LEGAL CORNER
2021 Asset Protection
FOR ARIZONA PHYSICIANS
P
hysicians should examine their estate and asset protection planning in 2021, due to increased risks including COVID-19, the economy, various current social, legal, and political variables. Unfortunately, not all strategies marketed to doctors are equally legitimate or effective. Here are some common mistakes to avoid.
FAILING TO ACT | Doing nothing or failing to act under blue skies, while you do not have any existing claim, is the single biggest and most common asset protection and estate planning mistake doctors make. KNOW AND MANAGE ALL YOUR RISKS, NOT JUST MALPRACTICE | Doctors are naturally concerned about professional liability, and you should be, but acting as if that your only significant risk can be financially fatal. You have risks as a business owner,
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A R I ZO N A P H Y S I C I A N M A G A Z I N E
employer, parent, real estate owner, board member and many others that must be managed; think holistically.
FAILURE TO LEAD AND MANAGE | Many exposures are based on a failure of leadership, management or compliance. The best way to avoid a lawsuit or any other exposure is still managing bad behavior that creates risk by yourself, family members staff and partners so you don’t have a problem to begin with. FAILING TO ADEQUATELY INSURE PERSONAL RISKS | I routinely speak to physicians that are un-insured or under-insured for both loss and liability related to their homes, cars, real estate investments and other nonpractice risks. Many of them contact me after an exposure, when options to protect
