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How to protect assets as an employed physician

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  • How to protect assets as an employed physician

    I'm an employee of a very large hospital corporation. They have provided me malpractice insurance and when I asked if I can raise it, they told me that there are umbrella insurances in place that they can't reveal to me that will also protect me beyond my malpractice limits. What else can I do to protect my assets beyond these limits. I live in a state that has a cap on non-economic damages.

  • #2
    do the normal things.
    https://www.whitecoatinvestor.com/to...s-for-doctors/

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    • #3
      Originally posted by Peds View Post
      Lol some of these made me laugh: Date Night.

      I meant protect my assets against from patients not from the spouse.

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      • #4
        Originally posted by whitecoatinvestoruser View Post
        I meant protect my assets against from patients not from the spouse.
        Realistically, it's your spouse you need to worry about. Far more physicians lose assets in divorce proceedings than ever lose assets because of a malpractice verdict which exceeds their insurance cap. Remember, common things are common! What good does it do to protect yourself against a zebra only to end up being run over by a horse?

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        • #5
          Originally posted by artemis View Post

          Realistically, it's your spouse you need to worry about. Far more physicians lose assets in divorce proceedings than ever lose assets because of a malpractice verdict which exceeds their insurance cap. Remember, common things are common! What good does it do to protect yourself against a zebra only to end up being run over by a horse?
          True, but my wife brings in more than I do so I don't have to be worried about that.

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          • #6
            Originally posted by whitecoatinvestoruser View Post

            True, but my wife brings in more than I do so I don't have to be worried about that.
            That depends on what state you live in. Different states have different rules when it comes to division of assets in a divorce.

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            • #7
              Originally posted by artemis View Post

              That depends on what state you live in. Different states have different rules when it comes to division of assets in a divorce.
              Not really, since I'm the one earning less I don't have to be worried about it.

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              • #8
                Originally posted by whitecoatinvestoruser View Post

                Not really, since I'm the one earning less I don't have to be worried about it.
                In some states, you could lose half of your assets to your wife. Sure, yo might also get some of hers, but it could still leave you short of what you had pre-divorce. So you do need to consider it.

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                • #9
                  "Not really, since I'm the one earning less I don't have to be worried about it."
                  Kinda depends on the final divorce order. There is a real possibility that she might outgun you on the attorney side. Good luck if you ever run into it. Disputed property settlements can very easily end up at zero and in the hole. Good luck digging out. Large amounts of wealth are squandered just to "prove a point". Happens more than you see in the "news".

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                  • #10
                    Originally posted by Tim View Post
                    "Not really, since I'm the one earning less I don't have to be worried about it."
                    Kinda depends on the final divorce order. There is a real possibility that she might outgun you on the attorney side. Good luck if you ever run into it. Disputed property settlements can very easily end up at zero and in the hole. Good luck digging out. Large amounts of wealth are squandered just to "prove a point". Happens more than you see in the "news".
                    You guys keep driving a point that I don't care about: I'm not worried about protecting assets from wife.

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                    • #11
                      It is not a flippant point, just the odds. Great that your wife will never be an issue with regards to your assets.

                      never heard of an extra policy you can have in addition to your medmal coverage. one would think they go after hospital as you are its agent, if there is a verdict above policy limit.

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                      • Sparky
                        Sparky commented
                        Editing a comment
                        having an extra personal malpractice umbrella policy may be an invitation to go more aggressively after you beyond the usual 1M/3M your employer provides. Better to think about aggressive asset protection to make you assets seem less accessible and not worth the extra time and effort

                    • #12
                      I would probably take the hospital at its word that it had a secret umbrella policy on you and that you would be covered in the event an over the judgement limit. I'm no attorney, but my impression from hearing about these large settlement cases involving big hospitals is that usually the hospital does pay the big settlement and the physician employee doesn't get stuck with a bill. I don't know the legality behind it, but I was under the vague impression that they always would just hold the hospital or employer as liable for the physicians actions because they were the ones who allowed the physician employee to operate there. I also am under the impression that if the hospital did not provide some degree of coverage and you had a large lawsuit against you, you could sue the employer for not defending you or taking care of your lawsuit. I'm not sure about that last part though. I think that it's similar to if some employee at some big department store drops a box on someones head and they get sued, the big department store is usually the only one paying out. Anyways, regarding your primary concern, I'm not sure how else you could protect your assets from your wife other then meeting with a good divorce attorney.

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                      • #13
                        Originally posted by whitecoatinvestoruser View Post

                        You guys keep driving a point that I don't care about: I'm not worried about protecting assets from wife.
                        Give all your assets to your wife. Problem solved.

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                        • #14
                          I can only offer bad advice: Stay current with the research. That will help keep you from doing things outside the standard of care. Don't be the the pioneer of any new medicine or procedure. Stay in the middle of the road.

                          Downside of being a doctor, you're generally a target.
                          "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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