What not to do when you are sued

What not to do when you are sued

You always hoped that this was never happen. Unfortunately, the day has come. Someone has either threatened to sue you, you are hopelessly behind on a bill, or you have been served with a lawsuit. No doctor wants to be in this position, but about half of doctors are in any given year. If you have an Integrated Estate Plan, it is time to put it into action and trust that you have done all that you can. What not to do when you are sued is very important.

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Is insurance enough to protect your assets?

Is insurance enough to protect your assets?

 

Business owners and the affluent should know a few things about their insurance. The first line of defense in any asset protection plan is the purchase of quality insurance policies. There is a lot more to it than just purchasing malpractice insurance. These and many other policies tend to have a lot of exceptions. There are also more threats to your wealth than just those springing from the practice of your profession. You should also protect yourself. Is insurance enough to protect your assets? Let’s examine some of the insurance issues in your personal life before we get into malpractice insurance itself.

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Doctors have to worry about the malpractice of their partners.

 

 

Doctors have a lot to worry about.  They constantly worry about their patients.  Their work is important and often it is a truly life or death situation.  Mistakes happen and this could results in a malpractice lawsuit.  Most doctors are professional, reliable, and consistent.  They handle the pressure and provide excellent care to their patients.

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Doctors and other High Risk Professionals need a Preventative Care Plan for their Money

 

Physicians and other medical professionals often stress preventative care and a healthy lifestyle. Preventative care can detect the onset of disease and other problems in time to design an effective treatment plan. It also allows for the detection of risk factors, and educating the patient on lifestyle choices that can help mitigate that risk. If this is such an important part of what it means to be a physician then you should put just as much care into your money.

Integrated Estate Planning is the preventative care plan for your money. It plans for the growth and protection of your assets. Your assets are managed with tax efficiency, safety from litigation, and your end goals in mind. Many people have an estate plan so that they can plan for disability and the end of their life. Physicians need more. They are at a very high risk for lawsuits and other financial challenges.

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Doctors and High Risk Professionals Should Not Risk Everything To Lawsuits

 

Most of us have heard the age old wisdom of “never put all of your eggs in one basket.”  It is surprising how many business owners just don’t follow this line of reasoning.  Large Corporations often have subsidiaries and break up their lines of business into multiple entities.  Why don’t physicians and other high risk professionals do the same?
Medical Professionals and others with a high risk of lawsuits should not ignore the way that large successful corporations work. It is unfortunate, but your malpractice liability is basically unlimited. You can’t afford to overlook any detail in your asset protection plan. This is especially important when you have offices in more than one state.

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Minnesota LLCs Lose Some Protection in New LLC Act

As many of you might know, there is a new LLC Act that goes into effect on January 1, 2018 for all LLCs in Minnesota.  I have previously written about how many of the changes might affect older businesses that operated under the old law.  However, there is also a change that many may not realize.  The Asset Protection features of the LLC in Minnesota were weakened.

LLCs and Partnerships have been attractive ways to protect assets in Minnesota for many years.  A Charging Order essentially allows for a creditor to receive any distributions from the LLC or the Partnership that the debtor might receive.  If the company doesn’t declare a distribution then the creditor isn’t able to get cash either.  However, due to IRS rules, the creditor still must recognize income related to the debtor’s share even if none is ever actually paid out.

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