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Asset Protection for Physicians - Is It Worth the Money?

What is asset protection? • Qualified Pension the need for legal and professional tion planning, many do not. Pay them to
Who needs it? What should Plan which is an ERISA advice. If you are interested in trust and complete a written financial plan for
it cost? Asset protection is a plan titling planning, identify an asset protec- you. But many plans do not address the
risk management tool that • Qualified Wage tion attorney. If you are interested in economic rational of every financial
everyone should have and Account which is grant- using Pension Plans, Qualified Wage decision. If you are in a high-risk profes-
has minimal cost. ed by the Florida Accounts and life insurance, identify a sion and need a comprehensive asset
Let’s work backwards: Legislators. professional who can get you to an asset protection strategy, have your planner
• What does asset protec- • An Irrevocable Trust protection specialist. add the rational and financial benefit of
tion cost? Asset protection (revocable trusts are not each suggestion and decision. By doing
can be achieved cost effec- protected) The Rub this, you start to distance yourself from
tively. • Life insurance cash A fraudulent conveyance is an illegal a fraudulent transfer challenge.
• Who needs it? value or unfair transfer of assets for the pur-
Anyone/anything with legal BY HOWARD • Your Homestead pose of hindering, delaying or defraud-
exposure and exposed WOLKOWITZ subject to guidelines ing a future unknown or presently Howard Wolkowitz is a licensed inde-
assets. Asset protection is not known creditor. Asset protection must pendent insurance broker with 28 years of
• What is asset protec- only for physicians, but be designed, structured and executed experience working with professional
tion? It is the process of titling assets to anyone with the following issues should properly. clients on sophisticated financial matters.
minimize exposure in the event of a protect themselves: Each strategy has pros and cons and Howard is also the author of The Health
judgement against you. • Teenage drivers asset protection is not a no-brainer. of Your Wealth, Your Financial Guide to
Asset protection in the State of • Rental property Many financial people think they know What They Never Taught You in Medical
Florida can be achieved at little cost • Slip and Fall on any property you how to do this but provide only partial School. Howard can be reached at
using the following techniques: own. protection based around selling you an Lifeinsure-assure.com
• Tenancy by the Entireties which is • Car Accidents by you and family asset protected financial product. A CFP and at (954) 558-3673.
restricted to husband and wife. members. is not required since a CFP designation
• Putting assets in a spouse’s name. • Malpractice does not qualify a person as an asset
• UGMA Uniform Gift to Minors Act • Divorce, separation, death of spouse protection specialist. Please be advised that I do not
is a gift to a minor. with assets you inherit. My best advice is the following: offer tax or legal advice, this article
• 529 education plan which is a gift to The cost of asset protection will vary Identify a fee based fiduciary financial is solely for purposes of an introduction
a minor. based on the level of legal exposure and planner with experience in asset protec- to this complex topic.

Visit us on the web at Two Major Pitfalls in Malpractice

www.southfloridahospitalnews.com Cases for Medical Providers
www.southfloridahospitalnews.com

Most healthcare academ- negotiating out of the case so
ics predict that we are only that the license remains intact
in the beginning of risk and untarnished.
based compensation trends Secondly, the assets of the
in healthcare. There is an business and the physician’s
exact science behind med- personal owned property can
ical protocol. Moreover, also be at risk. Hence the
patient expectations are physician should consider
getting bigger as the aver- using asset techniques such
age human life span con- as:
tinues to extend. With 1) Homesteading the pri-
increasing protocols and mary residence;
scrutiny, the most com- BY BEN ASSAD MIRZA, 2) Holding the title as ten-
mon reasons for malprac- ESQ., LLM, CPA, ancy by the entireties;
Coming Next Month... tice lawsuits are based on MPHA, CHC 3) Keeping assets in the
provider’s failure to: (i) form of an IRA or 401K;
detect, (ii) diagnose, (iii) treat, and (iv) 4) Using trusts and estate planning to
continue follow-up care. With that said, insulate the assets;
GO PINK WITH SFHN&HR license and asset protection for medical 5) Using life insurance products to safe-
Annual Salute to Case Managers - providers is more important than ever. guard and insulate cash or readily convert-
Firstly, the medical license, it is the life- ible assets from liability. These are just
National Case Managers Week line of every medical provider. Having a some of the techniques, but there are more
corporate shield is incredibly important to black box methods of getting things done.
National Breast Cancer Month
help protect it. Once a medical provider All of this requires some level of legal
Advances in Oncology Treatment has been named in a suit it means that and financial planning. The legal cost of
their medical license is at risk for getting doing prudent asset protection planning
Salute to South Florida’s Oncology Innovators blemished. Depositions are often a mine- should correspond to the complexity,
field to go through. If the lawsuit is not which is also often around $5,000.
Eldercare Trends in South Florida
resolved in the proper manner, the allega- Also to find out more about what can be
The Use of Data and Analytics for tions against the provider can and often do done to protect your medical license go to
get reported to the medical board and https://healthcareattorney.net/doctors-per-
Improving the Business of Healthcare National Provider Data Base, including all sonal-defense. The cost of defending a
Update on COVID 19 settlements. Such reports against the doctor’s personal license is fairly nominal,
license can significantly hinder the physi- and is often around $5,000.
Tele-Health and Remote Patient Monitoring cians ability to practice inside well reputed Given the downside for medical profes-
practice groups and hospitals. Typically sionals, the time and cost of protecting

the insurance defense attorney’s role is to oneself are very low. If you have questions
For advertising information resolve the law suit, but protecting the about doctors personal defense counsel or
medical license is NOT their top priority. how to protect your assets from liability,
call Charles Felix at 561-368-6950 That is when a “personal” medical defense contact us directly for a free consultation.
or email charles@southfloridahospitalnews.com counsel can be of great benefit. A physi-
cian will need personal guidance on how Ben Assad Mirza, Healthcare Law Partners,
to go through raising all the legal defenses, LLC, can be reached at (954) 445-5503 or
maximizing the discovery process, and Ben@HealthcareAttorney.net.

6 September 2020 southfloridahospitalnews.com South Florida Hospital News