Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

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Medical Malpractice Claim Can Take Both an Emotional and Financial Toll

Posted in Physician Asset Protection

In a post on February 8, 2012 I referred to an excellent article by Pauline W. Chen, M.D. She described how involvement in a medical malpractice action can negatively impact a physican’s way of practicing medicine. Dr. Chen recently published another article in the New York Times that is also noteworthy. She explains how a medical malpractice lawsuit… Continue Reading

Private Practice Physicians Should Make Asset Protection a High Priority

Posted in Physician Asset Protection

The possibility of a malpractice lawsuit is a constant concern for most physicians. A malpractice lawsuit can have serious personal and financial consequences. And physicians in private practice face another financial worry. They are running a business; and that business (like any other business) can face a sudden, serious downturn or even go bankrupt. A recent on-line article… Continue Reading

$8.5 Million Jury Verdict Reflects Cost of Lifelong Care

Posted in Business Protection, Physician Asset Protection

An $8.5 million jury verdict seems high, doesn’t it?  But if you consider that the injured party was an infant who suffered brain damage (and will require lifelong care), then the amount of damages could be perfectly reasonable.  According to a recent article by Tom Feran in the Cleveland Plain Dealer, a Cuyahoga County Common… Continue Reading

Medical Malpractice Suit can be Emotionally Devastating to a Physician

Posted in Benefits of Asset Protection Planning, Physician Asset Protection

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… Continue Reading

Physician Asset Protection: Another State Court Strikes Down Cap on Malpractice Awards

Posted in Physician Asset Protection

Just in case you need another reminder to develop your own personal asset protection plan… More than half the states have tried to place caps on jury awards in malpractice cases.  But the caps have been struck down by courts in several states.  On Monday, the Georgia Supreme Court (in a seven-zero decision) struck down a… Continue Reading

Personal Asset Protection for Physicians

Posted in Asset Protection Strategies/Alternatives, Physician Asset Protection

Whether you are a physician in private practice or working for a hospital or other health care organization, you should consider some basic steps to protect your assets.  Here are a few suggestions: Maximize contributions to IRA’s and other qualified plans.  Assets in IRA’s and qualified employee benefit plans are generally awarded special protection from creditors.  Many plans (including… Continue Reading

Asset Protection Strategies for a Private Medical Practice

Posted in Asset Protection Strategies/Alternatives, Physician Asset Protection

A couple weeks ago I posted some general observations about asset protection planning for physicians.  While a doctor should be taking steps to protect his or her own personal assets, physicians in a private medical practice should be taking additional steps to protect the private practice itself.  Here are some items worth thinking about:      1. Consider… Continue Reading

Physician Asset Protection: An Overview

Posted in Physician Asset Protection

Physicians should have no hesitation whatsoever in protecting their assets to the greatest extent allowed by applicable laws.  Physicians have a greater need for asset protection planning than many other individuals simply because of the nature of their work. If a professional baseball player consistently strikes out half of the time but gets a base… Continue Reading