Asset Protection for Doctors

Medical malpractice insurance premiums are increasing with each passing year. The AMA Journal reported that nationally 1 in 2 doctors will be sued by age 55. Many internal actuaries reported by some medical malpractice insurance companies see their foreseeable insolvency based upon the rate of lawsuit claims made by doctors each year. True, many states like Virginia have set a lawsuit cap on the total amount for which a doctor would be liable ($2.5 million). However, these caps may not always cover every claimed injury or form of personal negligence supposedly performed by a doctor. In fact, many plaintiff attorneys are maneuvering their suits against a doctor under other types of claims which malpractice insurance and the cap may not cover, like a personal injury suit, for example. Doctors need to examine whether they should also add personal asset protection using an asset protection trust to further insulate their personal liability above and beyond solely relying on their malpractice carrier. The law firm of J.S. Burton, P.L.C. represents many doctors by forming their own personal asset protection trust plan to protect their assets from the potential threat of lawsuits. #assetprotection #assetprotectiontrusts #doctors #trusts
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