Importance of Asset Protection Trust for Medical Professionals
The culture of lawsuits and suing each other has been growing at an alarming rate in the American society. According to official statistics, the number of civil suit filings in US district courts increased by 16.2% in the year of 2020 on a year-on-year basis. In today’s day and age, you might end up facing a lawsuit in San Diego for any kind of perceived wrongdoing. Given such circumstances and rampant use of lawsuits, being a Medical Professional (Doctor), Dental professional (Dentist), and/or Chiropractic Professional (Chiropractor) in San Diego, California can be very difficult. As a doctor, dentist, chiropractor you are always one simple mistake away from facing a malpractice lawsuit. Infact, the industry of malpractice law has been thriving in the recent years. According to statistics by the American Medical Association, about 1/3rd of doctors and dentists above the age of 55 have been sued for medical negligence.
The reason behind the rampant filing of medical malpractice lawsuits is clear, the medical professionals deal with critical parts of the human body and if anything goes wrong then people are quick to put the blame on their doctors. Thus, being a doctor, you are always at a risk of being sued for your assets. Considering the risks, you should always have proper asset protection mechanisms in place. You never know when things could go wrong, and you end up being sued.
The first and foremost step to protect your assets as a medical professional is to have a malpractice insurance. An insurance no matter the cost of premiums, will give you robust cover and help you to avoid expensive lawsuit settlements.
Apart from having an insurance you should also protect your assets through an asset protection trust. Asset protection trusts are essentially self-settled trusts which are created by individuals who are themselves the settlor and the beneficiary and are known as “domestic asset protection trusts”. The law in California does not allow the creation of an asset protection trusts for one’s own assets and prohibits it under the California Probate Code Section 15304. However, as a medical, dental or chiropractic professional facing constant fear of being sued, you can create a hybrid domestic asset protection trust in other states such as Nevada that do allow it and protect your assets.
As a medical professional in San Diego, California you should be aware of the risks associated with your assets due to medical malpractice lawsuits you could face, or even personal liability from actions unrelated to your profession. You should keep your assets safe and in order do so you must contact a San Diego lawyer for dentists and doctors. An expert San Diego lawyer for dentists and doctors will help to provide personal strategies for you so that you can keep your assets safe and secure.