As Torrance asset protection attorneys, we know that LA County physicians face the likelihood of a malpractice lawsuit during their careers, regardless of specialty or practice type. Considering the potential risks, it’s crucial for physicians to take steps to protect their assets and plan their estates before a patient files a lawsuit. Waiting until after a suit has been filed could be seen as a way to delay a creditor, and a reasonable court may set those moves aside.
Many LA County physicians already possess adequate coverage through malpractice insurance and protected accounts like 401(k)s or home equity. However, it’s essential to consider additional layers of protection for non-medical life events, such as accidents involving family members or property.
Asset protection planning includes a personal umbrella insurance policy, disability insurance, auto insurance, and homeowners insurance. These policies cover unexpected events and provide a safety net for your assets. Moreover, there’s always the possibility that a judgment exceeds a malpractice limit, which must certainly be planned for.
In addition to your asset protection plan, you will also want to start thinking about a comprehensive estate plan. What are your own wishes for incapacity or aging? Do you own your own practice, and have you appointed a successor? How will your wealth and inheritance matters be handled amongst your family? If you have a blended family, are divorced, in a subsequent marriage, or have heirs who are struggling with mental health challenges, poor decision-making, or substance abuse, those issues may require specialized attention.
As a physician, you should also consider consulting with a local estate and asset protection attorney who understands the unique challenges faced by medical professionals in California. They can help you navigate the complexities of asset protection and ensure your estate plan aligns with your goals and values.
It’s also important to regularly review and update your asset protection and estate plan, especially during major life events or changes in California law. This will help you maintain a strong financial foundation and stay prepared for any unforeseen circumstances.
As a final word of caution, be wary of firms and companies promising “offshore asset protection,” as it often creates issues with accessing your funds and may not provide the security you’re seeking.
In summary, don’t wait to think about your asset protection planning and estate planning as a physician in LA County. The time to prepare for potential lawsuits is now, not after they have been filed. By taking proactive steps to secure your assets and keep your affairs in check, you can ensure a more stable financial future and sleep with peace of mind.
If you need assistance with any step of the process, our Torrance asset protection attorneys are here to help. Simply contact our law firm at 310-782-6322 to schedule a consultation.