Physician   Liability Webinar 10 09
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Physician Liability Webinar 10 09

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Physician   Liability Webinar 10 09 Physician Liability Webinar 10 09 Presentation Transcript

  • Methods to Reducing Your Liability
    Minneapolis Physician Resource Group
    Minneapolis physician resource group, services provided by other members of the group
    and other services that may be referred, are not affiliated with or endorsed by LPL Financial.
    Michael Arnold is a registered representative of LPL Financial. Member FINRA/SIPC
  • Physician Liability Increasing
    Medical errors affect 1.5 Million people every year
    Since 1987 the cost of professional liability insurance has gone up 52%
    The median medical malpractice claim in 2001 was $135,000. The inflation rate is 6.2%.
    Extrapolating the 2009 figure to $220,000
    Source: http://www.medicalmalpractice.com/National-Medical-Malpractice-Facts.cfm
  • What options do you have to protect yourself?
    Prudence
    Proper Med Mal insurance
    Smart asset ownership:
    Use corporate entities
    Place assets in ERISA governed retirement plans
    Personal liability umbrella
    Business liability insurance
    Transfer assets to your spouse
    Transfer assets to family with Irrevocable Trust
    Qualified Personal Residence Trust
    Domestic and International Asset Protection Trust
    Understand Minnesota State Statutes
    Minnesota homestead regulations
  • Medical Malpractice Protection
    First line of defense
    Review your coverage with your agent to ensure you have the proper coverage
    What type do you have?
    Occurrence Policy
    Claims Made Policy
    Which one give you more protection?
    Look for your per occurrence cap on the policy
    Can it be raised higher?
    Source: The Synthesis Project www.policysynthesis.org
  • Use Business Entities to Create a Layer of Protection
    Build a wall around your assets
    Limited Partnerships
    Limited Liability Company
    S Corporation
    C Corporation
    Practical tips
    Follow the formalities of the entity
    Keep books and records
    Do not comingle money or use business money for personal expenses
    Source: Matt Shea Attorney Gray Plant Mooty
  • Retirement Assets
    ERISA governed plans are generally more secure source of asset protection
    Consider establishing pension plans, profit sharing plans, 401k plans
    IRAs are not as secure. In Minnesota generally only protected for the first $30,000.
    Source: United States bankruptcy code 11 USC§ 522 and MN Statute 550.37
  • Personal Liability Umbrella
    Umbrella protects you against everyday events in life. Most people only covered to $100,000 - $250,000. In today’s age of lawsuits having more coverage is good idea.
    Call your agent and add on Personal Liability Umbrella Protection
    1 Million $200-$300 per year
    2 Million $350-$400 per year
  • Business Liability Protection
    Review your current coverage
    Ensure you have the proper types of coverage and proper limits
    Consider reviewing your deductibles to keep cost in line
    Consider shopping coverage
  • Transfer Assets to your Spouse
    One spouse usually has far less liability exposure than the other
    Spouses are not generally liable for the other spouses debts
    Title of asset does not change the martial versus non-marital character of the asset for marital disolution purposes
    This strategy may also provide estate tax planning benefits by balancing the estates between spouses
    Frequently, we recommend transferring the homestead and other financial assets to the other spouse
  • Establish Irrevocable Trust
    Transfer your assets to an Irrevocable Trust for the benefit of family members
    You make an irrevocable gift
    Pro: The asset is out of your name and cannot be touched by a suit brought against you
    Con: You no longer have control or incidence of ownership of the asset
    Source: Matt Shea Attorney Gray Plant Mooty
  • Qualified Personal Residence Trust
    Transfer your principal residence into a Residence Trust
    After a set number of years (often 20) the house becomes the property of the beneficiary (son or daughter)
    You no longer have ownership of the property protecting it from your creditors
    You can continue living in the property at a fair rate
    Source: Matt Shea Attorney Gray Plant Mooty
  • Domestic and International Asset Protection Trust
    A type of trust funded by you for your benefit with another person or company appointed as trustee
    Affords protection from creditors even though you are contributing your own assets to your own trust for your benefit.
    Normally when you fund a Trust for your own benefit , it is not protected from your creditors.
    Domestic Trusts are available in only a few states: Delaware, Nevada, Alaska, South Dakota, Rhode Island, Utah in addition to a few others.
    Source: Matt Shea Attorney Gray Plant Mooty
  • Use Minnesota Homestead Regulations
    Minnesota Homestead Exemption is $300,000 for residential property
    Homestead Exemption for agricultural property is $750,000 (up to 160 acres)
    Source: MN Statute 550.37
  • Other Minnesota Statutes
    IRA and similar assets: standard exemption amount is $30,000 but can be more to the extent reasonably necessary for the support of the debtor and any spouse or dependent of the debtor.
    MN Statute 550.37 Subd. 24
  • Other Minnesota Statutes
    Earnings earned by a minor child
    Life Insurance: $4,000
    Farm Machinery: $13,000
    MN Statute 550.37
  • How can you implement your asset protection plan?
    Contact a CERTIFIED FINANCIAL PLANNER™ Professional skilled in retirement plan management and coordinating with other professionals on your specialized needs.
    Contact a lawyer with skills in asset protection issues
    Contact your insurance agent(s) and discuss your current liability protection policies
  • Minneapolis Physician Resource Group
    We are a group of local Twin Cities professionals who have come together to provide expertise for local Physicians in the following areas:
    Financial Planning – CERTIFIED FINANCIAL PLANNER™ Professional
    Legal – Gray Plant Mooty
    Tax – DS & B
    Business valuation – DS&B
    Electronic health records
    Insurance
    Real Estate
    Business Consulting
  • Next Steps
    We welcome your request to meet with member(s) of the team
    Receive information to help improve your situation
    Minneapolis Physician Resource GroupContact Informationwww.minneapolisphyisicanresourcegroup.com612 216 2075
    Minneapolis physician resource group, services provided by other members of the group
    and other services that may be referred, are not affiliated with or endorsed by LPL Financial. Michael Arnold is a registered representative of LPL Financial. Member FINRA/SIPC