A couple weeks ago I posted some general observations about asset protection planning for physicians. While a doctor should be taking steps to protect his or her own personal assets, physicians in a private medical practice should be taking additional steps to protect the private practice itself. Here are some items worth thinking about:
1. Consider
Last week, the Swiss banking giant UBS agreed to turn over information on American clients suspected by the IRS of using Swiss accounts for tax evasion. On Wednesday, August 19, IRS Commissioner Douglas Shulman said that the agency is looking at other banks and intermediaries in Switzerland in addition to UBS.
The IRS Commissioner was not kidding. Last Thursday the Justice
On Wednesday, August 19, UBS (one of Switzerland’s largest banks) agreed to turn over information on more than 4,450 American clients suspected by the IRS of using Swiss accounts for tax evasion. Due to provisions of a new tax treaty between the U.S. and Switzerland, it could be more than a year before the IRS has all the
Physicians should have no hesitation whatsoever in protecting their assets to the greatest extent allowed by applicable laws. Physicians have a greater need for asset protection planning than many other individuals simply because of the nature of their work.
If a professional baseball player consistently strikes out half of the time but gets a base
