Any business or medical practice with multiple owners must have a funded buy-sell agreement in place to protect the partners and their families from the death or exit of a partner. We look at what should be covered in this essential legal document and what happens when it isn’t complete. What is a “buy-sell” agreement? […]
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 […]
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 […]
Celebrity Medical Patients Require Extra Supervision, Create Higher Risks
Celebrity (or just high-profile) patients present a number of unique challenges for medical practices and require additional supervision and compliance measures to protect the practice, the patients and staff. In last week’s discussion I provided some detail on the death of Joan Rivers during her treatment at an outpatient surgery center (ASC), and […]
Asset Protection Trusts For Doctors – An Introduction
Asset-protection strategies for physicians take many forms and range from sound policies and procedures that seek to minimize risk and liability to crisis-management plans, the right kinds insurance, and, finally, specific legal tools. All of these strategies can be valid and effective parts of a true asset protection and risk management system and the key […]
Fatal Flaws in Doctors’ Asset Protection Planning
During my practice with a client base of thousands of doctors I have seen the best and the worst of asset protection planning available to the American public as well as the most common flaws evident in both self-directed planning and plans executed by “professionals” who do not practice primarily in this area. Below is […]
Tax Planing Schemes Every Physician (and Business Owner) Should Avoid
The next 60 days marks the final push to sell physicians and private business owners across the United States tax plans of both good and questionable value. Promoters of various plans are well aware of the pressures affecting your income and will make a variety of frivolous arguments that appeal to your desire to save. As […]
Real Estate Liabilities and Physicians’ Financial Solvency
As an asset protection attorney, my primary responsibility has always been helping clients identify and proactively plan against as many litigation-related exposures as possible. That planning now includes a more complete evaluation of financial and economic risks than ever before. Below is one common example that illustrates the challenges many are facing and the importance […]
Doctors Going Broke in the News (and Those Who Aren’t )
There has been a great deal of discussion about the current financial state of American doctors in the news and in many online forums frequented by physicians. All problems identified in the article and the subsequent discussions it has spawned are related directly to the general poor state of the economy. Primarily, decreases in compensation; […]
Beyond Pie Charts: Three Vital Year-End Financial Planning Questions for Doctors
The complexity of the current business environment and economy can easily feel overwhelming to many medical professionals. As we’ve discussed in previous articles, asset protection and wealth preservation planning for doctors is not just about litigation and must include a holistic balance of legal, financial, tax, and insurance planning. My work with some of the […]
