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It\u2019s really common to hear the word malpractice thrown around if you\u2019re working in medicine. However, doctors aren\u2019t the only people who lose hundreds of thousands of dollars to malpractice lawsuits\u2014accountants, realtors and plenty of others are also at risk. It\u2019s not necessarily incompetence that leads to malpractice lawsuits; sometimes, it\u2019s negligence or generally an unsatisfied client who is out for blood. They don\u2019t really have a lot of reasons other than money for filing malpractice lawsuits, but unfortunately, the justice system is stacked against the defendant in the USA, meaning you must be proactive in protecting what’s yours.<\/span><\/p>\n Our Legal Services<\/a> will help you to protect your assets.\u00a0 They will select the best vehicle to protect asset<\/a>s and reduce taxation, such as joint ventures and other international legal structures.<\/span><\/span><\/p>\n For perspective, the<\/span> average out of court settlement<\/span><\/a> for medical malpractice lawsuits is $425,000 and the average jury award is $1 million.\u00a0<\/span><\/p>\n The range differs for each occupation, of course, but it\u2019s always more money than you\u2019d want to part with. While people do insure themselves against malpractice lawsuits, there is another way to protect yourself; having an Offshore Asset Protection Trust. Throughout this article, I\u2019ll speak of occupations that are most likely to get sued, how much money they might have to dole out and conclude with a comment on how you can avoid payments completely.<\/span><\/p>\n Don\u2019t get me wrong; some of these might actually surprise you. I personally got a kick out of the irony when I started ranking these based on statistics.\u00a0<\/span>\u00a0<\/span><\/p>\n Nearly 85% of all OB-GYNs<\/span><\/a> have been sued at least once throughout their careers. So if you\u2019re one, then you\u2019d do well to gear up because sooner or later a legal notice is bound to be delivered to your office.\u00a0<\/span><\/p>\n While many of these lawsuits are dropped or dismissed, the cost of legal defence<\/span> averages around $13,000<\/span><\/a>. Defence lawyers say that there\u2019s a greater likelihood of error in this field of medicine than any other\u2014it might not be because of actual negligence, but the patient doesn\u2019t really care.<\/span>\u00a0<\/span><\/p>\n I was fascinated when I read through the reports and found out that medical subspecialties are actually some of the most frequently sued careers. Nearly<\/span> 55% of all physicians<\/span><\/a> in the United States have been sued at some point; the claimants often quote misdiagnosis, failure to record medical history or failing to consider medical history.\u00a0<\/span><\/p>\n While it\u2019s not the physician\u2019s fault in many of these cases, there\u2019s a lot of grey area in medicine when it comes to deciding negligence. However, there\u2019s nothing to be done about it but to prepare for a massive payout.\u00a0<\/span><\/p>\n Interestingly enough, malpractice insurance for physicians costs about $200,000\u2014which points out the high risk of a lawsuit <\/span>and <\/span><\/i>how people might as well just settle out of court.\u00a0<\/span><\/p>\n This wasn\u2019t really a surprise considering how accounting malpractice was the cause of the Global Financial Crisis of 2007.\u00a0<\/span><\/p>\n Major accounting firms like Ernst & Young had to<\/span> settle for as much as $10 million<\/span><\/a> for failing to report potential financial risks. As an accountant, you have to be really precise and thorough with your job because you never know when your clients might mess-up.\u00a0<\/span><\/p>\n Auditors in particular are under greater scrutiny because if they fail to report financial discrepancies, they are technically accomplices in whatever financial catastrophe that follows.<\/span><\/p>\n A realtor\u2019s job is to basically present their clients with the best possible deals they can find\u2014to the point that their clients <\/span>feel like<\/span> they got a great bargain. What that means is really up in the air and you\u2019ll luck out if <\/span>all<\/span><\/i> of your clients feel satisfied with their real estate purchases. For this reason, realtors get slapped with negligence, malpractice and all sorts of lawsuits pretty much all the time.<\/span><\/p>\n Pretty ironic right? Lawyers are sued all the time for negligence, breach of confidentiality and some other failure to live up to their client\u2019s expectations. Legal proceedings are a very complex process\u2014the end goal is to convince judges and juries about how your client lies outside the bounds of the law whose violation brought them to trial or how they can\u2019t be held guilty of the crime.\u00a0<\/span><\/p>\n While lawyers are trained for years to become convincing enough, there\u2019s no guarantee for success because it\u2019s not as simple as following a manual. Unfortunately, the clients don\u2019t always see it that way and some of them really stick it to their attorneys if the trial doesn\u2019t go their way.\u00a0<\/span>\u00a0<\/span><\/p>\n I usually suggest this for the purposes of legal tax minimization; it\u2019s perfectly legal to send your money out of the country so you don\u2019t have to pay legal penalties. This isn\u2019t an evasion of your legal responsibility, but rather, moving your money out of the jurisdiction that\u2019s passing financial penalties so they can\u2019t touch it.\u00a0<\/span><\/p>\n In the unfortunate event you lose the malpractice lawsuit, no one can touch it if you don\u2019t have the money to pay.<\/span><\/p>\n See, what usually happens if you can\u2019t pay the penalties from the lawsuit, the courts pass a judgment lien on your assets. They hand the liens over to the person bringing the complaint against you and they can use it to freeze assets or use other methods to force you to pay. However, the liens can\u2019t be enforced on offshore assets held in a trust and you can basically spend your money however you see fit.\u00a0<\/span>\u00a0<\/span><\/p>\n Offshore trust funds and bank accounts are some of the best ways to protect your wealth\u2014even better than malpractice insurance which costs a lot of money. Moving your money to offshore locations can also get you access to greater financial freedom in addition to protecting your assets from legal confiscation.\u00a0<\/span><\/p>\n If your career is one where the risk of malpractice is really high, like doctors or accountants, you\u2019d do well to invest in an offshore trust for your assets. I will warn you though, an offshore trust is not cheap, you can expect to pay upwards of $30,000 for a tailor made trust based on your exact needs, but when you compare that against the $425,000 we referenced earlier you can see what a bargain this really is.\u00a0<\/span><\/p>\n If you would like to speak to our lawyers about setting up an offshore trust for you and your family please contact us here.<\/a><\/strong><\/p>\n Here is probably the most extensive ebook on Everything You Ever Wanted To Know About Eliminating Your Taxes, Protecting Your Assets And Regaining Privacy Over Your Life And Investments<\/i>. It is called The<\/b> Ultimate Guide To Going Offshore<\/b><\/a>.\u00a0 <\/b>Visit our bookstore to purchase it today!<\/p>\n I hope you got value from this article: Offshore Trusts – Protecting Yourself From Unjust Malpractice Lawsuits. <\/strong><\/p>\n Here are some additional articles on offshore trusts, please enjoy!<\/p>\n The Offshore Asset Protection Trust as a Deterrent to Litigation<\/a><\/strong><\/p>\n Offshore Tax Planning\u2014The Need of The Hour<\/a><\/strong><\/p>\n Offshore Trusts: A Guide to Asset Protection Strategies – Part 4<\/a><\/strong><\/p>\n The Myths and Reality of Establishing an Offshore Trust<\/a><\/strong><\/p>\nRanking the Careers Most Likely to Be Sued<\/b><\/h2>\n
1. Obstetricians-Gynecologists<\/b><\/h3>\n
2. Physicians<\/b><\/h3>\n
\u00a0<\/span>3. Accountants<\/b><\/h3>\n
\u00a0<\/span>4. Real Estate Agents<\/b><\/h3>\n
\u00a0<\/span>5. Lawyers<\/b><\/h3>\n
What to Do To Protect Your Money?<\/b><\/h2>\n
Conclusion<\/b><\/h2>\n