Strategies For Protecting Your Wealth From External Threats
- ARE YOU a hard working and motivated medical professional?
- DO YOU invest long hours into your business and profession?
- ARE YOU continuing to build an asset portfolio either in your name or in another name?
If you answered ‘yes’ to the above questions, then it’s important to keep reading.
As a medical professional, it’s essential to have the correct insurance in place to safeguard you and your assets. However, protecting your family and business assets can’t be guaranteed only by an insurance policy. It’s important that other strategies are investigated and employed as part of a holistic approach to protecting your wealth and asset accumulation.
A lot of time and effort goes into growing your business. As you look down the road towards retirement, asset accumulation will be essential in securing you and your family’s future. Therefore it is paramount that these assets are secure against external threats.
So what do you need to do and when should you take action?
The ‘what’ scenario is varied. There’s no single ‘cookie cutter’ approach to providing asset protection. A strategy or business structure for one medical professional may not necessarily work for another. Therefore it’s important to obtain the correct advice from the outset of asset accumulation.
The ‘when’ scenario is a little more simple. If you pay close attention to asset protection throughout your life, it will benefit you in the long-term. For instance take note when:
- Setting up your business – structuring this correctly at the beginning will benefit you in the long-term
- Buying assets – always be vigilant as to whose name they are purchased under and consider each asset purchase as a separate transaction
- Planning for retirement – review your overall asset holdings and wealth accumulation in determining income levels and asset security.
Structuring shouldn’t just be considered from a tax perspective. It also needs to be considered from an asset protection perspective.
It’s never too early to review or focus on asset protection. The longer you leave asset protection, the greater the risk of possible loss of assets or costly taxes; especially if you need to transfer assets to a more secure position.
If you fear you have not given enough attention to the security of your assets in the past, it would be prudent to review your situation. There may be steps that can be taken to improve your asset security.
At Pilot, we understand the unique professional pressures, time constraints and requirements of medical professionals. We assist medical practitioners in all areas of the industry.
Please contact them on (07) 3023 1300 to arrange a complimentary “asset health check” meeting and to discuss your asset protection and structuring requirements.