Are you considering applying to pharmacy school but are concerned about job prospects when you graduate? Join us on Wednesday, July 28th at 8 PM Eastern to hear from three PharmDs about their experiences and options outside of retail pharmacy.
Any EM attendings on here done it? I have heard some things about it and saying it can make a difference as far as writeoffs, etc, but not so much in CA. Just wanted to get some input.
excellent inquiry. in this light, i'm also curious about fees paid to hospitals. EP's, as i have known them, are clients of the hospital. that being said, what is the trade-off for the hospital? just services? no way . . . there has to be more than an honor system. anyone feel like elaborating?
I know one EP who really believes in his irrevocable trust. Another EP in my group wishes he never did it because it has been expensive and turned into a complicated tax nightmare. I have talked to several lawyers who sell irrevocable trusts and they all admit that they are not iron clad shields from liability. If someone gets the big verdict against you they may be able to pierce the trust and get your anyway. I've heard more than once that if it is obvious to the court (no one can define "obvious" but that's why lawyers are lawyers) that the trust exists primarily as a device for asset protection they'll break the trust for the plaintiff.A crusty old OB/GYN attending at Riverside swears by the irrevocable trust. Apparently the trust will protect any assets from malpractice suits, or divorce.
If what he says is true, it sounds like a great option for most EM physicians who are in one of the highest liability professions. You appoint someone other than yourself to control the trust, and then you can put all, or a portion of your wages into the trust. Since the trust is its own entity, and you are not solely responsible for managing it, malpractice lawyers supposedly can't get at it. The only downside to the trust is that every time you want to withdraw funds or make a purchase you have to have written authorization from the trustee manager.
A crusty old OB/GYN attending at Riverside swears by the irrevocable trust...... The only downside to the trust is that every time you want to withdraw funds or make a purchase .
Um...no. Irrevocable means just that. You can't withdraw funds or make a purchase with that money. There is such a thing as a revocable trust, but I'm not sure you get quite as much legal protection for it.
If you can't withdraw money, then what's the point? Surely the person managing the trust (someone other than the physician) must be able to use the funds.
I have an irrevocable trust set up in my kids' names. That way, the drunk who manages to get my life's savings won't be able to get my kids' college money. Granted, I can't use that money to buy that new Corvette, but that's not really the point of the funds so it isn't a problem.