My regular readers know that while I cover many different specifics of asset protection for physicians and business owners, I have several consistent core themes. One theme is that asset protection takes many forms, including using legal tax avoidance strategies to maximize what you can keep. A second recurring theme is avoiding activities that generate risk and […]
Seasonal Tax Scams Target Doctors
By Ike Devji, J.D. September starts the annual income tax fraud sales season. As doctors are aggressively pursued with a variety of tax savings plans that make big promises, knowing what you are buying and who you are dealing with is vital. Many physicians and business owners will be solicited to engage in some kind […]
Asset Protection Basics for Doctors: Interview
Asset Protection attorney Ike Devji helps protect thousands of doctors nationally and is a frequent CME presenter and author on this area of the law. Here is his first interview with “Doctor Money Matters” a national podcast dealing with personal finance issues for physicians, hosted by Dr. Tarang Patel.
Protect Your Business or Medical Practice From Internal Fraud
Business and medical practice owners and managers must be aware of internal fraud and embezzlement that often capitalizes on recurring year-end cycles in revenue, spending and inventory and a lack of regular oversight. I covered some of the external fraud scheme you face at year-end in another discussion including a detailed look at invoice fraud. While I provided […]
Employment Manuals Commonly Overlooked in Asset Protection Plans
Medical practices and other businesses of all types face many types of risk outside the strict scope of their professional liability. One major lawsuit risk to business owners and doctors is employment-related lawsuits that must be mitigated with a professionally drafted employment manual. I continually stress that a good asset protection plan has many layers, including management of all reasonably anticipatable risks. […]
Crisis Management: Dealing with Bad Press at Your Business
Events beyond your control and outside the scope of your business can cause reputational damage and receive media and public attention that can literally shut your business down. Knowing how to handle such an event should be part of your asset protection plan. A previous article examined the different types of crisis plans required to operate any business, especially one that […]
LLC Sales Myths Harm Doctors, Business Owners: Asset Protection
It is important for every doctor and business owner to understand some basics about the Limited Liability Company, commonly known as an LLC; what it is, how it is created, and some of the benefits a well-drafted and maintained LLC can provide. Unfortunately I regularly get reports from my own clients that have been at medical […]
Medical Practice Asset Protection: EPLI Insurance
While this article was originally written for Physicians Practice, it applies to all employers and deals with a very significant asset protection risk, employee lawsuits. Protecting your wealth and your business requires several layers, make sure you understand all of them. – Ike Devji In another discussion on medical practice employee risk I explained covered another […]
Legal Mistakes to Avoid When Selling Medical Practices, Businesses
Many doctors and business owners across the U.S. are in the process of working on selling their practices and/or on a succession plan. Here are four common legal issues to watch out for when selling your medical practice, or any other business: 1. Failing to be independently represented Whether buying or selling a practice, it’s […]
Asset-Protection Basics You Must Understand in 2015
Here are some key conceptual issues about Asset Protection doctors and business owners should understand as we go into a new year: 1. The best medicine, just as in your profession, is prevention, not treatment. Timing is always a key concept from a legal perspective; you may be legally unable to act (fraudulent conveyance, voidable […]
