Serving Clients Throughout Wisconsin & Illinois 

Asset Protection: How Can A Doctor Protect Her Assets?

When it comes to asset protection, it doesn’t matter your specialty, says Physician Sense’s recent article, “The Dos and Don’ts of Asset Protection for Doctors,” which advises there are two kinds of doctors—those who’ve been sued and those who’ll be sued.

doctors in uniform

With a good chance of being involved in a malpractice suit at some point in your career, the time to think about protecting your assets is right now, before a patient sues. After the fact, this might look like a way to avoid a creditor. Many courts will cancel those actions.

While no one wants to dwell on the possibility of a lawsuit, the good news is that most doctors already have the asset protection they require.

Malpractice insurance protects them up to a certain amount of damages, and most have their money in protected accounts, like qualified retirement accounts (401(k)s) and equity in a primary residence.  However, there are a couple of other things that can be done to add protection.

If, in a lawsuit, a judge issues a verdict that exceeds the limit of a doctor’s malpractice coverage and the patient wants to collect immediately, it may be hard and time consuming for them to come after protected assets. However, where most run into trouble is when life outside of medical practice comes into play. This could be when a doctor’s child injures somebody in a car accident, the family dog bites the paperboy or the handyman is injured at their home.

To avoid these situations, physicians should have the following:

  • A personal umbrella insurance policy that will protect against life’s non-malpractice-related mishaps;
  • Disability insurance to insure your ability to earn an income; and
  • Auto and homeowner’s insurance.

We invite you to talk with one of our Madison, Wisconsin, or Rockford, Illinois, area attorneys who specialize in estate planning, because most doctors will face a lawsuit at some point in their career.

ReferencePhysician Sense (August 7, 2019) “The Dos and Don’ts of Asset Protection for Doctors”
Categories

 


Quality Counsel

Experience You Can Count On

What Sets Us Apart?

Our Philosophy
  • Compassion
  • Integrity
  • Pursue Excellence
  • Teamwork
  • Innovative
  • Veteran Owned

The Stories That Matter

Read Our 5 Star Reviews
    [Matt] was very engaging and rephrased any questions we didn't udnerstand.

    “Matt was able to answer my questions without all the legal mumbo jumbo. He was very engaging and rephrased any questions we didn't udnerstand. Due to COVID pandemic, we were limited to a phone ...”

    - Steven
    [Matt] was very helpful...

    “He was very helpful in answering our questions and providing guidance that we understood.”

    - Troy
    He took the time to understand our goals and our family situation. He was friendly, thorough, and very knowledgeable.

    “What a great attorney! He explained everything to us in plain English, with no legal jargon. He took the time to understand our goals and our family situation. He was friendly, thorough, and very ...”

    - Mark
    Krause Donovan was wonderful...they asked all the right questions, were patient with our back and forth, and everything was wrapped up successfully.

    “My husband and I needed a will and turned to Krause Donovan for their help after the firm had invited us to a "what is estate planning all" about dinner/meeting. Having a will was something we knew we ...”

    - Kris
    Nelson was very understanding and put me at ease from the introduction. He thoroughly explained processes, answered all questions, took the time needed, and was detail-oriented.

    “I first met with Mr. Donovan this fall to discuss my estate planning. This is something a person dreads doing, but Nelson was very understanding and put me at ease from the introduction. He thoroughly ...”

    - Sherry
/

Take the Next Step

Schedule Your Consultation Today
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please enter your address.
  • Please enter your city.
  • Please make a selection.
  • Please enter your zip code.
    This isn't a valid zip cide.
  • Please make a selection.
  • Please make a selection.
  • Please enter a message.