What Are The Common Situations That Create Liability And Danger of Financial Loss?
Malpractice. Apart from the more common problems, there is the issue of retired professionals, who are sued for an act taken many years before. A large judgment could destroy their retirement security. Liability for Environmental Damage Environmental damage to property discovered years after it happened, even if due to a prior owner’s negligence, could wipe out the assets you counted on for your retirement. Acts of Others For instance acts of children, employees and partners. Example: Your son drives a car registered in your name. Your son causes an accident that leads to a lawsuit judgment which could wipe out your assets. Community Property Community property means that the financial well being of your entire family is subject to the decisions one spouse makes. In a community property state, such as California, if you are sued, you can lose your separate property as well as your and your spouse’s community property assets. Under these circumstances, when a surgeon enters an operating
