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FAQ's - Just For Physicians

Frequently Asked Questions by Doctors about Business

Q. How important is Asset Protection in the medical profession?
A. It is critical to remember any person can be named in a lawsuit and physicans are sued annually. Litigators are getting smarter and finding more loopholes to gain punitive damage awards above and beyond insurance limits. Personal liabilities could wipe out your nest egg.

Q. How important is corporate structure?
A. Much of your personal corporate structure depends on the many factors. State law, type of practice, partners, real estate and many other factors. The type of operation, potential tax benefits, sale of practice should all be considerations in protecting your company and its underlying assets. Not to mention its shareholders, partners or members.

Q. How important is insurance in my estate plan?
A. Sometimes people who feel they have enough money for retirement neglect basic lines of defense when it comes to Estate Planning. Insurance is one of them. Often people do not want to pay for Long Term Care Insurance, Directors and Operators Insurance, Errors and Omissions and other policies that may seem unnecessary.

Q. How can I take off my professional expenses when I get paid by W2?
A. If your Corporate Board of Directors will agree, you can use a Professional Corporation (P/C.) instead of a W2. You can read about this in the section titled The Perfect Office.

Q. Is it all right to be a Sole Proprietor?
A. A Sole Proprietor is a very risky venture for anyone with assets or who intends to make money. There is nothing standing between the person who runs the company (yourself) and the person responsible for any damages brought forth in a lawsuit or by creditors. There are better options.

Q. Should I form a General Partnership?
A. A General Partnership may make you personally liability for the mistakes of your partners. This should be enough said in explanation.

Q. What is more important, Asset Protection or reducing my taxes?
A. For anyone in a high-risk profession, there should be no compromise in protecting your assets, with all the legal tools afforded by the legislation and the IRS Code.

Q. Are the Accounts Receivable in a medical office attainable by creditors and litigators?
A. All unprotected assets can be taken, garnished, levied or placed with a lien by creditors. There are ways to protect these assets as well.

Contact Global Strategic Advisors today for more information: www.GlobalStrategicAdvisors.com

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