According to the U.S. Department of Justice, approximately one-half of all medical malpractice lawsuits are filed against surgeons,
1) Even though surgeons represent 14.5% of all practicing physicians.
2) Surgeons, particularly plastic surgeons, are perceived by plaintiffs’ attorneys as desirable litigation targets as they earn on a nationwide average double what general practitioners earn. You can hire best Montecito estate planning attorneys via various website online.
3) Higher earnings lead to greater wealth, and plastic surgeons find themselves facing numerous malpractice lawsuits. The vast majority of these lawsuits are frivolous,
4) But given the sheer number of lawsuits filed surgeons are justifiably worried about lawsuits that may exceed their insurance coverage or that may not be covered by malpractice insurance.
Asset protection is a field of law that deals with structuring asset and business ownership to make it either impossible or at least very expensive for a plaintiff to reach the assets of a defendant. If a doctor’s personal assets are impossible or too difficult to collect against, a plaintiff’s attorney will either not file the lawsuit in the first place, or will be a lot more willing to settle on terms favorable to the doctor.
Asset protection does not deal with secrecy or hiding assets because an intelligent and determined creditor will always be able to unearth hidden assets. A properly structured asset protection plan would utilize commonly used structures such as trusts and limited liability companies in a manner that would legally, ethically and effectively shield a doctor’s assets from any lawsuit and any creditor. A doctor implementing an asset protection plan will be able to sleep soundly, knowing that whether he is hit with a malpractice claim or is involved in an automobile accident, his assets will be safe and unreachable.