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.
Keywords: Asset protection; Exemption; Lawsuits; Liability; Limited liability companies; Trusts.
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