Westz33 Posted September 16, 2015 Share Posted September 16, 2015 Hello all, I am a mid to late 20's PA new grad with a few questions about how to protect investment properties or any personal investments in general against liability i.e. a malpractice lawsuit ? From what I could gather with online info and speaking with a business law attorney, a person could put/convert their investments i.e. property into a LLC then place into a trust and then purchasing a umbrella insurance policy to cover the trust. Also purchasing a higher converage limit even if having to pay out of pocket for medical malpractice insurance was suggested. Background - In a magical world for example I own 4 investment properties appraised at $1.5 million total, mortgage have all been paid off, I live in one of those investment properties, currently rent out remaining properties to college students and young families... I want to protect those investments from any medical malpractice judgements... (not that I suck at medicine, I'm actually great for almost new grad, but I've met so many fellow physician mentors and preceptors accross all medical fields who have been successfully sued and settled, over cases that were not their fault and that even the best teams of physicians in the world would have went with the same clinical judgement). Can anyone provide any advice? ideas? referrals to asset protection attorneys? business law attorneys? Finanical Advisors? Cert Financial Planners? shoud I speak to an asset protection attorney? more business law attorneys? Real estate attorneys? insurance companies? What did you do? How did you protect your hard earned dollars and investments? Thank you! Sorry I understand investment (worked with real estate brokers during my teens to 20's) and accepted that with medicine comes liability but there are some sorry to say BS medical malpractice settlement wins out there that are honestly won out of luck, hired "expert" testimony, emotion, protection of hospital name and not weighed on the gold standard practice of medicine, I was just focusing on learning and providing the best patient care possible during school and rotations, now that reality is coming soon, I want to be prepared for the worse in a malpratice loss, because in life you just never know, that is why we buy house/life/car/health/dental/disability insurance. thank you for you time and advice! much appreciated ! Link to comment Share on other sites More sharing options...
problem child Posted September 16, 2015 Share Posted September 16, 2015 Hello all, I am a mid to late 20's PA new grad with a few questions about how to protect investment properties or any personal investments in general against liability i.e. a malpractice lawsuit ? From what I could gather with online info and speaking with a business law attorney, a person could put/convert their investments i.e. property into a LLC then place into a trust and then purchasing a umbrella insurance policy to cover the trust. Also purchasing a higher converage limit even if having to pay out of pocket for medical malpractice insurance was suggested. Background - In a magical world for example I own 4 investment properties appraised at $1.5 million total, mortgage have all been paid off, I live in one of those investment properties, currently rent out remaining properties to college students and young families... I want to protect those investments from any medical malpractice judgements... (not that I suck at medicine, I'm actually great for almost new grad, but I've met so many fellow physician mentors and preceptors accross all medical fields who have been successfully sued and settled, over cases that were not their fault and that even the best teams of physicians in the world would have went with the same clinical judgement). Can anyone provide any advice? ideas? referrals to asset protection attorneys? business law attorneys? Finanical Advisors? Cert Financial Planners? shoud I speak to an asset protection attorney? more business law attorneys? Real estate attorneys? insurance companies? What did you do? How did you protect your hard earned dollars and investments? Thank you! Sorry I understand investment (worked with real estate brokers during my teens to 20's) and accepted that with medicine comes liability but there are some sorry to say BS medical malpractice settlement wins out there that are honestly won out of luck, hired "expert" testimony, emotion, protection of hospital name and not weighed on the gold standard practice of medicine, I was just focusing on learning and providing the best patient care possible during school and rotations, now that reality is coming soon, I want to be prepared for the worse in a malpratice loss, because in life you just never know, that is why we buy house/life/car/health/dental/disability insurance. thank you for you time and advice! much appreciated ! will you not be under your (future) SP's malpractice, as well as carrying your own (through your future employer)? I'm not sure how you could lose your quite enviable assets if you have two tiers of medical malpractice insurance.... Link to comment Share on other sites More sharing options...
Boatswain2PA Posted September 16, 2015 Share Posted September 16, 2015 Sharks chase blood, lawyers chase money. Yes, put them in a LLC. I have that with my investment properties. The LLC is technically a different entity than you are. Of course sharks/liars will still try to get it. Also, you can put spouse as co-owner of LLC. A trust may or may not be even better, and a blanket insurance policy would have to be a good idea. I hate lawyers....they cause sooooo much waste of efforts. Link to comment Share on other sites More sharing options...
Acebecker Posted September 16, 2015 Share Posted September 16, 2015 From what I recall, establishing yourself as the LLC may be the better way to go. Your professional persona becomes the LLC and your private life is separated. I think I heard this somewhere at a risk avoidance lecture. But, it was a couple years ago. Link to comment Share on other sites More sharing options...
Boatswain2PA Posted September 16, 2015 Share Posted September 16, 2015 Your medical business can be a LLC, but malpractice suit opens YOU to liability. Therefore having your medical busInes as an LLC gives you no malpractice protections. Link to comment Share on other sites More sharing options...
marktheshark89 Posted September 16, 2015 Share Posted September 16, 2015 Advice: Learn some humility while you are at it. "I'm actually great for an almost new grad". That kind of confidence is what gets alot of people into legal trouble. Link to comment Share on other sites More sharing options...
Moderator ventana Posted September 17, 2015 Moderator Share Posted September 17, 2015 Just make sure you carry enough medical malpractice liability that a plaintiff attorney would never decline the settlement. If you are carrying 1 million 3 million, an attorney's unlikely to turn away $1 million offer, to try to chase your 1.5 million. This is where insurance is beneficial, maybe you want to get it 2/6 policy, Or maybe an umbrella in the medical malpractice room. If you are renting the real estate should be in an LLC. Comes through to you on a K-1.Easy for taxes, does provide some protection. Link to comment Share on other sites More sharing options...
Westz33 Posted September 18, 2015 Author Share Posted September 18, 2015 Advice: Learn some humility while you are at it. "I'm actually great for an almost new grad". That kind of confidence is what gets alot of people into legal trouble. Hi! I'm really sorry I totally understand what you mean, I did not mean to come off as cocky nor do I act as if I know anything and everything in medicine as a new grad. I meant to say that I did pretty well in my courses and on all my rotations and built great relationships with my preceptors and other healthcare workers. The best advice given to me was that it takes 10 years of practice before anyone ever becomes comfortable, and school does not end with graduation, going into medicine is a commitment to lifelong learning. I totally understand what you mean, and believe me that I will always ask for help from my SP, RN's, fellow co-workers when needed, I would never endanger another persons health because of ego, overconfidence, cockiness. to everyone else, thank you for your input and advice, I will def. consider all your suggestions. Feel free to offer any more advice and thanks again all! Link to comment Share on other sites More sharing options...
Sam I Am Posted September 18, 2015 Share Posted September 18, 2015 I think this is most appropriate for a financial advisor. In fact, I just got off the phone with my advisor who works at Bullfinch. It's funny - he stated that docs are the worst business owners he's met. In fact, he said, VERY FEW docs know how to run a business. Even though they're huge wage earners, they have very little true wealth. I can see where your concerns are. If interested, PM me and I'll send you his contact. Link to comment Share on other sites More sharing options...
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