Asset protection: why a preventive approach is the best insurance against liability.
BACKGROUND
Asset-protection planning is critical for people in high-risk professions, such as dentistry. Planning requires a careful weighing of risks, such as the risk of a lawsuit versus that of relinquishing control of assets. The authors examine several lawful techniques that may protect a dentist's assets from claims of future creditors.


CONCLUSIONS
Asset-protection planning, if done early and with the guidance of an attorney well-versed in the subject, can help deter creditors from claims resulting from malpractice suits, divorce, business partner disputes, bad investments, poor tax planning or a combination of these. Practice Implications. Careful planning can minimize the risk to a dentist's personal assets and the assets of the practice resulting from a lawsuit or other liabilities.
Rinaldi
Ellen
E
Investment Counseling and Research Group, The Vanguard Group, 100 Vanguard Boulevard, Malvern, PA 19355, USA. ellen_rinaldi@vanguard.com
Shin
Alisa
A
D034462:Dissent and Disputes / Q000331:legislation & jurisprudence; D004243:Divorce / Q000331:legislation & jurisprudence; D005376:Financial Management / Q000191:economics / Q000331:legislation & jurisprudence / Q000458:organization & administration*; D005607:Fraud / Q000331:legislation & jurisprudence; D006801:Humans; D019458:Insurance Coverage; D007351:Insurance, Liability / Q000191:economics / Q000331:legislation & jurisprudence; D007449:Investments / Q000331:legislation & jurisprudence; D016365:Liability, Legal / Q000191:economics; D008318:Malpractice / Q000331:legislation & jurisprudence; D010415:Pensions; D011215:Practice Management, Dental / Q000191:economics* / Q000331:legislation & jurisprudence / Q000458:organization & administration; D018570:Risk Assessment; D012308:Risk Management / Q000191:economics / Q000331:legislation & jurisprudence / Q000458:organization & administration*; D013660:Taxes / Q000331:legislation & jurisprudence; D014481:United States