Hey Doctors! Thanks for the calls this weekend on my post about tax planning high income solutions for the medical professional. Asset protection for clinics, hospitals, and doctors is a very hot topic right now. Any tax planning needs to include a strategy for protecting your assets from those pocketbook preditors!
Review this video Podcast I did a few months ago about the tax planning techniques for doctors and dentists and double check your financial thinking!
P.S. If you're facing some tax challenges, cash flow issues, or need solid asset protection strategies give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.
Tax planning for doctors is all too often put at the end of the long list of to do's for fast-moving professionals. Part of any physician's wealth building strategy needs to include personal advisors, wealth coaches, and industry specific legal and financial experts. I believe it is very important to learn all you can about wealth building strategies but that doesn’t mean you have to know everything and do everything yourself.
Nobody becomes wealthy without a team effort. Athletes don’t get to the Olympics without a great coach, students don’t graduate from medical school without great professors, bosses can’t do their job without great assistants and people don’t become wealthy without a wealth team.
Raymond Aaron, founder of “The Monthly Mentor” once said, "If you don’t have an assistant, you are one." Tax Planning for Doctors - in 30 Seconds? High net worth tax planning is not exclusive to doctors and it is not something you should do on your own. Financial advice for doctors shouldn’t come from the 30-second money making tips on tonight’s nightly news. So, whether you are a doctor, dentist or any other professional too busy to slow down and plan, ask yourself, these three questions:
Who is on my wealth team and how qualified are they?
Who should I be removing from and/or adding to my wealth team?
What can I do today to improve this team?
Have clear goals that they all understand
Have regularly scheduled communications with clear agendas
Make sure expectations of performance and measures are crystal clear
If you are fortunate enough to be generating significant income but realize that you are paying way too much in taxes maybe this is the time to enhance your financial team with a wealth coach and a team of advisors to help you find legitimate business tax write offs and new ways to keep more of your hard earned cash in your pocket.
And finally, here's a few words from one of my wealth coaching clients...
"I just wanted to shoot you off a quick note to say thank you for your guidance. Your coaching has opened my eyes to a world of opportunities. It's amazing that after being a CPA for over 25 years, I was not aware of so many the tax saving strategies. Your coaching has helped personally as well as with my business. I couldn't have done it without you. Thanks again."
P.S. If tax planning techniques bore you or intimidate you and small business tax deductions just aren’t your thing, then maybe it’s time to expand your wealth team. Find out how our wealth coaching programs can make setting up a small business or maximizing a mature one much more profitable. I’ve saved my clients nearly 14 million dollars in tax dollars in recent years. Feel free to give me a call!
Asset protection solutions are more important for certain types of businesses and individuals than others. We all understand the value of insuring our homes, cars and lives but when things are going well it’s easy to forget about protecting yourself from the absurdity of pocketbook predators. Don't let this craziness scare you because there is a solution. It's called Asset Protection Solutions!
There have been crazy cases where judges found a landlord liable for the alleged damages of another tenant’s cigarette smoke. Ridiculous awards have been made to plaintiffs for a wide variety of things that nobody in their right mind would believe is fair! I won’t waste any more time on the absurd, we all see the stories in the news so let’s just get down to protecting ourselves, our businesses and our assets with proper asset protection solutions.
Who’s at Risk? Well, with more attorneys in this country than any place on the planet, if you’re an American, you’re at risk. But, if you’re in one of the following categories, you’re at higher risk:
Architects
Contractors
Developers
Engineers
Physicians
Dentists
Medical Professionals
Corporate Officers
Financial Advisors
Legal Advisors
Real Estate Brokers/Agents
Landlords
Landlords
Landlords
Oh, did I mention, landlords? It’s kind of funny in a sick kind of way. You work your tail off to find and purchase your first investment property. It takes you five years to get to positive cash flow. You net a couple hundred bucks a month and voila! You look like you’re a rich landlord with a big asset so you’re easy to spot and easy to sue! Ahhh, the joys of being a landlord.
A few weeks ago I did a post about the importance of getting all real estate out of your personal name and into appropriate operating entities that separate you from your assets and also allow you to fly a little more under the radar. Remember, if you cannot be found, you cannot be sued. Of course, you only do this in straightforward legal ways but it is possible to protect yourself better with a lower profile.
One of the asset protection solutions we teach our students in Wealth Classes Coaching is using LLCs, C corps or other entity to reduce your liability. We help our students find the state most favorable to their specific entity and then we incorporate all of these tactics into a long-term wealth building strategy that keeps the pocketbook predators at bay.
Effective asset protection solutions help to limit the ability of creditors to seize your assets or to even know where to find your assets. The typical attorney working for the plaintiff to attack your assets is going to do an asset search before she decides to take that person’s case. If there is nothing of value to be found, it’s harder for the predator to find a playmate!
If you want to learn more about asset protection solutions, give me a call for a no obligation phone consultation. Discover how my high net worth tax planning strategies and business tax write offs can put a little more cash in your pocket next year, call me for a free consultation. I sometimes joke about it but I really can spot significant tax savings opportunities for most people in a matter of minutes!
If your new to some of this wealth building talk and just want to get the basics, then you don't have to take some complicated tax planning course, just start right here with our free class called Wealth Principles Online.
P.S. Whether you are interest is reducing tax payment, setting up a small business, or creating an effective asset protection strategy, we have an individual wealth coaching program for you. Just call me! Watch this video to learn 7 Tax Saving, Money Making Tips You Can Use Today!
Disclaimer: This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.
advisors, wealth coaches, and industry specific legal and financial experts. I believe it is very important to learn all you can about wealth building strategies but that doesn’t mean you have to know everything and do everything yourself.
absurdity of pocketbook predators. Don't let this craziness scare you because there is a solution. It's called Asset Protection Solutions!
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