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Protecting Wealth

Asset Protection

When it comes to asset protection from potential personal or professional lawsuits, there are only two time frames: the time before an event occurs that could trigger a lawsuit, and the time after that same event. In other words, the insurance entities available to protect your assets from a lawsuit only do so if they are in place before a triggering event. Rarely is there anything you can do after an event to reactively protect assets.

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Risk Management and Life Insurance

In managing risk, one must first assess risks they can afford to retain and risks that would be too expensive to retain. The easiest way to do this is to determine which assets you can afford to replace with cash (emergency reserve) and which assets, if lost, would be disastrous to your financial well being.

For many physicians, their largest asset is the income they have not earned yet. Many physicians neglect to view income as a tangible asset because it comes in small increments over a very long period of time. Income is a measurable, tangible asset that represents the funding of your current AND future financial obligations.

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Disability Insurance

For most young physicians, their largest asset by far is a present value of all the income they have not yet earned. Many physicians neglect to view income as a tangible asset because it comes in small increments (paychecks), much of it goes out for monthly expenses, and it is earned over a very long period of time. Income is a measurable, tangible asset that represents the funding of your current AND future financial obligations. Statistically, disability is one of the largest risks to this asset. According to the Social Security Administration, nearly 1 in 3 Americans will become disabled for a period of 90 days or more in their lifetime.

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