Asset Protection Tip: The More Control, the Less Protected
A common mistake in asset protection planning by doctors is failing to understand the concept that the more control you maintain over your assets, the less insulated those assets are from potential creditors. For example, if someone has recommended that you establish a revocable trust for your children to protect assets you may as well have left your money in a bank account because a revocable trust by definition is revocable by the settler (creator) and as such grab-able by potential creditors. Similarly, if trust planning is something you wish to explore, it is important to note that the more independent the fiduciary, meaning the further removed the person in charge is from you, the safer your assets are. In certain situations trusts may be breached to recover assets. The key to successful asset protection is removing yourself from the equation.
However, its important to remind you of the current divorce rate and stress this office is not recommending moving every penny into your spouse’s name!
For additional information on this topic, contact Jennifer Kirschenbaum at (516)-747-6700 ext. 208
or at Jennifer@Kirschenbaumesq.com. Click here to access prior healthcare email newsletters or articles.
COMPLIANCE PROGRAM
Click here to order required policies and procedures for your practice including your:
(i)Compliance Plan (that provides your policies and procedures that identify and govern how to respond to potential billing and general practice liability);
(ii)Current Patient Privacy Policies (HIPAA, Red Flags Rule and Security Policies have recently changed. Are you up to date?);
(iii)Employee Manual governing employee acceptable conduct; and
(iv)Misconduct Pledge that governs licensure matters.
Questions about why you need the Compliance Program and how the Compliance Program will change your practice? Contact Jennifer at (516) 747-6700 ext. 308 or at Jennifer@Kirschenbaumesq.com.
Our Compliance Program complies with OIG specifications for individual and small group practices. All HIPAA and Security policies include modifications pursuant to HITECH Act. www.kirschenbaumesq.com/healthcareorder.htm.
