Asset Protection Law Journal : Asset Protection Lawyer & Attorney : Kenneth J. Laino : Schneider Smeltz Ranney & LaFond Law Firm : Trusts, Estate Planning

Being named as a defendant in a medical malpractice case can be emotionally devastating to a physician -- even if the physician is only peripherally involved in the case. Very few people fully appreciate how troubling it can be for a doctor who is named in such a lawsuit.

An excellent article by Pauline W. Chen, M.D. in the New York Times articulates very clearly how involvement in a medical malpractice suit can negatively impact a physician's way of practicing medicine.

According to the article, a recent survey of more than 7,000 surgeons found that nearly one in four were in the midst of litigation.  The lead author of the survey (Dr. Charles M. Balch of the University of Texas Southwestern Medical Center in Dallas) notes that malpractice is at the top of the list of major stressors for most physicians.

I have found that meaningful asset protection can be a huge benefit to a physician -- not only financially, but emotionally as well.  Having reasonable malpractice insurance is a critical first step.  But going a step further -- and making sure that you have done everything reasonably possible to lawfully protect your personal assets -- will usually bring quite a bit of peace of mind.

• Email This
• Print
• Comments
• Trackbacks

Debt Collector NCO Financial Systems will pay $1.5 million and change some of its collection practices to end an investigation by 19 states, including Ohio.  That is according to an article today in the Cleveland Plain Dealer, by its Consumer Affairs Reporter, Sheryl Harris.  The article reports that consumers in various states may be eligible for refunds if they had paid NCO for a third party debt they did not owe, or if they were charged interest on a debt that was not permitted by law or the original contract.  NCO also agreed to change some of its collection practices.

This is yet another reminder that debt collectors can be very aggressive -- and sometimes too aggressive -- in attempting to collect debts.  Debt collectors are subject to various fair debt collection and credit reporting laws.  This recent settlement shows once again that debt collectors sometimes fail to abide by the applicable requirements.

You can pretty much count on a creditor using all lawfully permitted means to attempt to collect a debt from you.  You should likewise take advantage of available laws to protect your assets to the greatest extent that you are able to do so.

• Email This
• Print
• Comments
• Trackbacks

As I have mentioned in many other posts, there is nothing wrong with using Swiss bank accounts or offshore entities.  A recent front page article in the New York Times noted that Mitt Romney and his wife hold millions of dollars in a Swiss bank account and millions more in partnerships in the Cayman Islands.  Their attorney, R. Bradford Malt, said that the Swiss bank account complied with all Internal Revenue Service reporting requirements, and that the family had paid all applicable taxes.

This is simply another reminder that it is perfectly appropriate for a U.S. citizen to hold funds outside the United States -- as long as applicable U.S. taxes are paid in full.  Even though holding assets offshore may sometimes be tax neutral, those assets can frequently be much better protected from U.S. creditors.

• Email This
• Print
• Comments
• Trackbacks