May 13, 2015

After years of education and hard work, physicians might feel as if they have been exposed to major risk as their wealth finally starts to grow. Physicians have unique needs and should always consult with an estate planning specialist who is familiar with these risks. 

There are several steps that any physician might consider in the process of asset protection. These include retitling assets into another person’s name (although this does not always provide the highest layer of protection), establishing offshore trusts, creating partnerships or companies, investing in qualified retirement plans, and taking advantage of any applicable homestead laws.

The wealth of a physician can grow significantly over time, so it should always be monitored with a team of professionals including a financial advisor and an estate planning/tax attorney. Major life changes like marriage and divorce also warrant additional opportunities to work with this team of specialists to craft a plan.

Physicians are exposed to threats through medical malpractice lawsuits, for sure, but the risks go even deeper than that. Partnerships and divorce pose a major threat to a physician’s wealth without special planning. Consult an asset protection attorney today to learn more. Contact our office at info@lawesq.net.