The Essential Legal and Financial Checklist for Medical Practices

Today I’m actually going to share with you a list that was provided to me by Ike Devji, an asset protection attorney in Phoenix, Arizona, which he titled the essential legal and financial planning checklist for businesses and medical practices.

  1. Asset protection planning. Think of this as net worth insurance.
  2. Coordinated financial planning. Making sure the money you make is working as hard for you as you worked for it.
  3. Disability insurance. Protecting your cash flow against injury and illness.
  4. Liability insurance. We need to make sure it is enough and then let’s have a back-up plan.
  5. Life insurance. Make sure you have appropriate amounts to cover estate taxes, generation income for survivors, and pay off debts you want settled.
  6. Workers compensation coverage.
  7. Employee benefits planning.
  8. Make sure you have an appropriate employee handbook.
  9. Employee dispute resolution package.
  10. Property cooperate formation.
  11. Professional accounting services. Hire a quality CPA.
  12. Real estate depreciation and property tax reduction study.
  13. Income and receivables protection planning.
  14. Tax reduction and retirement income planning including grandkids <?>.
  15. Estate planning.
  16. Exit planning strategy.
  17. Long-term care insurance.

It is a pretty extensive list but it is one I felt was worthwhile to share with you today. If you have any other questions, please give me a call.

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Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. None of the named entities are affiliates of NEXT Financial Group, Inc. Neither NEXT Financial Group nor its Representatives give tax or legal advice.