Q&A: Asset protection for young doctors

I'm a physician who has just started practicing. How do I protect myself and my assets?

A: The first thing to do is protect yourself and your family with high-quality disability and life insurance. Risk management is the foundation of any financial strategy. Regarding asset protection, a financial adviser can help provide some basic knowledge about certain products that are inherently protected from litigation. Generally speaking, certain investments are protected in every state (i.e., IRAs or 529 college funding plans), while some investments are protected on a state-by-state basis (cash value inside life insurance, home equity, and annuities, for example). For your specific situation, you would want to work with an attorney specializing in asset protection who can help you draft wills, trusts, corporations, etc.