For every physician, it’s important to look at asset protection. No matter what the first, or perhaps next, exposure actually is, doing nothing or failing to act under blue skies, while you do not have an existing claim, is the single most common asset protection mistake doctors make. Let’s take a look at some sample exposures:
1. Personally guaranteed real estate debt of seven figures on a commercial building;
2. A medical malpractice claim against one of six physicians in the chain of care;
3. A claim against a physician by investors for his/her role as an executive in a non-practice related business;
4. An employee lawsuit by a disgruntled employee
If there is only one lesson I’d hope you remember, it would be this: The only legal and cost effective way to predictably use the law and the risk management techniques we cover here in detail is before any threat actually arises.