As medical malpractice claims continue to rise in the U.S., more physicians than ever are turning to asset protection strategies to help them avoid financial catastrophe in the face of a malpractice lawsuit.
While nearly every physician is at risk for a lawsuit, there are some doctors who experience legal claims more than most. Three of the most at-risk medical professions for lawsuits include obstetrics, neurosurgery, and radiology.
The reasons for the high percentage of medical claims in these fields are varied and complicated, but it often boils down to the rate of risk associated with these areas, rather than with lack of skill or professionalism on the part of the physician. Of course, there is the case of frivolous lawsuits as well.
Whether a lawsuit against a physician is well-founded or not, it can still cost an incredible amount of time, effort, and money. While it may help to reevaluate laws regarding malpractice litigation, there are more immediate things that doctors can do to protect themselves, and their personal assets, if a lawsuit is filed.
Traditionally, physicians have attempted to protect their assets by setting up living trusts and even placing their property in another person’s name. Now, however, physicians may find the asset protection vehicle they are looking for in a Family Limited Partnership.