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Asset Protection for Dermatologists: An Overview on Shielding Wealth from Potential Liability
David B Mandell1, Carole C Foos2, Jason M O'Dell2
1OJM Group, LLC, 401 East Las Olas Boulevard, Suite 1400, Fort Lauderdale, FL 33301, USA; OJM Group, LLC, 8044 Montgomery Road, Suite 440, Cincinnati, OH 45236, USA.
Abstract:
The reality of dermatology practice in the 21st century includes the potential for lawsuits and liability. While medical malpractice may be top-of-mind, there are a host of liability risks beyond malpractice-from employee claims and fiduciary liability for the practice retirement plan to premises liability and HIPAA violations-as well as potential personal liability for rental properties, car accidents (for self and children), outside businesses, personal guarantees and more. This article outlines the leading tools dermatologists can utilize to better shield their assets from potential liability-including exempt assets, co-ownership forms, and legal tools, such as limited liability companies and trusts.
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