The successful physician may find himself or herself suddenly catapulted into a whole new income bracket after years of education and training. With this new income bracket come some great opportunities, but also some risks. Read on to learn more about three of the biggest reasons why physicians should consider asset protection planning.
High Risks
Any profession where there’s a reasonable concern that you could be sued is a high-risk profession, and medicine definitely falls under this category. Effective planning can minimize or eliminate the chances for a creditor to tap into your income, but you must plan early and revisit it annually to determine whether you’ve taken the right steps.
Legal Process
You need to consider how the legal process could impact your current and future income. Protect what you’ve built with solid legal strategies from an asset protection planning attorney.
It’s About More Than Money
Your high-value assets and personal property should also be factored in, and these are likely to grow as your income and wealth grows, too. Make sure they are protected.