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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with safeguarding the assets you have built up.
As I have previously discussed in my post, “The Financial Life Cycle,” there are various financial stages that one progresses through as one ages.
It is important to have in place the appropriate asset protection level for the stage of life you are in.
Fortunately FI Physician lays out a blueprint to do just that in, “Safeguarding Assets Through The Life Stages.”
It is always good to look at individuals who have achieved what you are striving to do and find out what works for them.
The same is true about finding out what ways successful people use to protect their assets.
Forbes shares some insights of the 1 Percenters in, “4 Ways Wealthy Families Protect Their Assets From Lawsuits.”
A man’s (woman’s) home is his (her) castle.
In medievil times one great way to protect a castle is to build a large moat around it.
Similarly a properly constructed asset protection plan allows you to build a moat to defend yourself from outsiders trying to take your treasures.
Forbes continues with the asset protection series in, “6 Asset Protection Strategies To Shield Your Wealth.”
The very nature of a physician’s profession, dealing with life and death scenarios almost on a daily basis, as well as the perceived deep pockets of a physician by society, makes doctors vulnerable to being served a lawsuit at least once during their medical career.
Although I have never faced a medical lawsuit, knock on wood, I had to endure going through the process of living through a $4 million dollar civil lawsuit brought on by my ex-wife.
I can tell you that you go through the gamut of bad emotions during the entire process which is incredibly stressful especially if you still have to manage your normal work life.
The absolute worst day is when you first get served.
All seems lost and you begin to doubt yourself.
The Doctors Company helps guide you through this trying time in, “You’ve Been Served: Lawsuit Survival Tips For Physicians.”
Malpractice lawyers know that physicians are incredibly busy individuals and absolutely dread going to court to defend their name.
It is therefore not uncommon for a physician just to settle out of court to avoid the hassle and malpractice lawyers prey on this behavior.
[As an aside, when I first got served with my above referenced $4M civil lawsuit, I asked my lawyer to offer a settlement at the very beginning and even after the first day of the jury trial (I believe our top offer was just shy of 6 figures).
Thankfully the greedy nature of my ex and her lawyer resulted in refusal both times, causing them to walk away with $0 when it was all said and done.]
Thrive Physician answers whether this is the right thing to do or not in, “Should I Settle My Medical Malpractice Lawsuit? 6 FAQs for Physicians.”
Hope you enjoyed the reading material.
Have a great rest of the week.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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