Medical Malpractice Lawsuits are a Nightmare
The biggest legal nightmare for any doctor is a medical malpractice lawsuit. However, there are other forms of litigation that can be initiated against physicians, and all of these can leave your assets vulnerable. Couple weeks ago we blogged about how most doctors will face a medical malpractice lawsuit at some point in their careers. However, they may be at risk for more than just medical malpractice lawsuits.
Employment Lawsuits on the Rise
The economic downturn has meant an increasing number of employment and workplace discrimination lawsuits, and the medical community has not been immune. Employment lawsuits based on age, race, gender, and religious discrimination have increased over the past couple of years. Besides, your practice could also be a target for wrongful termination. Doctors are also frequent victims of sexual harassment claims. You could also be sued if one of your employees assaults, molests or abuses a patient.
Asset Protection Protects Wealth Against ALL Lawsuits
Besides, asset protection can help preserve your wealth during other types of legal action, including divorce, personal injury lawsuits, lawsuits from your partner physicians in case of a multi-physician practice, and creditors’ claims.
Asset protection can help preserve your assets against all forms of attacks, including litigation through employment, discrimination or other types of lawsuits. A doctor can be an easy target for a patient with a complaint, or a miffed employee. You can’t afford to leave your assets unprotected in these economically challenging, highly litigious times.
This isn’t to say that you will find yourself in any of these situations. However, if you do, it’ll be too late for you to take any steps to protect your assets. A general perception that physicians have endlessly deep pockets, creates a litigious environment in which it would be foolish to be without asset protection of some sort.
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