ThrivePhysician.com | WHAT IS PERSONAL ASSET PROTECTION AND WHY DO I NEED IT?

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published in ThrivePhysician.com

Some weeks ago, a reader requested a post on the issue of personal asset protection. This great idea took time, mostly because I had so much to learn myself.

While I may have an advanced degree, it most certainly is not a JD! Need I even mention that none of what I have to say should be construed as “legal advice?”

Many thanks therefore go to David Woodburn, JD, leader of the Trust and Estates Practice Group at Buckingham, Doolittle, and Burroughs, in northeast Ohio, for sharing his time and expertise.

WHAT IS PERSONAL ASSET PROTECTION AND WHY DO I NEED IT?

Robin's nest with eggsI’m sure that the reader I mentioned came to me with this idea simply because nothing strikes greater fear into many physicians’ hearts than the thought of a malpractice suit resulting in a jury award greater than what the malpractice insurance policy will cover.

Stories abound regarding awards of $1.5 million and more, and yet, our policy limits generally provide for $1 million in coverage per occurrence, $3 million in aggregate. Consequently, physicians may worry that plaintiff’s lawyers will come after their personal assets in an attempt to cover the difference.

Interestingly, however, malpractice litigation is not the most pressing reason for a physician, a nurse, or any other healer to take a look at how they protect themselves from a claim against their savings and other assets… [continued]

David Woodburn is leader of the Trust and Estates Practice Group.

Dirk Riemenschneider is the Health & Medicine Practice Group leader.

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