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Private doc's non medical liability- Incorporation or living will

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  • Private doc's non medical liability- Incorporation or living will

    I had an interesting discussion today in this forum re: my wife's being sole prop. or S-corp. One issue came up (other than proposed tax savings) was about liability protection. Incorporation of medical practice does not offer additional medical liability protection. However, if someone falls in the office or an employee runs into an accident on the road while on his/her way to the office etc. can have some threat to a physician's personal assets (in case not covered by insurance for some reason).

     

    From this aspect, which would offer better liability protection? Incorporation or something like irrevocable living will/trust? I thought the later would cover the office/employee related issues (if not covered by general liability, worker's comp. or umbrella insurance) as well as someone falling in your driveway/backyard. What do you think?

  • #2
    If employee has an accident on the way to work, you're not liable. Employee has to be (in general) performing activities of job. I think I just responded to another message you posted about this that umbrella insurance is a must, imo. A revocable trust at this point would be complicated, expensive, and overkill.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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