Medical Professionals present a unique set of problems when dealing with asset protection. In addition to having a private practice, the physician will generally have accumulated substantial assets, including a home, other real estate, stocks and many personal items such as jewelry, etc. All of these assets should be protected. Wealth Support Services has developed a program of entity structuring, utilizing a number of business structures which will protect not only the assets of the medical practice, including receivables and equipment, but also the personal assets of the physician. Working closely with the physician, Wealth Support Services will develop a personal asset protection structure which will protect all the assets of the client, both professional and personal, and give the client the ability to acquire and protect additional assets utilizing the existing structure and not have to destroy and replace the existing structure.
After proper structuring, a medical professional can be assured that if his/her medical practice is sued, all of the assets of that profession are protected. A judgment against the medical practice does not have to mean a complete loss of all the assets of that practice. The equipment of the practice should be held in an asset protection entity and then leased to the practice. In that event a judgment against the practice will not be able to touch the equipment, for it is not owned by the medical practice, but rather by another business entity.
Likewise, the future receivables of the practice can be sold to a third party entity for a discount. Thus, the new entity owns the future receivables of the medical practice, and a judgment against the practice cannot seize those receivables, for they are not owned by the medical practice. And, by selling the receivables for a discount, a portion of the profits of the medical practice are transferred to the third party entity, thereby reducing the total taxes paid by the medical professional.
Finally, the use of asset protection entities can protect the personal assets of the medical professional. Stocks, bonds, savings accounts, art collections, real estate, etc. can all be transferred to one or more asset protection entities, thereby insuring that a judgment creditor cannot seize those assets to satisfy a judgment against the medical professional.
A medical professional finds himself to be one of the largest targets in existence today. It makes no sense for a doctor to spend so much time studying to be a doctor, to work so hard as a medical professional only to see all the rewards of his/her labor taken from him/her as a result of a legal judgment. Contact Wealth Support Services for more information about how you can protect yourself and your assets from the financial vultures who already have you in your sights.
