Asset Protection for Physicians
Martin M. Shenkman, CPA, MBA, JD
Laweasy.com, Estate and trust law

Medical malpractice risks and issues are becoming more and more frequent. The costs of malpractice coverage, and the risks involved have caused many physicians to stop practicing. Asset protection refers to protecting your own personal assets against any malpractice claim.
• First and foremost, start with the wealth of data that your medical trade organizations and malpractice protection companies give out on how to avoid malpractice claims. Learn everything, from how to adhere to HIPAA, to proper documenting and follow up calls. All protocols may be relevant to saving you from risks of a malpractice claim
• Get the best malpractice that you can afford and obtain
• Safeguard your private assets so that they are not accessible by a malpractice claimant. However, keep in mind that there are also non malpractice claims which you must address. Therefore, do not simply transfer all of your assets as a physician into your spouses name under the assumption that since your spouse is not a physician, the assets are safe. Your spouse could be in a car accident or some other claim that can have an affect on your private assets.
• Evaluate every asset and activity from two perspectives. Firstly, what claims can be generated by that asset or activity. For example, if u have a rental property, a claim can come from one of the tenants on the property. Secondly, how can you safeguard these assets? What types of insurance will work best with your situation? This may depend on state laws