WEALTH PRESERVATION
Asset Protection
Legal Asset Protection Counseling -
Physicians operate in one of the most litigious environments in the world. Unlike most professionals, every interaction with their patients can be a potential lawsuit. Legal asset protection strategies are among the least well understood dimensions of finance, yet are as vital as malpractice insurance. The Physician Family Office can help physicians implement asset protection strategies which shield and insulate their family’s wealth from personal and business liabilities.
Life Insurance Counseling -
Insurance, while often helpful in managing a family’s risk, is not an investment vehicle. Those who position it otherwise are usually generating large commissions at the expense of the investor. We help each family understand and evaluate the instances where life insurance can help you prepare for unforeseen tragedies, determine how much insurance is needed to achieve your goals, and source policies with the lowest cost.
Property and Casualty Insurance Planning -
Families too often purchase property and casualty insurance and never think about it again. That is a mistake for two reasons: 1) the value of an insured asset—for example, a house, or work of art—may fluctuate, causing you to be over- or under-insured; 2) a policy that is out of sight and out of mind tends to be renewed by rote at the end of its term, often leading to overpayment for asset protection. We can help address both issues by periodically reassessing the value of your insurable assets, alerting you when a contract comes up for renewal, and comparison-shopping the policy against similar offerings from competitors. While you should purchase an appropriate amount of insurance on accurately valued assets, you should not buy more than is necessary. The Physician Family Office strives to ensure our families never own more insurance than they really need.
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