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J Am Dent Assoc, Vol 139, No 2, 185-189. © 2008 American Dental Association

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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.

Key Words: Asset protection; liabilities; creditor; lawsuit; malpractice; trusts; financial planning

Abbreviations: DAPT: Domestic asset protection trust. • IRS: Internal Revenue Service. • LLC: Limited liability company. • LP: Limited partnership. • OAPT: Offshore asset protection trust.