Most physicians are aware that they face an increased risk for litigation and exposure to personal claim attachments. That being said, many individuals make mistakes when it comes to transitioning out of their training and residency into the accumulation of wealth phase of their life.
Medical malpractice claims are certainly disconcerting for physicians but individuals might also be facing bogus employee lawsuits, commercial real estate creditor claims, or claims against physicians or investors for their role in non-practice related businesses. Doing nothing now can be the biggest mistake that you can make with regard to your asset protection planning. This is because if you wait until an incident happens, it is already too late to fix a great deal of the damage.
This is because if you wait until an incident happens, it is already too late to fix a great deal of the damage. Instead you should be proactive with protecting your assets as your wealth accumulates over the course of being a physician. Consulting with a knowledgeable asset protection planning attorney in New Jersey is essential from the outset of establishing your own practice or completing your residency. Doing so will give you the most up to date information about how to protect yourself as your wealth accumulates. There are many different risks that you may face as a physician but properly planning can guard your personal assets from being attacked.