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Home > Services > Physician Wealth Preservation Strategies > Asset Protection for Physicians
Without discussing the right and wrongs of litigation, or for that matter the frequency of cases brought against physicians, there are several factors regarding doctors that make them targets. These factors, explain and prerequisite why physicians should practice Asset Protection.
The physician is thought of as an entity with something to take when it comes to assets. Though it is true that many people have big homes and have big cars, when it comes to litigation, physicians are a “brand.” They represent financial success in our society. It is known that they have malpractice insurance and insurance companies fit the mold for “deep pockets.”
Then, if physicians have malpractice insurance, why should they practice Asset Protection? It would be amiss not to speak about the practice of law at this time. Suing attorneys has become a specialty in the field of law. If physicians did not make mistakes and life and health were predictable, then we might not be having this conversation. Often specialty attorneys search for cases in which an attorney has made a mistake and the damages are great; these cases are easy to prove, or settle out of court, but either way, the attorney or law firm cashes in.
Specifically about the attorneys –
In fairness and in the spirit of remaining neutral, attorneys have a belief system. They believe that these damaged patients are entitled to damages and it is their responsibility to push the limits. Their concerns are for the plaintiff, or the damaged patient.
When a law firm takes a case, they have thoroughly screened the case to determine if the damages claimed are recoverable. Law firms take these cases on contingency. You may have heard, “We don’t get money until we get you money.” That is true. Law is much more then a field of study, or defense of the innocent or damaged. Law is a business.
When a case is taken on a contingency, it is ethically because a person has been damaged. A firm must decide it the case has merit. If the case is creditable, meaning that the cost of litigation will be covered and likely profitable, then the firm will usually proceed. If a firm loses a case, they lose a lot of money. Therefore, firms troll for good cases to justify the business of conducting litigation. You have seen the commercials.
Specifically about the physicians –
Then there is pain and suffering, which we have a section in this area to give you some idea as a physician what you may face in a lawsuit. Pain and suffering can add great financial damages to a case and sometimes pain and suffering can take the limit above the medical malpractice insurance coverage.
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Don't miss this valuable conference and the chance to meet all of our Global Strategic Advisors!
Amsterdam Meeting 2010 7-9 November: Sofitel Amsterdam The Grand
One attitude that cannot be tolerated in medicine is lack of care or apathy and physicians should exercise the same standard of care toward their accumulation of assets, property and wealth.
Written by the foremost expert in the country!
Physicians and their Advisors Will Gain a Practical Guide in the Following Subject Areas
►Asset Protection
►Estate Planning
►Income Tax Reduction
►Financial Planning
►Office Management
►Corporate Structure and Protection Structures
Learn how to protect your personal and business assets from disgruntled patients, creditors and divorce through the use of domestic and offshore planning tools.
Estate Planning - Learn how to avoid the most common estate planning mistakes that could cost your heirs $500,000 - $3,000,000 or more and learn how to avoid the 70-83% tax trap.
Income Tax Reduction - Learn how to reduce your income taxes by $25,000 - $200,000 annually while avoiding the tax avoidance shams in the marketplace.
Financial Planning - Learn how to protect the principal of your investments while still giving yourself the opportunity for upside growth if the stock market performs well.
Office Management - Learn several practical and easy to implement solutions that will help you run a more efficient and financially sound medical practice.
Asset Protection Planning Part 3 concentrates on the protection of personal residence, business acco ...
Would you like to remove a dollar from your company, and even better, a tax deductable dollar and pu ...
Trustmakers Estate Tax planning provides advisor direction and guide information on protecting your estate.
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