Discover Tampa bay asset protection strategies for new physicians.
If you are just beginning your career as a physician, congratulations! You are probably working through some tough “newbie” decisions that can ultimately be life-changing. Should I join a practice or start my own? Do I want to move my family to a new state or start my career here at home? The questions go on and on. But, there is one thing you may not be considering that you should be – how will you protect your assets from potential lawsuits and the risks of your new profession?
It’s unfortunate, but doctors are the top targets of lawsuits—whether they are related to medical malpractice, workplace issues, or are even frivolous in nature. Physicians are considered to be “deep pocket” defendants. You may not think of yourself like this, especially with the student loans you might have hanging over your head, but the stereotype is that doctors are ultra-wealthy. This is why you need to employ the proper mix of asset protection strategies NOW. You can’t protect yourself this way after you’ve been sued, so it is best to start planning right at the beginning of your career.
Malpractice insurance certainly plays a part in protecting you. But, consider this – even with two million dollars in insurance coverage, a three-million-dollar judgment still leaves a million dollars to be collected after the insurance carrier has paid out the maximum policy limits. Do you know where the rest of the judgment owed is expected to come from? YOU. It’s time to take that target off your back.
That’s why our Tampa Bay estate planning lawyers usually advise doctors that malpractice insurance alone is not a viable asset protection strategy! You need to take additional steps to insulate your assets from being on the line in the nightmarish event that a judgment exceeds your malpractice limits. A proper solution could be creating various legal entities or living trusts that can hold ownership of your assets to keep them out of your personal name and safe from predators.
Furthermore, the idea that doctors have “deep pockets” doesn’t just stop in your practice. You should additionally look at putting a proper estate plan in place to protect yourself in the event you are in a car accident, get divorced, or face any other threat to your financial well-being over the course of your life. Again, we can help you create a plan that is best for your unique situation that protects your assets, shields your family, and gives you peace of mind.
Just like an insurance policy, an asset protection strategy must be put in place before you need it. Get started today to protect what you own now and what you will own in the future. Call our office at (813) 438-8503 to schedule a consultation.