Asset Protection Attorney Can Help Physicians:
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 Group P.C. 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.
How to Plan Your Funeral
Thinking about your funeral may not be fun, but planning ahead can be exceedingly helpful for your family. It both lets [...]
Estate Planning in the Digital Age
What happens to my Facebook photos after I die? Can I pass on my iTunes music library to my children? Can [...]
Digital Estate Planning for the 21st Century
The need for digital estate planning is fairly new, but it’s a significant and growing issue. From ownership of digital assets [...]
Estate Planning is for the Living – Asset Management for Every Circumstance
Once upon a time, estate planning revolved largely around disposition of assets after your death. This was most often managed through [...]
Avoid the Most Significant Real Estate Investment Risk
When you hear that real estate investment can be risky, the first thing that comes to mind is probably the possibility [...]
Asset Protection for Beneficiaries and Heirs
Often, people think about asset protection simply as a way to minimize risk during their lifetimes, separating risk management from estate [...]
What is Asset Protection?
For many people, the term “asset protection” brings to mind safes and alarm systems. Though physically protecting your valuables is important, [...]
HUD Makes Reverse Mortgages a Little Less Attractive
The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to [...]