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Know how to protect your financials from a malpractice lawsuit.
Q: How can I protect my financial assets from a malpractice lawsuit?
A: Malpractice suits, unfortunately, seem to come as part of a physician's job these days. Fortunately, several strategies are available to keep your assets safe from lawsuits. One involves using your accounts receivables as leverage, known as accounts receivable financing. It offers a way to protect your assets from creditors and predators, as well as from aggressive taxing authorities, while leveraging your current and future assets to create an untouchable income stream with a tax-free death benefit multiplier attached to it. In addition, it can protect your family by shielding your assets from "after-the-fact" lawsuits.
Another way to protect your assets from a lawsuit is a specialized pension income annuity. This strategy protects assets by making it impossible for others to gain control of your original lump sum of money while also providing you a stream of income for the rest of your life.
Any asset-protection strategy should be implemented only with the help of a professional such as an attorney or tax adviser. Make sure your adviser can explain to you how the strategies work and why they would make sense for your situation.
Send your money management questions to firstname.lastname@example.org. Answers to our readers' questions were provided by Peter J. D'Arruda, president of Capital Financial Advisory Group LLC in Cary, North Carolina, and Medical Economics editorial consultant Barry Oliver, CPA, PFS, Thomas, Wirig, Doll & Co. Capital Performance Advisors, Walnut Creek, California.