan law firm florida asset protection and estate. The physician s guide to asset protection planning verdicts in physician malpractice cases. Asset protection in financially unsafe times, by my colleagues arnold s. Asset protection for physicians and high risk business. What i found was a few good books written exclusively for lawyers and a proliferation of books written for nonlawyers that hype the need for asset protection and then fail miserably in providing the reader with any meaningful explanations of what real asset protection is. Asset protection book asset protection planners nolo. Asset protection for physicians and highrisk business owners. We assist you in structuring a business model that will allow you to achieve the maximum in asset protection and operational efficiencies for your professional practice. Alan is the author of creditor protection for florida physicians, an excellent and insightful book for physicians, attorneys, and cpas.
If you dont properly protect your assets, which you worked long and hard to accumulate, they can be lost very quickly in a lawsuit, bankruptcy, or if creditors come to collect. He is a contributing author to multiple books for physicians and a. The checklist should not take more than 10 minutes to complete. It presents a sophisticated and indepth look at the law in an easy to read and understand manner. Always consider both asset protection and estate planning to be time. Mintz jd, llm the most powerful and creative asset protection. The asset protection guide for florida physicians explains how florida residents can protect their valuable assets and income from the claims of creditors. The doctors wealth preservation guide asset protection. If you wait, it may be too late to protect assets when you are named in a lawsuit, a divorce, or tax dispute. The checklist is not designed as a substitute for a consultation with an experienced asset protection attorney. The most powerful and creative asset protection strategies with uptodate legal developments including the latest planning techniques, case law, articles, illustrations and examples. This is the first and only book in print on asset protection planning specific to california residents.
I am often asked for book recommendations, although it happens a lot less now that i have written a book in which nearly every chapter ends with book recommendations. Buy asset protection for physicians and highrisk business owners 2011 and beyond. Open library is an open, editable library catalog, building towards a web page for every book ever published. In both my medical career, and now as a feeonly financial advisor, i have either made mistakes or have seen many that jeopardized a lifetime of savings. Trusts are excellent way to protect your personal assets. Asset protection for physicians and medical professionals. This book was created as a practical guide to help doctors with. Medical malpractice and protecting your medical practice when it comes to medical malpractice, there is no one asset protection strategy or technique that will protect all of your assets. Florida asset protection is a legal process where a debtor structures his or her assets such as property, cash, businesses, and investmentsin such a way that makes it much more difficult for a current or future creditor to collect on those assets. And the most crucial step you can take is to transfer assets to places where they may be legally protected from court judgments for asset protection for physicians and business owners.
The asset protection guide for florida physicians was written by an asset protection attorney with the goal of keeping it interesting, easy to read, and as academic as possible without turning it into a legal textbook. The 2011 edition of the book is an exceptionally valuable resource in the field of asset protection. The asset protection guide for florida physicians by adam. Asset protection checklist for florida physicians with a. Asset protection for physicians and high risk business owners by robert j. Asset protection for physicians and high risk business owner by. He is the author of three popular and influential books on these subjects. Physicians and medical professionals need good asset protection as they can be sued and are open to many lawsuits. Analysis of asset protection plans for physician practice. Essential reading for every professional, business owner and potential deeppocket lawsuit defendant. San diego aseet protection attorney secure your assets.
Ryan fowler, is a welcome and much needed addition to the fastgrowing specialty of asset protection. The asset protection guide for florida physicians by adam o. The family limited partnership flp is probably the most beneficial structure available for wealth preservation via asset protection, estate planning and tax minimization. As most physicians are aware, malpractice insurance costs are staggering, and they alone will not cover most physician. Asset protection for physicians and highrisk business owners by robert j. The most effective way to protect your hard earned assets is to make them difficult to reach. Asset protection for physicians and highrisk business. You have worked hard for what you own, and you want to keep it. Top 16 asset protection moves for doctors the white coat investor. Medical professionals asset protection for physicians and. How to protect your assets from a lawsuit or creditors. Goals of asset protection many physician practice groups maintain their books on a cashbasis method of accounting and annually distribute to their shareholders all excess cash either as a dividend distribution. Thus they have greater need to protect their assets. Asset protection learn how to protect your personal and business assets from disgruntled patients, creditors and divorce through the use of domestic and offshore planning tools.
Again, traditional business entities cant provide that level of asset protection for physicians or medical practices. Asset protection as a field of law has developed since the 1980s from a little known specialty to a highly publicized area of legal practice. While a corporation may shelter personal assets from a lawsuit filed against the. The single most costeffective asset protection measure every doctor. This makes potential predators and their attorneys think twice before bringing a frivolous lawsuit. The shocking truth about asset protection planning. Asset protection strategies for physicians and business owners. A solid asset protection strategy is a must for physicians and medical professionals to prevent and discourage frivolous lawsuits and to protect their personal and business assets. The need for protecting assets from business risks and lawsuits should be apparent to anyone who has witnessed the economic upheaval of the past few years. As president of the national association of asset protection attorneys naapa, i am delighted to write the forward for this important new book. Asset protection works by taking away the financial benefit of predators who are. An asset protection program simply employs legal techniques that deters others from taking, or in some cases, attempting to take your assets. The second principle is that any asset protection moves you make have to be done in. Asset protection made easy how to become invincible to lawsuit, save thousands in.
Kirwan, march 31, 2007, iwp publishers edition, perfect paperback in english updated and revised edition. A 2020 asset protection checklist for physicians physicians practice. Establishing such plans can give the medical professional peace of mind as well as longterm financial security. Full of practical advice and reallife stories, it covers many commonly used asset protection. Protecting assets with a family limited partnership flp. Nevertheless, i thought i would take this opportunity to discuss what i consider to be the top ten physician specific financial books. Finally, this article will draw some conclusions as to the preferred method of asset protection planning for physician practice groups. Its vital you consider the due diligence issues i outline below before you decide who to work with.
The asset protection guide for florida physicians march. Yes, its an advertisement for his services, but it also covers an important topic in far more depth than i ever could on this blog. Asset protection for physicians and highrisk business owners by. Although you cant take it with you, by placing your assets into flps you can legally and successfully protect everything you own from attack by creditors and from erosion. Asset protection for physicians and dentists the farrell. Asset protection is a type of planning intended to protect ones assets from. Asset protection for physicians and highrisk business owners book. Asset protection for physicians and highrisk business owners 2011 and beyond.
Asset protection for doctors is important because it effectively provides the missing firewall between personal assets and professional liability. In addition to the dramatic economic impact of the. Plans that provide asset protection for physicians should involve proper tools to protect the assets in question. For many physicians, a basic asset protection plan, which has some potential vulnerability, is not good enough. As a result, they should take advantage of lawful measures to do so. Does the professional need protection for liquid assets. Physicians can typically write off their asset protection plans and take tax deductions.
Ten best business books of 2019 for financial advisors. While estate planning focuses on preventing many different wealtheroding factors taxes, prodigal spenders, poor trust structure, divorce, and others, for this articles purpose, asset protection is specific to wealth erosion caused by a liability claim or bankruptcy with the advent of internet research, asset protection has become a major concern for physicians. Medical professionals such as physicians and dentists have greater liability than many other fields of endeavor. How physicians can protect financial assets from lawsuits. Asset protection planning for doctors that involves doing the wrong thing, acting at the wrong time, or working with the wrong advisors can cause financially fatal exposures. The problem with most asset protection books is that they are written for a national. In addition, asset protection also goes beyond other books of its type to. The concept of and strategies for guarding ones wealth. With special thanks for ideas from alan gassman, esq. Protecting your assets from lawsuits and claims 1991, 1996.
Maximum asset protection private asset protection is possible by installing an advanced type of trust called a private asset trust. Mintz how to protect what you own from lawsuits and claims. Medical malpractice and protecting your medical practice. Physicians should have no hesitation whatsoever in protecting their assets to the greatest extent allowed by applicable laws. For asset protection to work, among other requirements, the individual must not have ownership or control over the assets subject to protection. The protection book, books asset protection, private. Asset protection checklist for florida physicians with a solo practice or employed by a hospital or clinic. Florida asset protection law how to protect assets from. Mintz 2010 here is another one that is written, appropriately, by an attorney. We form, plan and implement asset protection for physicians, dentists, chiropractors and other healthcare professionals. Asset protection checklists for florida physicians. Fortunately, private asset protection can be much easier and far.
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