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.

If you would like to learn more about this subject or receive a free quote then please contact us and we’ll be happy to help.

This checklist was written by Ike Devji, J.D, and originally published on the Physicians Practice website.

Attorney Ike Devji has practiced in the areas of asset protection, risk management, and wealth preservation law exclusively for the last 15 years. He helps protect a national client base with over $5 billion in personal assets that includes several thousand physicians and is a contributing author to multiple books for physicians and a frequent medical conference speaker and CME presenter.

By Anthony C. Williams, CWS, ChFC, MRFC, CLU | Investment Advisor Representative | President & Founding Partner of Mosaic Financial Associates & Orthopaedist Advisory Group | Securities and advisory services offered through Cetera Advisors LLC, Member FINRA/SIPC, a broker/dealer and a Registered Investment Advisor.  Cetera is under separate ownership from any other named entity.