Asset Protection Planning for Physicians

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Editor: Gerry W. Beyer

Texas Tech Univ. School of Law
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Friday, May 1, 2015
Asset Protection Planning for Physicians
By Gerry W. Beyer Share
Asset protectionAsset protection planning is a technique that places one’s assets beyond the reach of future potential creditors using offshore trusts. High-net worth individuals as well as those with high-risk professions, such as doctors, should consider asset protection as a preventive measure. Below are reasons why every physician should consider asset protection planning:

High-Risk Profession. If there is any chance that you or your practice could be sued in the future, asset protection planning should be a top consideration. Effective planning reduces or eliminates the ability of a creditor to collect a judgment from you, making you an unattractive target for the litigator.
A Legal Process. As long as this type of planning is undertaken in advance of a creditor appearing, it is legal to protect yourself. It is when people first seek to protect their assets after they have been sued or incurred obligation that they run into trouble.
More than Money. Immoveable assets and high value personal property can also be protected utilizing additional techniques in conjunction with a properly structured trust.
See Howard Rosen, 5 Reasons Physicians Should Consider Asset Protection, Physician’s Money Digest, Apr. 30, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.