Asset Protection Planning And Strategies For Doctors

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The people sued the most (at least in the US, and the majority of other countries as well) are medical professionals.

A survey by the American Medical Association (AMA) shows that pretty much every physician will be sued for medical malpractice, at some point in their career. The exact number is 95%, which means significant risk, if there is no protection in place.

This situation doesn’t only effect doctors, but also their patients. In many cases limiting the access to much needed care, even during emergency situations.

Ending up with a malpractice claim isn’t only a problem limited to actual procedures performed, but also the location where the physician didn’t realize there was no coverage. Even if you have insurance in place, you can still end up in a situation that wasn’t anticipated, as a result of policy exclusions.

Asset Protection Planning And Strategies For Doctors - Infographic

One scenario that sometimes plays out, is that a medical professional performs a procedure in a medical facility, which should be covered by insurance. Many times the amount claimed by the patient can exceed the policy limit, which is why implementing asset protection planning and strategies for doctors is so important. By using for example an offshore trust to protect assets including savings, there is no limit to what can be protected. And is in many cases an affordable extra safeguard, as an addition to having insurance.

The point of an asset protection plan isn’t necessarily to completely replace insurance, but cover all policy exclusions and compensation limits.

Having the mindset of “I don’t feel like nothing bad will ever happen to me.” is naive. It only takes one litigation going the wrong way, and that’s why it’s better to be safe than sorry. Especially when the numbers are so clear, about the clear risk you are exposed to.

There are medical professionals that have lost their entire business, going through years of litigation, having savings accounts frozen during a long standing legal battle. I hope that won’t be you, it shouldn’t be, not for those that are doing good, saving lives and helping others.

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Fredrik helps high net worth individuals with creating international asset protection strategies. To keep anything from currency, real estate, precious metals and any other kind of investment protected from an unexpected lawsuit.