It is commonly understood that contemporary society is easily the most litigious business environment known throughout history. This condition requires all high-income earners to always evaluate their need for financial protection instruments that shield them when legal disputes arise. One thing is for certain in contemporary society. Legal conflicts happen on a regular basis, meaning that being prepared beforehand is always the best step for anyone who may be financially liable beyond maximum insurance coverage.
One industry whose members are the target of a considerable number of legal actions is the healthcare industry, physicians and surgeons in particular. While it is a fact that medical professionals are still human and do make mistakes, it is also true that many claims brought forward are borderline at best. All professionals in the healthcare industry understand their need for errors and omission insurance protection, but this does not protect personal assets.
The best option for asset protection is usually establishing a revocable living trust that transfers excess personal wealth under ownership of a separate financial entity. The only damages available in a legal action will then be limited to insurance policy protection. This is a legal step that should also be part of an overall estate management plan that could include other financial instruments as well.
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