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State of Residence

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  • State of Residence

    I am looking for clarification, preferably with sources, on a question about asset protection:

    Am I correct that which assets are protected depends on the state in which I live, not the state in which I practice? I live in a state with excellent protection from creditors, particularly the homestead exemption, but will be practicing in a neighboring state which is not as attractive from that standpoint (worse malpractice environment as well, but better long term position for me...).

    It seems like a naive question, but I haven't actually seen it spelled out anywhere: the assets that could potentially be vulnerable in a future malpractice claim depends on the state in which I live but the specific judgement limits and other malpractice laws depend on the state in which I practice? Correct or incorrect?

  • #2
    The laws of both states could very well apply.  You should speak with a qualified attorney in your area.