Tag Archives: money

Why Set Up a Family Trust: The Top 5 Benefits

Banking Savings Funds Planning Finance Money ConceptFamily trusts have been gaining steam these past years, and why not? It’s an entirely legal way to safeguard your assets for you and your loved ones. Your assets would be owned by the family trust instead of an individual and would be managed by trustees — whom you’ll appoint — for your beneficiaries. What other benefits could a family trust offer? Here are some of them:

  • Legal Asset Protection – You could use a family trust for protecting your assets in the event of a claim against you or if your business fails. You could hold real estate, your business, as well as other investments in your trust.
  • Protection Against Remarriage After Death of Your Spouse or Partner – Currently, the law allows even a de facto partner the right to claim assets even only after three years into the relationship. Having a family trust would safeguard your assets from failed remarriages or relationships following the death or a partner or spouse. This is especially useful in cases involving second marriages or relationships wherein one party isn’t the biological parent of the children.
  • Healthcare Safeguards – A well-structured trust, provided that it’s been established for a certain time could likewise protect family assets in the event of health breakdowns, especially later in life, in which the state might impose that you get rid of your assets to be eligible for healthcare, explains Rainey Collins Lawyers and other renowned family trust lawyers.
  • Asset Protection from Prospective Law Changes in the Future – A properly structured family trust could offer significant protection from a wide array of wealth tax types that might be passed into law in the future like inheritance tax or death duties.
  • Imprudent Investments – A family trust could safeguard your family from falling prey to scams or financial predators and squandering assets prior to them reaching maturity or obtaining ample life experiences to make rational financial decisions.

Advance planning is the key to financial freedom and success, and having a well-structured family trust is only one of the many ways you could help secure your family’s future. Keep in mind that when you do set up a family trust, it must be structured in a way that meets your specific goals.

Fifty… Now What?: Financial Decisions to Make at Fifty

financeMost financial experts advise the young to start planning early, but it’s never too late for the middle-aged to make smart financial moves. Even if you only have about ten years left before retirement age, you can still make the most of your money, protect your assets and sail smoothly ahead.

They say fifty is the new forty. Whether you’re consulting a financial adviser about retirement or with attorneys from firms like assetprotectionatty.com regarding asset protection in Utah, fifty isn’t too late yet.

Think about protecting the assets you spent decades building and the cash flow that comes with your growing assets. Consider what could derail your retirement and take measures to prevent bigger mistakes from happening.

Long-term Care Insurance

Fifty is the best time to purchase a policy. LTC is expensive and the cost keeps going up, so people use insurance to help pay for it. The best time to buy LTC insurance is while you are still young, since it is based on age, and when you are healthy, since pre-existing conditions may affect coverage.

Stick with a policy that has a lifetime benefit so it will continue to pay no matter how long you require care. If cost were an issue, though, financial planners would recommend a 5 – 6 year benefit period instead.

Review Estate Planning Documents

If you’re one of those who had their retirement plans drawn several years back, then good for you. But when you are fifty and nearing its time of significance, it would be smart to review your estate planning documents.

To illustrate, your ex-spouse could still be in charge of your medical care or you two could still share assets and various properties. Consult with professionals for assistance on the transition of names, titles and privileges and the review of your estate planning documents.

Go over your will or trust, bank accounts, and retirement accounts, to confirm every detail is up to date. When you reach fifty, the smartest move is to protect all the miles you already covered and make sure the road ahead is without any bumps.

Growing Your PPO Revenue the Right Way

coinsWhen it comes to generating revenue, your PPO insurance contracts are crucial, regardless of the industry you operate in. This is true whether you are part of a large dental corporation, a single dentist practice or a start-up company.

In-network status with your PPO insurance means you agree to discounts on your established office fees. Negotiating reimbursements is hard work, especially with dentists who do not have connections. In these cases, they will need to enlist a third party provider to help process a higher dental reimbursement rate.

With the cost of business rising each year and your fee schedule reimbursements running low, your margins can shrink. To help with your problem of revenue growth and on expenses, consider these two steps to grow revenue within your PPO contracted practice:

Adjust Your Office Fees

Part of adjusting to the shrinking margins and constantly shifting shape of the business is adapting to the market. A common error across the dental industry occurs when PPO reimbursements remain static and overhead continues to increase. When this happens, net profit decreases. To prevent this, or at least, to cope better, adjust your office fees to a more competitive level.

Negotiate

But of course, it doesn’t stop there. It should follow that after you apply a series of adjustments to your office fees, you also negotiate your fee schedule reimbursements. You can do this on your own or you can consult with specialists of this field for a better and more successful transaction.

There are several solutions to these common problems in relation with reimbursements and revenue here in Utah. Understand that on top of providing your clients with quality service and excellent results, you also need to protect and grow your brand. By negotiating on multiple factors and learning the ins and outs of the industry, you can achieve your goals for your company and community.