As a physician, I have often been labeled a “deep pocket.” This term refers to the idea that I, as a well-paid professional, hold valuable assets like a private practice or real estate. For years, doctors have been vulnerable to malpractice lawsuits because of this label. However, skyrocketing property values in California and other parts of the U.S. now put homeowners—especially seniors—at risk of becoming targets.
The Growing Risk for Seniors and Doctors
Many readers of my previous article, Blame Game on the Road, shared concerns about lawsuits that could jeopardize their homes and assets after an auto accident. If you are a senior who owns a home, this risk increases. People often view you as a larger target because of your accumulated assets, particularly real estate.
Across the U.S., TV ads from law firms promoting auto accident lawsuits are everywhere. While plaintiffs sometimes win large settlements, these cases can have serious consequences for seniors who’ve spent years paying off their mortgage. If you’re in an accident, and your insurance or the other driver’s insurance doesn’t cover all the damages, you could be sued for the difference. Sadly, some auto insurance companies fail to meet their obligations to policyholders. Seniors are often blamed more in such situations.
In California, the average home is now worth over $800,000. With rising property values, plaintiffs often target homeowners’ assets to recover settlement costs. This makes your home a potential target.
Safeguarding Your Assets
To protect yourself, consider documenting evidence that can help defend against claims. I recommend installing cameras in your car. This simple step can help reveal fault in the event of an accident. After hearing from readers, I learned that setting up cameras in vehicles is easy.
After learning more, I bought a camera kit for my car and had it professionally installed. Is this an overreaction? Perhaps. But at $200 for the kit and $100 for installation, I feel reassured knowing my driving can be documented. This small investment could make a big difference in case of a lawsuit.
Steps Seniors and Doctors Can Take
Seniors and doctors can take several steps to safeguard their homes and assets:
- Install In-Car Cameras: Cameras can offer valuable evidence in the event of an accident, helping you avoid liability.
- Review Insurance Coverage: Ensure your auto insurance policy provides enough coverage to protect against legal claims.
- Consider Legal Protection: Consult a legal professional to understand your exposure and shield your home from potential lawsuits.
- Asset Protection Strategies: Explore strategies like trusts or liability protection policies to safeguard your assets.
As a senior or doctor, rising real estate values and increasing lawsuit threats can put your financial security at risk. By taking proactive steps, you can protect your hard-earned assets.
Learn more about asset protection strategies by visiting Stanford Physician Advocate.
For further information, check out the original article by Gene Uzawa Dorio, an internal medicine physician, at SCV Physician Report.