What every medical professional needs to realize is that litigation is business. It is a form of trade that some attorneys practice. It is a form of business that some non attorneys, your patients, use as means and income for living.
There is an argument to be made that litigious population is a result of common law legal system in the United States . Since law in our country is “precedential” , there is always a risk that:
1. You will find a similar situation that was ruled upon in favor of the patient.
2. You can always make new law.
Some say that this is dangerous. I think that this is simply a byproduct of our legal system. Risks of litigation should be factored into a business model of every medical professional.
Therefore, dear Doctors, do not wait to become a victim of this Litigious society. Act to protect your assets. Be proactive and plan for risks of litigation. Protect what you worked so hard to achieve and save for your heirs.
Many estate planning techniques offer excellent asset protection mechanisms. Just to give a few ideas:
1. Think about centralizing your family’s assets’ management through LLCs or corporations and sell some or all of your interest into trusts for your children,
2. Think about creating various classes of interests in your family partnerships,
3. Create various fractional vertical slices of interests in your businesses and gift to your children’s trusts.
Pulling together business law, tax principles and estate planning techniques, we craft customized and highly complex structures to meet your needs and demands. We work closely with you and your family to craft structures that are flexible but durable and tested by case law.
We work with New York trusts but can also take you to stronger asset protection jurisdictions, such as Delaware or Alaska.
Disclaimer: Always be mindful of creditor protection laws and do not attempt to transfer any assets with intent to defraud your creditors. Call us 212.596.7039 for a conversation about asset protection planning.