Medical Professionals

A lawsuit could have easily been started against you in the above-entitled court by the above-named Plaintiff. Plaintiff's claim would undoubtedly be seeking exorbitant monetary damages in an attempt to force you to settle or risk losing everything you own. Hopefully for you, you have not experienced a real lawsuit. However, if you received this you would undoubtly be asking yourself: Am I protected? Are my assets safe from creditor claims?

As a medical professional you are at the utmost risk for a frivolous lawsuit and today you probably know all to well from other professionals in your field that Courts have become all to sympathetic to plaintiffs. The result has been a loss of respect for professionals and a feeling of entitlement to compensation for the smallest problems.

The following cases illustrate the paramount need for protection in today's litigious society:

• $214 Million awarded to the parents of a child born with mental retardation. Plaintiffs alleged that the doctor negligently issued drugs to a mother during birth and did not check in on her for an hour resulting in the mental retardation. The plaintiffs demanded only about $1.3 million in their final settlement offer; yet, the jury returned a verdict of $214,000,000. (Thompson v. Zimmerman, MD; Delta Memorial Hospital).
• $17 Million awarded to a person injured in an auto accident. Plaintiff claimed his injuries were a result of the post-accident treatment and not the accident. (Ponce v. Bullias, MD; Astarita, MD.)
• $80 Million awarded to the mother of premature twins, one of which was born experiencing respiratory distress and bleeding into her brain, resulting in cerebral palsy. Plaintiff claimed the injuries resulted from the doctor's lack of care and attention when he knew she was carrying twins. (Brenner v. Ira Spector and Steven Klein and Spector and Klein)
• A woman given a verdict of $484,000 because of surgical scarring. (Kernoul v. Gaal)
• A 34-year-old man received $560,000 for an injury to his big toe. (Castellanos v. Drehsen).
• An 18-year-old in Washington State received $771,791 for an elbow and hand injury that he claims resulted from orthoscopic surgery. (John Doe v. John Doe.)

These cases should scream at you that judges and juries are, for the most part, committed to running a sort of charity in which the only just reaction to individual tragedy is unbounded generosity, which any medical professional and his or her insurer surely can afford to pay.

Other Areas of Concern

In addition to malpractice claims, medical professionals are just as likely to be embroiled in a lawsuit over bad investments, divorce, partnership breakup, or bad tax advice. Every physician you talk to can relate a story about a medical professional who was sued by patients, a spouse, a business partner, or the IRS for an abusive tax shelter. The problem for most medical professionals is the target they wear on their chest, MD, which proudly proclaims them to be a person with assets and a target for asset protection solicitaiton. Many promoters who target medical professionals offer all sorts of gimmicks and schemes that will supposedly put assets beyond the reach of creditors and/or taxation. The krux of the matter is that most of these strategies will land you in Club Fed on an extended holiday. Do it yourself asset protection kits or fancy strategies are a trap for the unwary. To minimize the risk of litigation and loss of wealth requires a custom-tailored plan that does not invlove complicated strategies or a product where one size fits all. Asset protection planning should be simple but strong so your wealth is protected in a manner that you understand and that does not invite scruitinity.

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