Protecting your assets
On the latest, episode, I talked with Financial advisor, Eric Miller, co-owner of Econologics.
There are actually four main asset protection tools a physician would have at their disposal to protect their assets.
1. First is that there are state and federal laws that do protect certain assets [a hundred percent of my primary residence would be completely off limits to any kind of a lawsuit]. Go to an advisor and an attorney.
a. Other types of investments like insurance and, and annuities or, or, you know, products like that
2. LLCs. They are trying to separate out the person from the business entity.
3. Debt. So, for example, a lot of physicians like real estate and they will buy like apartment complexes or other types of real estate. They call it a debt shield.
4. Proper insurance.
About Eric Miller:
For Eric, there’s no greater feeling that inspiring practice owners and helping them eliminate financial uncertainty. His specialty is creating and implementing the Econologics Roadmap and ARMoR annual reviews for clients, allowing them to reach their goals now and far into the future.