The 10 Biggest Legal Mistakes Physicians Make Involving Asset Protection
By Daniel S. Rubin, Esq.
All signs indicate that the prevalence of litigation against physicians is in a continuing upward spiral across the United States. Although some claims are meritorious, far too many are not. In such an atmosphere, every physician with even a modicum of wealth is subject to an unacceptable level of risk. Aggravating this problem is the fact that even in instances in which liability might, unfortunately, be clear, the extent of the injury and, by extension, the dollar amount of the damages, often remains subjective and can therefore be grossly inflated by an overzealous judge or jury. Timely and professional “asset protection” planning, free of the most common mistakes physicians often make, can help a physician to weather this litigation storm.
Mistake 1 Consulting Counsel Too Late
Mistake 2 Hiring Inexperienced Counsel
Mistake 3 Attempting to Protect Too Much
Mistake 4 Failing to Consider Life Insurance and Annuities
Mistake 5 Failing to Update the Plan and/or to Get a Second Opinion
Mistake 6 Retaining Too Much Control
Mistake 7 Relying Too Much on the “Charging Order” Remedy
Mistake 8 Owning Real Estate Improperly
Mistake 9 Underfunding Pension Plans and Individual Retirement Accounts
Mistake 10 Relying on “I Love You” Wills
The above has been excerpted from the SEAK text, The Biggest Legal Mistakes Physicians Make and How To Avoid Them