Are You Certain that Your Assets Are Protected?
November 17, 2023
Illinois physicians practice in a state with no cap on noneconomic damages and may have concerns about protecting their assets from mega-judgments that exceed their insurance coverage.
But there are also many other opportunities for physicians and their families to be exposed to large verdicts – beyond medical lawsuits. For example, a physician may own property on which lies “an attractive nuisance,” such as a swimming pool or jungle gym. And physicians are often viewed as having “deep pockets” by a jury due to their profession.
ISMS offers a medical legal guideline, Asset Protection, which provides general information on structured wealth preservation planning. Components of the plan could include estate planning; general asset protection; family asset protection; onshore and offshore trusts; appropriate ownership of assets; premarital agreements, if applicable; and statutory exemptions of property from attachment by creditors.
ISMS strongly encourages you to work with your financial and legal professionals to develop a tailored plan, as the guideline is for educational purposes only.
If you have questions, please contact the ISMS Legal Division by email.