Physicians play a critical role in society, and most of us depend on their expertise at some point in our lives. But, the importance of a doctor’s work also creates significant risks. 59% of physicians responding to a 2015 Medscape survey said they had been sued for medical malpractice at least once. While specialists such as obstetricians and surgeons are most likely to be sued, the medical profession generally carries a high degree of risk. Nearly half of internal medicine / family medicine doctors surveyed reported having been named in at least one lawsuit.
Of course, medical malpractice claims are just one threat to a physician’s wealth preservation. Medical professionals also face the same risks as any other business owner, from creditors’ liens and personal guarantees to unexpected liabilities like a slip and fall accident in your parking lot.
Protecting your personal and business assets and creating divisions to protect one from the liabilities of the other can be complicated, and even experienced businesspeople often have misconceptions about the security of their assets. It is also common for business owners to protect assets during their lifetimes or while their businesses are active, but overlook the consequences of transferring the business or passing assets to heirs.
The right asset protection plan for you will be designed to protect you, your business, and your family now and in the future. That means thoroughly assessing how you hold your assets and the risks you face and then employing the right combination of legal structures and strategies for your specific circumstances.
It’s easy for a busy professional to get caught up in the day-to-day business of running a medical practice and caring for patients, but postponing this type of planning can have serious consequences. Fortunately, you don’t have to sort out the complicated legal and financial issues on your own. The attorneys at Milvidskiy Law Firm LLC have the skills and experience to guide you through this process, working with you to develop an asset protection plan that is tailored to your needs.