ATLANTA, GA, USA / ACCESSWIRE / June 25th, 2014 / Doctors who operate their own medical practice are no different from other business owners. Doctors are entrepreneurs who must structure their business in a way that protects personal wealth and provides for a secure financial future. Attorney Shane Smith of WealthProtectionForDoctors.com tells clients, “You’ve earned it, and you deserved to keep it.”
According to Smith, after starting a practice most doctors get so busy practicing medicine that the fact its also a valuable business is forgotten. The doctors never stop to examine where the business is today and where it needs to be in the future. Instead, doctors continue on with a business structure and financial plan that’s been outgrown.
“It’s an unfortunate reality that a lot of doctors are getting their financial advice from Fox Business, Forbes, and similar sources,” explains Smith. “What they don’t realize is that the key demographics for those media outlets are people who earn under $100,000. This means that they are relying on advice that does not fit their financial situation.”
“The reality is that because of the strict federal and state laws that govern medical professions, the lack of wealth planning can have devastating consequences on the value of a medical practice,” says Smith. “Relying on medical malpractice insurance or off-the-shelf financial advice is a bad idea.”
At WealthProtectionForDoctors.com, Smith addresses many of the key financial, wealth, and business issues facing doctors. One of the most overlooked issues is the importance of periodically re-evaluating whether a person has outgrown a CPA, attorney, or financial advisor.
Other topics include why doctors shouldn’t own business property in their name, the value of choosing the right corporate structure, why all partnerships need a transition plan, and the importance of estate planning as a mechanism for transferring the maximum value of the practice to family members.
Whether a doctor is building their practice or are considering retirement, wealth protection planning is essential. Visit WealthProtectionForDoctors.com to learn more about how people can protect wealth that was so hard to earn.
Shane Smith is the founder of Law Offices of Shane Smith and is licensed to practice law in the state of Georgia.
Visit http://wealthprotectionfordoctors.com/ for more information.
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