Top estate planning lawyer Guy B. Garner, III, Senior Attorney at Haiman Hogue in Arlington, TX, outlines steps doctors can take to prevent their assets from falling prey in the outcome of medical malpractice lawsuits. For more information please visit https://www.haimanhogue.com
Arlington, TX - June 17, 2023 —
Doctors are noted for their cautious approach to medical and patient care. That same strategy should also be adopted when they consider estate planning, urged Senior Attorney Guy B. Garner.
For more information please visit https://www.haimanhogue.com
This week, Garner, of Haiman Hogue, PLLC, in Arlington, TX., outlined several mistakes doctors make when planning to shield their assets from possible legal action and potentially falling prey in medical malpractice lawsuits.
One error is incorrectly assigning assets to a spouse, said Garner. “If a couple goes through a divorce or a spouse has legal difficulties, those assets could be exposed. So an effective asset protection plan is crucial if a doctor wants to properly protect their assets and doesn’t want to jeopardize these assets that are intended for inheritance purposes.”
A properly drafted asset protection trust must include a trustee who is someone other than either a beneficiary or defined as a subordinate under the Internal Revenue Code. He added: “By doing this, assets might be shielded from someone, like an ex-spouse, that may attempt to take away money intended for your children.”
Not having sufficient liability insurance is another common mistake among his clients in the medical community. He added: “Umbrella liability insurance covers the gaps left by homeowners and auto insurance. It often acts as an additional layer of security if a practitioner faces a lawsuit.”
Another misstep medical professionals make is adding their names to vehicles others use. “For example, if an adult child operates cars, jet skis and boats that are also legally in your name, then you could be sued if your child is in an accident,” he pointed out.
Garner went on: “Assuming that revocable living trusts are protected from creditors is another error I find medical professional clients often make. This type of trust allows you to freely transfer assets in and out, therefore they are not asset protected and the drawback could be that a judge orders you to use money in a living trust to pay back a creditor.”
Medical practitioners often overlook the details of transferring wealth to their family from their IRA or qualified retirement plan, particularly after the new federal SECURE Act. “A physician’s IRA or other retirement plans will be one of their largest assets,” he said. “But they are either overlooked for protection or little attention given to the beneficiary designations.”
He urged doctors to seek advice from an experienced asset protection attorney before making any significant decisions on their finances that they may come to regret.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 469-529-5502
Website: https://www.haimanhogue.com
Release ID: 89099400
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