Asset Protection for Physicians, Dentists and Other Medical Professionals
Physicians, dentists and other medical professionals are among the most sued individuals. These professions carry some of the highest lawsuit risk. Medical malpractice lawsuits are a filed by the tens of thousands per week in the United States. Out of these lawsuits many will be decided in favor of the physician defendant and the rest will result in a settlement or damage award in favor of the plaintiff. Out of the settlements and damages awarded, some will be handled by the physician’s insurance carrier, however some will not. Many far surpass the limits of policy coverage. The cases where insurance doesn’t cover the claim or only a portion of it leaves the physician’s personal assets at risk to a judgment creditor.
Asset Protection = Wealth Insurance
Even with a million dollars in insurance coverage, a two million dollar judgment still leaves a million dollars to be collected after an insurance carrier has paid out the maximum policy limits. This is the scenario where personal asset protection strategies create peace of mind in almost any event, with or without insurance protection.
Just like an insurance policy an asset protection strategy is established prior to the need. Many physicians are spending huge amounts on insurance premiums annually. A properly structured asset protection strategy can serve the financial protection needs of an individual for years with nominal annual maintenance costs.
Medical professionals are presumed “deep pocket” defendants who should be especially concerned with personal asset protection. There are law firms who specialize in pursuing medical claims and judgments on contingency that specialize in navigating the legal system for malpractice plaintiffs. The risk is high and the environment is litigious and aggressive.
A protected individual can encumber a business, such as a medical practice, real property, investments as well as future income in a financial plan offering near bulletproof protection.
See the video on protecting your home and investment real estate from lawsuits.
See the video on what many asset protection experts agree is the most powerful asset protection tool, the Cook Islands Trust.