Doctors need to be proactive about asset protection.While any given malpractice lawsuit might be aimed at the medical facility where you are employed, you may also be named personally in a suit. In that case, even if you are operating as an LLC or corporation, your personal assets can be at risk.

Asset protection and estate planning are critical for everyone, regardless of occupation or income, but they are especially important for professionals facing the possibility of malpractice claims. Even highly-skilled and incredibly careful medical staff can eventually face a lawsuit. 

Why You Need to Consider Asset Protection Strategies

Every medical professional should be thinking about asset protection strategies throughout their career. You don’t want a lawsuit to potentially throw your practice and your life into disarray. Malpractice insurance may not always cover the full cost of a claim, or a court may decide your personal assets are up for grabs.  That’s where an attorney comes in and can provide protection strategies, such as placing assets in various kinds of trusts. This must be handled before being sued for malpractice, however.

While medical malpractice is a constant issue, it’s also important to keep in mind that claims may also come from an unexpected direction outside your practice. Doctors who own homes, vehicle assets like 4 wheelers and jet skis, or rental units are also in danger of premises liability or personal injury lawsuits if someone is hurt on their property. 

It’s important to cover yourself from every possible angle and discuss potential risks with an asset protection attorney such as:

  • Ways to protect yourself or your business from lawsuits
  • Methods of keeping your home and vehicles safe from medical malpractice claims
  • Changing the ownership of assets to protect your family in the event a lawsuit endangers your property and finances
  • Ensuring your surviving spouse and children are cared for after you pass away or suffer a disability
  • Making sure you have enough to cover long term healthcare costs for yourself in your later years

Are You a North Carolina Doctor Worried About Your Assets?

Your situation as a medical professional is unique. Your strategy may vary depending on your specialty and whether you are an independent doctor in private practice or a full-time employee of a hospital. Get in touch with our dedicated asset protection attorneys to begin a quick consultation, and we can evaluate your situation to find the best way to protect what you’ve worked so hard to build up over your life.

John J. Peck
Wilmington Elder Law, Estate Planning & Asset Protection Attorney