Insert. Traditional Asset Protection Planning Concepts for Business/Corporate Entities.

Publication: ED Legal Letter

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COPYRIGHT 2002 A Thomson Healthcare Company

It is crucial for physicians and other health care professionals to seek professional advice in the establishment of a private practice or professional service corporation; a discussion of the various business structures and related business issues for physicians is beyond the scope of this article. It is important to note that despite the various available entities offering creditor protection, state statutes and judicial decisions consistently provide that professionals such as physicians, dentists, and attorneys face personal liability in connection with legal actions brought against them for malpractice. (1)

Of course, a medical practice such as a professional corporation and its individual professionals will carry malpractice insurance as protection for such situations. Nevertheless, there always is the possibility that: 1) a judgment may be rendered that exceeds the malpractice insurance coverage limits on a given policy; 2) the insurance carrier may disallow coverage of a claim; or 3) the insurance carrier...

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