Years and years of school, and hours upon hours working through your residency is now paying off. You have officially become an MD here in Texas. Congrats!
With the excitement of your new career, and maybe some anxiety about juggling your home life and work life, you may not be thinking about taking steps to protect your financial future. But, unfortunately your new career puts you at risk of being sued.
The statics are astounding; according to the American Medical Association, 61% of physicians surveyed had been sued by the end of their career. These scary statistics are a very good reason to get your comprehensive asset protection plan in place now before you need it.
Any asset protection attorney in Houston will tell you that a solid plan will allow you to build a wall around your personal money and property so that they cannot be subjected to lawsuits and risks related to your medical practice.
For new doctors and seasoned physicians alike, there are several asset protection strategies that can be employed. For example, you may choose to put all of your assets in irrevocable trusts. By putting your assets in a trust, they are owned by the trust. Since you no longer own the assets, they are not vulnerable to lawsuits. A properly created corporation, such as an PC, LLC or LLP may also be necessary to separate the assets of your “business” from those of your personal use (such as your family home). Again, a qualified asset protection attorney here in Houston can help you work through all of your options based on your practice needs and desires.
Asset protection is the specialty of the law that addresses many of the concerns physicians have. There are several other strategies that you may choose to employ to organize your financial and business matters to minimize liability and lawsuit risks. There are several technical issues involved so it is always best to work with a qualified and experienced asset protection lawyer.
We invite you to contact our office at (281) 885-8826 and let us know that you are just starting your career and we’ll offer you a free consultation. Together, we’ll explore the strategies available to protect the assets you have now, and any that you will acquire in the future.