Q. #5. As a licensed physician, I am very concerned about the rising costs of malpractice insurance as well as high litigation awards. How can I protect myself?
A. This question is more complex than it may appear. There are several questions which must be answered before a viable solution can be provided. For example: (a) in which state do you reside; (b) are you a general practitioner or a high-risk specialist (i.e., orthopaedic surgeon, gynecologist or obstetrician, etc.); (c) are you a sole practitioner or part of a professional corporation; (d) what type of assets to you own and what is their current gross and net worth; (e) what is your annual income; (f) what is the amount of your life insurance coverage and are you the owner of the policy(s); (g) what is your age; and (h) what is your family situation (e.g., married, single, divorced, children, etc.)
With this information we can better recommend an appropriate structure.
Call us today for a free consultation to discuss with you which estate planning and asset protection structure may be of benefit to you.