If you didn’t write it down, it didn’t happen.

Unless the other guy can prove it did. Then you’ll be caught out for lying, too. In the case of courts, judges tend to frown on that kind of thing.

I print out instructions in English and in Spanish. All of them say soething to the effect “Watch for worsening or worrisome symptoms and return the the ER for a reevaluation if you have any concern.” I am waiting for a lawsuit because I did not print them out in vietnamese, farsi, or swahili. It will happen.

” and have a 5 mill umbrella protecting me and my wife from excess liability. “

How do I get that? Can I buy an umbrella like this to cover me in excess of my malpractice liability? If I get sued will the lawyers know about this “umbrella” and pursue me even more vigorously?

Hi Again Docs: Sorry but the unbrella is usually restricted to personal negligence claims..I should have been more specific. As I understand it, nearly all retirement assets are protected by federal law from all creditors. OJ Simpson is a good example of IRA protection..he gets, I believe, 25k per mo from an old NFL pension, much to the dismay of the victim’s families who cannot reach it. Trust my wife? Well, I guess so..she’d get it in a divorce anyway. If I were you guys, I would invest in a great disability policy..your incomes are truly your prized possession. I would venture to guess that all of us are far more likely, in an actuarial sense, to become disabled than to get hit with some huge verdict. Yes, lawyers are a much disliked and distrusted group, often for good reason. However, I will tell you that the real evil in our society are the insurance comapnies all of which use blood instead of mortar between the bricks on their buildings. Real real bad institution, hence the pages and pages and pages of lawyers in your phone book. To get back to my original point, you guys are professionals and should not have to have sleepless nights over lawsuits. Take action and explore (and exploit) your rights to avoid calamity.

Since the attorney filing the suit (Scott Montross) is apparently the father of eight year NBA veteran center and former UNC Tarheel Eric Montross, I guess this suit may be a slam dunk.

Hi Dork..personal negligence claims are those issues of negligence not related to a commercial endeavor..driving, skiing, playing sports,etc. I’m not sure if you can buy an umbrella that covers commcial/medical claims. It would be expensive, I’d imagine. In terms of asset protection, the best way to look at the issue is like this: If you have a property worth, say, 500k, that’s in your name and is not your primary residence and is mortgage-free, you have a distinct, at-risk target that could be attached at the very least in the evemt of a lawsuit. Lawyers love unencumbered assets: your job is to legally encumber and protect your assets so nobody takes them from you. It’s that simple. Ask somone you respect for the name of a good corporate lawyer…not necessarily an estate lawer, but a corporate/business lawyer who is experienced in asset protection. Don’t use a phone book to find him or her…ask a colleague. Now, I have a medical issue and I need free advice: I am hopelessly addicted to ice cream. I’m 40 and have been eating ice cream my whole life and I can’t stop. Please help me.

That addiction can’t be controlled. I have tried. My prescription, I started running marathons. Now I have two great addictions

The smartest thing anyone with a salary of over $100K a year can do is buy an umbrella policy of at least $2 million. It’s too cheap not to.

CJD

No, you can not buy an umbrella for your malpractice. For that you just have to pay for malpractice insurance that covers a higher amount. The umbrella is just ofr things like hitting a kid with your car that ran out in the street in front of you. Or the 3 year old that drowned in your pool at your kids birthday party, etc. As I understand. For once I agree with CJD. It is not that expensive and worth that extra piece of mind.

“I seriously doubt with my boring lifestyle I’m going to injure a stranger in my free time and he’s going to sue me.”

You don’t drive?

CJD

Would a 529 plan (for my minor child) generally be protected in a bankruptcy??

Advice to all MDs out there. This is an excellent discussion, but do not rely on anything you read here or elsewhere. Asset protection is very state-specific (e.g., in my state, the cash value of a life ins policy is protected from attachment by creditors, but only if the beneficiary is spouse or child. For me, under these circumstances, it’s a great place to stash extra cash). In some states the homestead exemption is better than others, and in some it’s not limited to the primary residence. TALK TO A LAWYER. This is not a do it yourself project. It will cost a couple of thousand dollars to get a basic plan. And, yes, get that $2 mil umbrella. That’s a few hundred per year but will cover you for whiplash MVAs and people who slip and fall into your pool.