Legally Mine Reviews What is Involved in Medical Malpractice

The standards and regulations for medical malpractice differ between states, and there are roughly 15,000-19,000 suits filed against doctors every year in the United States. So what does medical malpractice involve? At Legally Mine, we have the answers and can provide you with the help you need.

The term “medical malpractice” refers to an event in which a healthcare professional:

• Neglects to provide appropriate treatment
• Omits to take an appropriate action
• Gives substandard treatment that causes harm, injury, or death

These errors can take place in diagnosis, treatment, medication dosage, health management, or aftercare.

Requirement for a Medical Malpractice Suit

When it comes to medical malpractice suits, a number of factors must be present in order for a medical malpractice suit to be valid.

1. The health care professional had a duty to follow certain standards of care.
2. The health care professional failed to adhere to certain standards of care.
3. The patient was injured or harmed due to the health care professional’s negligence.
4. The patient’s injury resulted in considerable damage such as disability, death, ongoing hardship, considerable loss of income, substantial medical bills, etc.

Examples of Malpractice

There are many types of cases that may result in a medical malpractice suit. Here are just a few examples:

• A patient not being informed properly, or not giving informed consent
• Misdiagnosis or failure to diagnose
• Failure to order appropriate tests or failure to act on test results
• Medication mistakes or medication dosing mistakes
• Unnecessary or incorrect surgery
• Premature discharge
• Potentially fatal infections contracted in the hospital
• Bedsores or other injuries caused by neglect
• Serious incidents caused by emergency incidents in the hospital
• Sexual misconduct on the part of the healthcare provider
• Patient committing suicide while in the care of healthcare staff

What Is Involved in a Medical Malpractice Case

Once the essential elements of a medical malpractice case are established, the plaintiff initiates the suit by filing a lawsuit in a court of law. The plaintiff and defendant then go through a discovery process where they share information, request documents, and gather depositions and interrogatories.

At this point, it will be determined if the suit will proceed to trial or get settled out of court (if an agreement can be made). The plaintiff may be awarded compensatory and punitive damages.

• Compensatory Damages: These cover economic damages such as medical expenses, life care expenses, and loss of income. This amount usually includes both past and future losses. Compensatory damages may also include non-economic damages such as for the injury itself, psychological and physical harm, and emotional distress.

• Punitive Damages: These are only awarded if the defendant is found guilty of malicious or willful misconduct and compensates in addition to actual damages.

It’s important to note that medical malpractice lawsuits are expensive, time-consuming, and stressful to litigate. If the injury sustained doesn’t result in long-term serious injury or death, it may not be prudent to proceed with a case. Settling out of court may be a better option.

Get More Legally Mine Advice

As a medical professional or a patient, you may not know all the protection you need to keep your assets safe, but Legally Mine does. Proper and effective lawsuit protection is our specialty. For more advice on how to protect yourself, contact Legally Mine today.

Yes, You Do Need Asset Protection. Legally Mine Reviews the Reasons

Taken literally, asset protection means defending your assets, or your valuable possessions. Legally speaking, an asset protection plan describes a legal structure that protects your wealth, real estate, business, or other important assets from seizure by creditors.

Either way, doesn’t protecting the assets you’ve worked so hard for sound like a good idea?

Asset protection allows you to preserve your right to enjoy, use, or pass on your assets however you see fit. It’s how you ensure that everything you’ve earned in life doesn’t fall into the wrong hands. And it’s how you hold onto your legacy in order to decide who benefits from it.

Asset Protection Is for Everyone

Anyone can get sued. You never know when you might become involved or be dragged into a fight. Maybe it’s over property lines. Maybe someone gets injured on your home or business premises. Maybe you get in a car accident. Perhaps your business is sued by a disgruntled customer or vendor. Whatever the cause, everyone is at some risk of litigation. And if you own a business, data shows that up to 53% of small businesses become involved in one or more litigations during any given year. Those are some startling statistics.

Anyone who has assets—which means everyone—should take steps to protect them. Here, Legally Mine reviews just some of the important reasons asset protection should be part of your life.

1. Your Home Is Not Safe

Most of us think of our homes as a sanctuary. But when suits are filed, your home is usually the first asset creditors go after. If you get sued—which we’ve already established can happen at any time—your home is anything but a safe place. Asset protection is the only way to guard it.

2.              Your Business Is at Risk If your business is sued, you may be forced to close your doors and sell it and its assets in order to satisfy creditors. Even if you settle out of court, the monetary awards you’re forced to hand over would be enough to ruin many a small business. Setting up legal protection is the best way to ensure your business stays yours.

3.              Any Asset You Own is Fair Game Your cars, boats, vacation homes, savings, even valuable family heirlooms could be at risk of seizure in the event of a lawsuit. Even if it’s your business that is sued, if you haven’t taken the right steps to legally protect your personal assets, they could be taken away as the spoils of litigation.

4.              You Want to Retire If your retirement includes non-ERISA plans, the money held there could be seized in litigation. Non-ERISA plans generally include those where an employer is not involved. On the other hand, retirement plans with employer involvement are generally not subject to creditors. These include ESOPs, purchase pension plans, 401(k), and target benefit plans. An asset protection specialist can help you ensure your retirement and other wealth is safe from creditors.

5.              You Want to Control Who Gets Your Wealth When you pass on, you likely plan to leave your home, business, wealth, and other assets to your loved ones. But without the proper precautions, all of these things could be dealt out to creditors as part of litigation or lawsuit settlement. An asset protection strategy is the only way to ensure that your legacy stays in the right hands.

The Time to Protect Your Assets Is Now

In the event of a lawsuit, a judge is unlikely to give you a pass on any strategic actions taken to protect your assets after the fact. That’s why the most important part of your asset protection strategy is the timing, and the time is now. Whatever methods you decide to use to protect your assets, they need to be in place before any suit is filed. The process may be complex, but there is no reason to put it off. Talk to an attorney or asset protection specialist today about your assets and situation. He or she can help you structure an asset protection strategy that guards your business, home, property, and legacy.

Six Ways the Wealthy Manage Taxes

Taxes can be one your most significant expenses, and the government can place a heavy tax burden on wealthy individuals. If you have a high net worth and and want to learn how to save money on taxes, the following six strategies may apply to you.

Take Business Tax Deductions

Wealthy people who own businesses can take many more tax deductions than people who don’t. With the proper corporate entity in place—and an intent to create a profit—you may be able to deduct:

• Advertising
• Travel
• Office supplies
• Vehicles
• A home office
• Continuing education
• Meals
• Certain assets
• And more

You may also be able to depreciate a percentage of the cost of certain equipment. It’s vital to tap professionals like Legally Mine, though, to ensure the legality of your deductions.

Emphasize Investment Income

As much as possible, wealthy people switch from earned income, such as paychecks, to investment income. The government can tax earned income at a rate approaching 40%. In contrast, capital gains taxes on investment sales can be around 20%.

Take advantage of capital gains taxes by holding dividend-yielding stock and selling the shares when they appreciate. In addition, if you own rental real estate, you can deduct certain property expenses to reduce your taxable rental income.

Buy Whole Life Insurance

Some wealthy individuals and families use certain whole life insurance policies as investment accounts. The cash value of a policy can grow more quickly than the premiums paid into it, and the growth is tax-deferred.

For certain purposes, the owner of a policy can take out tax-free loans from the policy, possibly to buy investments. Of course, when the owner dies, the policy pays a large tax-free benefit to a beneficiary or beneficiaries.

As an investment strategy, though, whole life insurance may only succeed with the right product and an expertly-crafted plan.

Deduct Property Taxes and Mortgage Interest on a Second Home

If you have the resources to purchase a second home, you should look into the tax advantages associated with it. You may be able to take itemized deductions of property taxes and interest payments.

You might also be able to apply these tax advantages to a houseboat or yacht, if it contains a kitchen, a toilet, and a place to sleep.

Avoid the Estate Tax

If you have received a large inheritance or achieved a certain level of assets on your own, you might want to reduce your potential estate tax. Proper planning could increase the amount you leave to your family or other beneficiaries.

Common tactics for lowering your estate tax include:

• Giving gifts to family members
• Donating to charity
• Transferring assets to a family limited partnership
• Creating an irrevocable life insurance trust
• Transferring your home to a qualified personal residence trust

Contribute the Maximum to Retirement Accounts

You can further reduce your taxable income by contributing as much as possible to tax-advantaged retirement accounts. You can fund a 401(k), IRA, and other types of accounts with pre-tax money, even opening and using multiple accounts of different types.

Some account types allow you to choose between a traditional and Roth version of them. The traditional option gives you tax advantages immediately, whereas a Roth option gives you tax-free income during retirement.

How can you as an individual be sure you have the latest information on how to save money on taxes? Connect with an asset protection team such as Legally Mine, which continues to study the latest tax laws. The strategies above may change eventually, but a strong team can help you take advantage of the most current tax codes and achieve your goals.