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Shielding Personal and Practice Assets
At Chestnut Investment Group, we look at each client’s financial life in its totality, believing that integrated financial planning is not just about accumulating wealth. It’s also about protecting your business assets and personal savings through qualified plans and other techniques, to shield potential losses created by unexpected events that can significantly damage your finances—today and tomorrow.
Protecting Personal & Professional Assets
While Building More Practice Value
In light of ever-increasing malpractice lawsuits, escalating claims and subsequent
plaintiff awards, doctors who don’t proactively seek to protect their
practice and personal assets from judgment creditors run the risk of parting
with the fruits of a lifetime of hard work. Consider this: median medical liability
claims increased 114% from 1996 to 2002, and the average award reached $3.9
million in 2001, climbing to $6.2 million in 2002. *
Finding Protection in the Litigation Age
The threat of frivolous malpractice lawsuits and escalating liability jury
awards is one of the greatest challenges for doctors. According to a report
by the Insurance Information Institute, the median of medical liability jury
awards was $1 million in 2001, up 43% from 1999, and a single award for $131,700,000
was the largest in six years.
Regardless of the extent of your education and dedication, the very nature
of your profession puts you at ongoing risk of becoming a defendant in a lawsuit,
a daunting and stressful situation for anyone. A lawsuit can cause significant
damage to your personal and professional reputation, deplete hard-earned savings,
consume income and place your financial future in jeopardy.
Chestnut’s doctor clients seeking to reduce the threat of frivolous
legal claims can employ proactive malpractice protection designed by doctors
for doctors. Plans include day-forward coverage, as well as coverage for pending
lawsuits and past events dating as far back as your residency.
By addressing your financial life in its totality, and shielding your practice
with a healthy dose of asset protection, your Chestnut Advisor can help you
minimize exposure and mitigate losses.
*Medical Liability Reform-NOW, American Medical Association June 14, 2004.
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