Physician asset protection is a legal concentration designed to protect the assets of a physician from legal risks such as professional malpractice concerns or breach of contract litigation or partnership disputes.
The key to successful asset protection is advanced planning. Advanced planning is key because advanced planning reduces the liklihood of any claims that you attempted to defraud your creditors. A key component of asset protection is planning against future creditors.
A future creditor is a creditor that has not materialized yet. Thus, the key is you should not have an active malpractice or litigation matter. For most Physicians, malpractice exposure is not the most significant legal risks.
In most cases, the most significant legal risks is a partnership dispute or a breach of contract or fraud case. I know you are thinking that you would never be involved in a fraudulent matter. However, it is easy to classify a litigation matter as fraud or conversion. Generally, a fraud or conversion claim enables a Plaintiff to seek punitive damages and attorney's fees.
In my experience, a good asset protection plan protects your home, any real estate or vacation property, and your bank accounts and significant stock holdings. For different Physicians, the simplication or complexibility of your asset protection plan may differ depending on your marriage status, your desire for a simple or complex plan, or your potential legal exposure.
Sean Robertson is an Asset Protection Attorney for Physicians and Dentists. Sean Robertson is based in downtown Chicago, Illinois, which is in Cook County. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
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