Comments on: Malpractice in West Virginia http://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html Tue, 14 Feb 2012 17:18:00 +0000 hourly 1 By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62569 Anonymous Tue, 02 May 2006 01:58:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62569 Again, I'm the guy who is not a lawyer,<br/><br/>What I read says is that strategy is much more efffective if it appears like you are doing it for another reason. "Your honor, my wife was pregnant and we needed a 3rd bedroom" rather than doing something just to move the assets from a non-protected to a protected class. <br/><br/>Having said that, if you drain your assets and pay off any outstanding debt, that helps you two ways. Additionally, if you are moving to a state like Florida where your house cannot be attacked by creditors you could buy a house without a mortgage. Again, I’m the guy who is not a lawyer,

What I read says is that strategy is much more efffective if it appears like you are doing it for another reason. “Your honor, my wife was pregnant and we needed a 3rd bedroom” rather than doing something just to move the assets from a non-protected to a protected class.

Having said that, if you drain your assets and pay off any outstanding debt, that helps you two ways. Additionally, if you are moving to a state like Florida where your house cannot be attacked by creditors you could buy a house without a mortgage.

]]> By: jbhttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62567 jb Tue, 02 May 2006 01:48:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62567 Asset protection is extremely state specific. It is not a do it yourself project. Some general guidelines that I have learned:<br/>1. If you have money or mutual funds in your own name (like an ordinary person would), you are highly exposed and it would be child's play for a plaintiff lawyer to get to them in the event of a loss that exceeds your policy.<br/>2. It is mandatory that you take steps to protect your assets before something bad happens- anything you do after the suit is filed will be called a fraudulent conveyance and will be reversed by the legal system. Get started now!<br/>3. If you have a fairly simple financial situation, it is easy and inexpensive ($hundreds to a couple thousand) to speak to a lawyer who knows your state's requirements. The best way to find these lawyers is to talk to your physician colleagues.<br/>4. The best form of protection in any state is to put as much of your assets into qualified retirement plans (IRA, 401k, SEP, etc.) as possible. My understanding is that these are all protected from creditors by federal law that supercedes any state law to the contrary.<br/>5. Most states will protect your home, but again, talk to lawyer.<br/>6. If your state allows it, a cash value life insurance is a good place to park extra cash for thing like college expenses. My state protects these funds from creditors but only if the beneficiary of the insurance is spouse or children. Get legal advice on this one.<br/>7. Even if you think your policy is adequate for any damage your might conceivably do, check your state laws for "joint and several liablilty." This means that if you are deemed 1% responsible for damages, and a colleage or hospital is 99% responsible, the law will look to you to pay 100% of damages if your codefendants can not pay.<br/>8. Taking legal advice from an MD like me is as smart as having your breast biopsy done by a lawyer. Please talk this over with a qualified lawyer. Good luck. Asset protection is extremely state specific. It is not a do it yourself project. Some general guidelines that I have learned:
1. If you have money or mutual funds in your own name (like an ordinary person would), you are highly exposed and it would be child’s play for a plaintiff lawyer to get to them in the event of a loss that exceeds your policy.
2. It is mandatory that you take steps to protect your assets before something bad happens- anything you do after the suit is filed will be called a fraudulent conveyance and will be reversed by the legal system. Get started now!
3. If you have a fairly simple financial situation, it is easy and inexpensive ($hundreds to a couple thousand) to speak to a lawyer who knows your state’s requirements. The best way to find these lawyers is to talk to your physician colleagues.
4. The best form of protection in any state is to put as much of your assets into qualified retirement plans (IRA, 401k, SEP, etc.) as possible. My understanding is that these are all protected from creditors by federal law that supercedes any state law to the contrary.
5. Most states will protect your home, but again, talk to lawyer.
6. If your state allows it, a cash value life insurance is a good place to park extra cash for thing like college expenses. My state protects these funds from creditors but only if the beneficiary of the insurance is spouse or children. Get legal advice on this one.
7. Even if you think your policy is adequate for any damage your might conceivably do, check your state laws for “joint and several liablilty.” This means that if you are deemed 1% responsible for damages, and a colleage or hospital is 99% responsible, the law will look to you to pay 100% of damages if your codefendants can not pay.
8. Taking legal advice from an MD like me is as smart as having your breast biopsy done by a lawyer. Please talk this over with a qualified lawyer. Good luck.

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62566 Anonymous Tue, 02 May 2006 01:26:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62566 Thanks. Just one more question. If I don't own real estate, but have all my money in mutual funds, if I buy a house tomorrow, and use the mutual funds, and they try to take it away from a lawsuit from like 2003, can they do that? Is it worth it for me to buy a house because this will keep my money away from the lawyers? Thanks. Just one more question. If I don’t own real estate, but have all my money in mutual funds, if I buy a house tomorrow, and use the mutual funds, and they try to take it away from a lawsuit from like 2003, can they do that? Is it worth it for me to buy a house because this will keep my money away from the lawyers?

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62563 Anonymous Tue, 02 May 2006 01:12:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62563 Also, if you're doing other things like rental property or other businesses, put them in a separate LLC or Corp. and they'll be protected. Also, if you’re doing other things like rental property or other businesses, put them in a separate LLC or Corp. and they’ll be protected.

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62562 Anonymous Tue, 02 May 2006 01:11:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62562 Dear Anon 6:19<br/><br/>I believe those things are state specific. I am a doctor and not a lawyer. I went to a lawyer and specifically asked him which of my assets were at risk during a lawsuit and he walked me through each and how to avoid putting those assets at risk. I would recommend you do that specific to your state. I would be very surprised if your retirement assets were at risk. Additionally, they can't take your house and leave you the mortgage. They can only attack equity. In that sense you need to drain any equity you have in easy targets and transfer them to hard targets. Again, this all depends on the specific rules of your state and your individual situation. (i.e. take out a home equity loan and max out a SEP, deferred comp, whole policy life)<br/>b Dear Anon 6:19

I believe those things are state specific. I am a doctor and not a lawyer. I went to a lawyer and specifically asked him which of my assets were at risk during a lawsuit and he walked me through each and how to avoid putting those assets at risk. I would recommend you do that specific to your state. I would be very surprised if your retirement assets were at risk. Additionally, they can’t take your house and leave you the mortgage. They can only attack equity. In that sense you need to drain any equity you have in easy targets and transfer them to hard targets. Again, this all depends on the specific rules of your state and your individual situation. (i.e. take out a home equity loan and max out a SEP, deferred comp, whole policy life)
b

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62558 Anonymous Tue, 02 May 2006 00:28:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62558 " I read somewhere the average payout is 3-4 million dollars."<br/><br/>That's false. The average payout I believe is approximately $300,000. <br/><br/>"when several really bad outcomes have occurred, any of which could lead to a multimillion dollar payout."<br/><br/>The mere existence of a bad outcome is not your worry, even assuming negligence. Your biggest awards will come from those victims with high economic damages and a significant amount of pain and suffering. Worst case is a high earning individual (like a physician), who suffers a debilitating injury which renders them unable to work, and the injury is visible to the naked eye and involves the loss of a common body function. Lawyer in my town had a case of a physician rendered unable to work. Settled for policy limits within a week of the demand. <br/><br/>This assumes you're not drunk or high or something egregious like that. If that's the case, all bets are off because you're looking at punitives. ” I read somewhere the average payout is 3-4 million dollars.”

That’s false. The average payout I believe is approximately $300,000.

“when several really bad outcomes have occurred, any of which could lead to a multimillion dollar payout.”

The mere existence of a bad outcome is not your worry, even assuming negligence. Your biggest awards will come from those victims with high economic damages and a significant amount of pain and suffering. Worst case is a high earning individual (like a physician), who suffers a debilitating injury which renders them unable to work, and the injury is visible to the naked eye and involves the loss of a common body function. Lawyer in my town had a case of a physician rendered unable to work. Settled for policy limits within a week of the demand.

This assumes you’re not drunk or high or something egregious like that. If that’s the case, all bets are off because you’re looking at punitives.

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62550 Anonymous Mon, 01 May 2006 22:19:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62550 I have an important question, I don't know if anyone who reads this forum knows the answer. I am seriously considering leaving medicine in the next few weeks because of the malpractice climate. My specific concern is that here in Massachusetts, where I work, there are no real limits on Payouts, or tort reform. I read somewhere the average payout is 3-4 million dollars. My insurance covers only 2 million. I've been unfortunate enough to be working in the past when several really bad outcomes have occurred, any of which could lead to a multimillion dollar payout. So here's my Question: Do any of you personally know physicians who have lost personal assets or been forced to declare bankruptcy because they have lost a lawsuit? I'm hoping for legit, truthful answers and not editorial glib. Thanks. I have an important question, I don’t know if anyone who reads this forum knows the answer. I am seriously considering leaving medicine in the next few weeks because of the malpractice climate. My specific concern is that here in Massachusetts, where I work, there are no real limits on Payouts, or tort reform. I read somewhere the average payout is 3-4 million dollars. My insurance covers only 2 million. I’ve been unfortunate enough to be working in the past when several really bad outcomes have occurred, any of which could lead to a multimillion dollar payout. So here’s my Question: Do any of you personally know physicians who have lost personal assets or been forced to declare bankruptcy because they have lost a lawsuit? I’m hoping for legit, truthful answers and not editorial glib. Thanks.

]]> By: Anirbanhttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62535 Anirban Mon, 01 May 2006 16:02:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62535 <i> “Anirban, do you really think that 80% of all cases a med mal lawyer takes result in no payment to the client?” </i><br/><br/>Have I said that? No. I just responded to someone who claimed lawyers don’t bring frivolous cases <b>to trial</b> .They do have the chutzpah for that and lose 80% of the times, wasting everyone’s time and money.<br/><br/><i>The irony of you lecturing others on their mistaken perceptions is not lost on anyone.</i><br/><br/>Keep telling this to yourself. “Anirban, do you really think that 80% of all cases a med mal lawyer takes result in no payment to the client?”

Have I said that? No. I just responded to someone who claimed lawyers don’t bring frivolous cases to trial .They do have the chutzpah for that and lose 80% of the times, wasting everyone’s time and money.

The irony of you lecturing others on their mistaken perceptions is not lost on anyone.

Keep telling this to yourself.

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62532 Anonymous Mon, 01 May 2006 15:23:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62532 Anon 10:00 AM,<br/><br/>Please stop posting your pathetic nonsensical drivel. It's tiresome and you can't even find anything original to say anymore. You'd be better off joining the Tom Cruise Foundation. Anon 10:00 AM,

Please stop posting your pathetic nonsensical drivel. It’s tiresome and you can’t even find anything original to say anymore. You’d be better off joining the Tom Cruise Foundation.

]]> By: Anonymoushttp://www.kevinmd.com/blog/2006/04/malpractice-in-west-virginia.html#comment-62527 Anonymous Mon, 01 May 2006 14:07:00 +0000 http://clients.emmense.com/kevinmd/2006/04/malpractice-in-west-virginia.html#comment-62527 "How poor are Lawyers in selecting cases? 80% failure rate is just intolerable. What % of this is frivolous is anyone’s guess."<br/><br/>Anirban, do you really think that 80% of all cases a med mal lawyer takes result in no payment to the client?<br/><br/>The irony of you lecturing others on their mistaken perceptions is not lost on anyone. “How poor are Lawyers in selecting cases? 80% failure rate is just intolerable. What % of this is frivolous is anyone’s guess.”

Anirban, do you really think that 80% of all cases a med mal lawyer takes result in no payment to the client?

The irony of you lecturing others on their mistaken perceptions is not lost on anyone.

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