Doctors & Their Personal Affairs

I work with a lot of doctors. Most of them are just too busy to pay close attention to their personal affairs. So wills, estate planning, insurance and other personal matters, as well as their business agreements, employee issues, etc... often get overlooked. Issues are addressed on a reactive, rather than a proactive basis. There is little planning and protection, but rather reaction to situations that have already arisen.

Here's a few things you should know:

1. ASSET PROTECTION DOESN'T WORK. Well, actually it does, but you cannot create an asset protection plan once litigation has begun or is on the horizon. It will be deemed a fraudulent transfer and you can be subject to both civil and criminal penalties. No legitimate attorney should even do it for you. By asset protection, I don't mean moving your assets offshore to Nevis or the Cayman Islands. Offshore asset planning may bring more scrutiny from various government agencies than you'd like to welcome.

2. YOU CAN WRITE A WILL ONCE YOUR DEAD. Of course you can't! Tax and estate planning is voluntary and should be done, and revisited on a regular basis, as soon as possible. Dying intestate (without a will) leaves a serious mess for your loved ones to clean up. Even a poorly written will leaves a big mess. Look at Anna Nicole Smith.

3. MONEY MAKES PROBLEMS GO AWAY. To the contrary, I've found that successful professionals often attract problems. Everyone and their grandmother brings "opportunities" your way and, suprisingly (I say that with jest), every deal looks good. That's called salesmanship. Don't substitute good due diligence for things that look good and good feelings you have for people (even if friends or relatives). Look at Bernie Madoff - blind trust was his key to the castle.

Best advice is to work with someone who advocates for your success and protection. Someone who has experience in negotiating deals, analyzing opportunities, protecting assets, and protecting your family.

We offer free, no obligation consultations, to any medical professionals who'd like to visit our office. We would also be happy to answer basic questions by email.