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  • Steven Podnos MD CFP
    replied
    I would always confirm the status of asset protection in any given state with a good estate planning attorney, but FLPs have been around a very long time and the vast majority of states will offer protection to them.   FLPs are commonly used to own assets in family businesses that have members across various states and can be sited in a friendly state.

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  • lostlost
    replied
    hey Steven Pod, I assume FLP are state specific. If you retire and move to lets say another state e.g. Florida, you would have to dissolve the FLP and start all over in the new state right?

     

     

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  • G
    replied


    It is easy for others to reassure you that it is unlikely you are not “ok”.  It is gut wrenching to be sued with potentially exposed assets.
    Click to expand...


    Agreed and my first response was not meant to be flippant.  However, at some point, it's gotta be "ok."  It's an asymptote discussion; there are big/easy things that you can do with excellent benefit but then you are searching for more and more things that give increasingly minimal benefit.  But you never get to zero....

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  • jfoxcpacfp
    replied













    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand…


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
    Click to expand…


    TBE is state- (not custodian-) specific
    Click to expand…


    This link doesn’t seem to work.
    Click to expand...


    Thanks for letting me know - I had snuck a period in at the end. Should work now.

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  • CM
    replied
    Here is a site with state-by-state info regarding asset protection vehicles: https://www.assetprotectionbook.com/forum/viewtopic.php?f=142&t=1566

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  • CM
    replied










    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand…


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
    Click to expand…


    TBE is state- (not custodian-) specific.
    Click to expand...


    This link doesn't seem to work.

    Leave a comment:


  • jfoxcpacfp
    replied







    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand…


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
    Click to expand...


    TBE is state- (not custodian-) specific

    Leave a comment:


  • Hatton
    replied







    I ‘retired” from OB because of above concerns.  Above a certain net worth there is no reason to continue doing something risky.
    Click to expand…


    At what NW do you think the risk outweighed the benefits of OB practice? Of gyn surgery practice?
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    OB  5 million.  GYN  8 million.

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  • Steven Podnos MD CFP
    replied
    Having been sued and having many physician clients that have been sued-I'd argue to increase the difficulty in which a plaintiff can attack your assets.  Much of asset protection planning is setting up "fences" to overcome between you and the plaintiff (whether malpractice or other liability).  If you have substantial unprotected assets (as you state, no tenants by entirety or homestead protection), then I'd recommend another fence.

    DAPTs have yet to be tested. Multimember LLCs, the same but are probably ok.  I'd strongly consider a Family Limited partnership in your situation OR putting funds into a low cost no load variable annuity like with Vanguard/Fidelity/Ameritas, etc. (assuming your state protects annuities).

    It is easy for others to reassure you that it is unlikely you are not "ok".  It is gut wrenching to be sued with potentially exposed assets.

     

    Leave a comment:


  • snowcanyon
    replied




    I ‘retired” from OB because of above concerns.  Above a certain net worth there is no reason to continue doing something risky.
    Click to expand...


    At what NW do you think the risk outweighed the benefits of OB practice? Of gyn surgery practice?

    Leave a comment:


  • StarTrekDoc
    replied







    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand…


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse’s name.
    Click to expand...


    Caution -  even though docs enjoy one of the lowest industry divorce rates at 20-24%; that's still a lot higher than any other risk on your assets.   Giving control to the spouse isn't necessarily the best play.

    Leave a comment:


  • Infinity
    replied




    My state has no or negligent homestead exemption and no tenant by entirety.
    Click to expand...


    I would set up taxable accounts at Vanguard or other companies that offer Tenant by Entirety.  If your spouse is in a less risky situation, consider having more assets (i.e. home, but not cars or other liable assets) under your spouse's name.

    Leave a comment:


  • White.Beard.Doc
    replied
    If you are practicing anesthesia, you malpractice exposure depends on where you are practicing.  If you practice in a hospital, at least in my state, the hospital has vicarious liability for an anesthesiologist who the patient did not personally choose to provide their care.  In other words, the hospital contracts with an anesthesia group and the group provides anesthesia for all cases done in the hospital.  In this situation, if there is a 30MM verdict for a bad baby case, your malpractice carrier would pay the 1MM limit of your policy, and the hospital would pick up the rest.

    In contrast, if you are doing office anesthesia for a plastic surgeon doing face lifts and the patient on the table dies of an anesthesia complication, your exposure could be for the entire verdict, above your policy limits.  In that type of case, your personal assets are theoretically at risk.  However, such a loss is a one in a million kind of scenario.

    As a later career physician, I have a high net worth that is potentially exposed to liability risk.  However, I only see patients in the hospital so the hospital is my default excess malpractice coverage.  From a purely risk perspective, I should stop seeing patients, but I don't like to live my life thinking primarily about risk.  If I were theoretically to lose my assets in a bad malpractice suit, I will simply have to adjust and live a frugal life, so be it.

    Leave a comment:


  • StarTrekDoc
    replied
    Different risks -

    Family risks : bad siblings/children/step parents --- establish basic Family Trust and revise every 10 years.

    Insurance for most everything else unless higher risk things like exposure on Real Estate - if you have a particular piece of property that's higher risk, you may want to wall that off with LLC vehicle.   LLCs also nice to for stealth wealth and avoid easy discovery for prying eyes looking for a target.

    Unless you get big $5M NW, you'll be fine.   More than that would definitely get an estate Financial Planner in play.

    Leave a comment:


  • lostlost
    replied
    hey J Fox, my PUP says 3 million each occurrence with 6 million aggregate over policy period. I assume when people on this forum says I have so and so PUP they refer to each occurrence number. So I have a 3 million PUP policy.

    Leave a comment:

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