Simple Steps, Serious Protection: Asset Protection 101, Ep 27

Physicians don’t realize they’re financially exposed — not just to malpractice, but to everyday events like fender benders, lawsuits, or even divorce. Asset protection sounds like something complex or reserved for the ultra-wealthy, but in reality, there are basic, easy-to-implement steps that can make a big difference. This episode starts by opening your eyes to just how vulnerable your assets might be right now — especially if you haven’t taken any proactive measures to protect them.

As the conversation unfolds, hosts Chad Chubb and Tyler Olson break down four practical and approachable strategies: using ERISA-protected retirement accounts, adding umbrella insurance, titling assets under Tenancy by the Entirety, and yes — prioritizing date nights to reduce divorce risk. They emphasize how these simple tools offer high-impact protection without requiring legal complexity or advanced financial strategies. Even if you’re still in training, these moves can strengthen your financial foundation early.

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You will want to hear this episode if you are interested in...

• (0:00) Asset Protection for Physicians 101

• (2:11) The four simple strategies they’ll unpack — previewed

• (4:00) ERISA-protected retirement accounts: Why not all tax-deferred accounts are equal

• (9:23) Umbrella insurance: The overlooked, high-leverage layer of protection

• (17:08) Tenancy by the entirety: A small checkbox with big consequences

• (24:44) Why divorce is often the biggest financial threat — and how to be proactive

• (30:32) Recap of the 4 steps and why simplicity is the real win
  

Asset protection doesn’t have to be complicated to be powerful

When people hear “asset protection,” they often think of trusts, lawsuits, and estate attorneys. But there are a handful of basic moves that can go a long way without requiring any legal background. I walk through four of them that we see overlooked all the time: using ERISA-qualified accounts, adding umbrella insurance, using the right account title if you're married, and paying attention to your relationship. You don’t need to be ultra-wealthy to benefit — you just need to take a few small actions most people skip.

Retirement accounts aren’t all created equal

There’s a big difference between where your retirement money lives and how well it’s protected. A lot of people move old 401(k)s or 403(b)s into IRAs without realizing they’re giving up a layer of legal insulation. ERISA-qualified plans often have stronger protection from lawsuits and creditors, and that matters when your name and profession make you a target.

It’s not just about shielding against the worst-case scenario — it’s about stacking the odds in your favor. If something happens and you're named in a lawsuit, the type of account your money sits in could determine whether it’s accessible or untouchable. This is also one reason we suggest keeping those workplace plans intact rather than rolling them over the minute you change jobs.