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4 Things You Must know If You’re Planning Your Property Protection

4 Things You Must know If You’re Planning Your Property Protection

Given the high cost of jury verdicts today, many professionals are looking for ways to protect their personal property from malpractice and negligence claims. For example, if you’re a healthcare professional and own a home, a car or a portfolio of stocks, it’s essential to protect your assets against lawsuits. The good news is that sound financial planning can go a long way to keeping your personal net worth from the threat of litigation. A comprehensive wealth management plan can also help you achieve other long-term financial goals, which may include planning a child’s education, ensuring a comfortable retirement for you and your spouse and minimizing property taxes for your heirs. While it’s advisable to seek out professional opinion from professional limited liability companies, like Wyoming, when planning your assets protection, also keep these 4 things in mind.

1. Have An Idea About Property Protection 

Never jump in making decisions, especially when it comes to protecting your assets. Make efforts to know what‘s involved and what it’ll definitely cost you. Note that:

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  • A well-structured financial plan discourages prosecution.
  • Good asset protection should not be expensive.
  • An experienced asset manager can help you take a more integrated approach to achieving your financial goals.

Starting with the basics, there are three levels of asset protection. The first is to invest in assets that are automatically protected against lawsuits in most states, such as your home, qualified retirement accounts, annuities and the cash value of life policies. The second level is the creation of private trusts and companies that remove assets from your personal domain. The third level is the creation of personal property entities in different jurisdictions, making it more difficult for people to place privileges on your assets through a lawsuit.

For many physicians, a good starting point is to simply implement the first level of asset protection – get the most out of your investments in assets that are automatically protected from lawsuits in most states. Many health professionals neglect these simple strategies:

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  • Your house. Part of your equity is generally exempted from prosecution in most states. In Arizona, for example, up to $ 150,000 in equity is exempted from legal action.[1] Texas and Florida offer unlimited coverage for equity at home.[2] Once you have reached the equity ceiling of the protected property in your state of residence, you may want to consider maintaining a mortgage loan for the mortgage. Plaintiffs in a lawsuit will not be interested in your debt-only assets.
  • Qualified retirement accounts. Funds held in ERISA-eligible retirement accounts, such as defined benefit plans or 401 (k) plans, are generally exempt from prosecution, so it is often logical to maximize your annual contributions to these accounts. Not only do you benefit from asset protection, but you will also benefit from tax-efficient savings, helping you to increase your capital. Unskilled pension plans, such as deferred compensation plans, may also have a role to play in helping you achieve your wealth management goals. Unskilled plans offer some protection against lawsuits, as well as unique benefits for highly paid business owners and employees.
  • Deferred annuities. A deferred pension represents the money you set aside today to create future income, usually for retirement. If you have not yet started making distributions of your deferred annuity, the value of your annuity contract is generally exempt from prosecution. In addition to providing asset protection, annuities can help supplement other sources of income in retirement, such as social security or withdrawals from your IRA or 401 (k) accounts.
  • Cash value of life insurance schemes. Once you have held a life insurance policy for more than two years, the cash value of the policy is generally protected from lawsuits in most states. In addition, the cash value of the policy can often be accessed through withdrawals and tax-free loans at retirement, which can be particularly attractive if tax rates increase in the future. In addition, insurance policies can also be a useful way to transfer wealth to future generations.

2. Myths Aren’t Facts

There are often lots of misunderstandings on asset protection, especially between doctors and other health professionals about strategies that offer true peace of mind. Don’t follow someone’s thoughts or what they think is involved or you should do. The best thing to do is seek a professional’s guidance and opinion to help you make the right decision.

3. Explore Advanced Strategies

If you are just starting your career, the first level of protection (investing in assets that are automatically exempt from prosecution) may be all you need right now. As you go further in your career and your personal equity continues to grow, you may want to consider exploring some advanced strategies for asset protection, including the creation of trusts, companies, and LLCs. In addition, you may consider establishing these entities in different jurisdictions, making it more difficult for people to place liens on your personal property. Take note that “protective” trusts, corporations and LLC(s) can be expensive to generate and maintain, so you should explore all options with your team of trusted advisors before pursuing asset protection solutions.

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4. Create an Air-Tight plan

The most effective asset protection strategies start with sound financial planning.[3] If a judge or court determines that you’re trying to “conceal” assets to creditors, they can remove the exempt status of those assets. For example, if you buy an important life insurance policy shortly before bankruptcy, a court can determine that any assets involved in “last-minute” transactions are still being litigated. The best protection for your assets is to show that you have legitimate reasons for structuring your assets with many other benefits in the way that makes the most sense to you and your family in the long run. In a court of law, your intention is the key. Your intention to set up accounts cannot be to avoid situations of liability. Instead, your intention should be associated with responsible and ethical financial planning, (planning a comfortable retirement or the smooth transfer of your estate to your heirs).

The approaches mentioned here are simply “conversation starters” to have with your wealth manager, lawyer and tax professional. Each physician has unique needs and goals, so your personal asset management and asset protection plan will need to be tailored to your specific situation. In addition, asset protection laws may vary considerably among states. The key to creating an effective asset protection plan starts now before you need it. By creating a team of trusted professionals, discussing your goals and reviewing your plan on a regular interval, you can generate a wealth management plan that can fully covered you from unforeseen circumstances – a plan that helps you feel more confident about your financial future.

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Featured photo credit: WonHo Sung via unsplash.com

Reference

[1] Arizona State Senate Issue Brief: Arizona’s Homestead Exemption
[2] Robinson, Tigue, Sponcil & Associates: Protecting Your Assets from Malpractice and Negligence Suits
[3] Public Deposits: 6 Characteristics of a Sound Financial Plan

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Last Updated on February 20, 2019

17 Versatile Work Skills That Will Gain You More Career Opportunities

17 Versatile Work Skills That Will Gain You More Career Opportunities

When we look at a job advertisement, it can seem as though employers want an exhaustive list of experience and technical skills from their new hire.

They list desirable qualities such as ‘initiative’, ‘team player’ and ‘strong work ethic’. Those words can mean a variety of things to different people and it can be quite hard for employers to illustrate fully the combination of technical and soft skills they want their potential employees to have.

What they often want is a mix of versatile skills that make it easy for them (and you) to adapt to the changing needs and demands which occur in businesses today.

After all, adaptability and innovation are what make businesses thrive.

In today’s ever-changing environment, versatility is a mandatory attitude every working person needs to have. With the following seventeen work skills, you will not only make your employer extremely happy and confident that hiring you was their best decision, you will experience greater personal satisfaction and results.

1. Know What You Want but More so Why You Want It

Employers need to sense you have a solid idea as to why you are a fit for their role and their organization. They need to sense you have your own sense of purpose.

However, it can be a double-edged sword to say you know exactly what you want to achieve and gain if you are successful in your application and interview.

Some employers can perceive this as arrogance; your needs first, theirs second. What employers are really looking for is your internal sense of knowing that potential to join their organization is a winning combination for both of you.

2. Diplomacy and Conflict Resolution Skills Save Money, Lost Productivity and Efficiency

Can you agree to disagree? Can you evaluate without passing judgment or at least be self-aware of your own biases? Can you put these aside to find solutions for the betterment of the team?

Employers look for versatility in soft work skills that bring peace, lower stress and contribute to creating harmony. If you have ways with words to help heated arguments reduce to a simmer so there is space for compromises, negotiations and reasoning to take place your employers’ respect for you will jump at least tenfold.

Peace-making skills are invaluable in changing workplace culture, particularly toxic ones. Any good employer knows a strong in-house negotiator will save them thousands of dollars in engaging an external mediator.

3. Know How to Set and Reframe Your Own Goals

Much research has documented that when employees have a clear purpose, mission and goals, they are more likely to be highly productive. They are less likely to flounder around in many directions nor be busy and not produce results that matter.

Employers know well that employees who develop their own goals and can align these with those of the company are more self-driven, self-sufficient and take greater ownership for performing their role.

And the benefit is not only to the employers. You personally will find greater personal satisfaction from achieving targets you have chosen to set yourself. Everyone wins!

4. Great Time Management and Organization Skills Make You Highly Productive

Being able to exercise versatility with these work skills needs no explanation. Great time management does not mean multi-tasking. It actually uses more brain power and reduces effectiveness.

Having great skills to prioritize your activities and demands, being able to assess how long things might take you to address are planning skills which greatly aid effective and better execution.

Working in harmony with your colleagues’ timetables makes for better teamwork and workflow plus a less stressed environment.

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In today’s working world, any strategies for reducing stress-invoking opportunities are like finding golden nuggets. Your employer will want to hold on to those for dear life!

5. Be a Flexible Team Player by Being Able to Change Roles When Required

Employers will be looking to see how flexible a team player, a potential employee could be.

If you are a natural leader, being a better team player might, in fact, mean you stepping down from the helm and encouraging someone else to exercise and step into their leadership potential.

It might be more beneficial to your employer to play the role of Indian as opposed to the Chief in certain situations. Stepping into different positions on your team not only helps you grow but also the rest of your team.

Employers relish having a versatile work team which can adapt and is ready and willing to play different roles, even if uncomfortable when crises happen.

6. Initiative, Self-Motivated and Driven

When you have your own internal reasons for looking to undertake a role your motivation is driven by something sizzling inside of you.

There is a personal drive and desire for the satisfaction you will experience when you meet a certain target that no other person will be able to give to you.

When you can genuinely identify and demonstrate your own personal connection to the role’s objectives and the greater goals of your employer’s business, they will see you have an internal drive that they don’t need to whip and flog to keep the momentum going.

Any employer will be grateful they just need to help navigate you and support you with the right tools and network and off you go.

7. Be Confident but Not Arrogant

Imagine if you were conducting initial telephone interviews with shortlisted candidates and one of the questions they asked was:

“How long would it be until I’ll be eligible for a pay rise or promotion?”

There is a significant difference between being confident and arrogant. Employers are not looking for confidence purely in you being able to perform every aspect of your role at gold star level.

It comes with being comfortable to say you don’t understand, you have made a mistake, you need support, further training, acknowledging what your limits are and being willing to risk stepping outside your comfort zone.

When you’re a new kid on the block, respecting that you may need to learn to walk before you can run is essential. Unless it is your job to start making significant changes from day one, chances are you’re going to create enemies if you’re so confident your new methods and ideas should replace existing processes.

8. A Positive Attitude

Demonstrating positivity as a work skill that will truly win over your new employer is about being genuine and actively applying strategies which look for the glass half full.

Recruiters and employers are not dumb. They can easily see through short-term bright smiles, nervous giggling and general ‘you just need to think positive’ statements.

In the face of grueling challenges, employers are going to look much more favorably on that candidate who can acknowledge the negative features of a situation but still encourage another solution-focused perspective to be adopted.

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Even better, if you can use language effectively to demonstrate how you have adopted a positive perspective and helped turned around a tough situation.

It is one thing to have a positive attitude but your potential employer will see you as a superhero if you can show them how you have successfully applied it.

Take a look at these tips to learn more about staying positive:

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9. You Are Resourceful but Know the Value of Asking for Help

There is nothing more unproductive (let alone frustrating) than that person who simply asks out loud a question to their team when they could simply have Googled the answer.

Or worse still, they have a manual at their fingertips which has the answer to their question…they were simply too lazy to look for themselves.

Be that person with Sherlock Holmes as their middle name who sleuths like a dog after a buried bone. You can research and turn over stones to discover and learn what you need but you also are able to ask for help and assistance when you need to.

Any employer will relish that person who looks to discover the answers to their own questions first before reaching out and asking for help.

Hesitate to ask for help? This article may just change your mind:

Afraid to Ask for Help? Change Your Outlook to Aim High!

10. Emotional Intelligence Creates a Harmonious Workflow

Despite the level of seniority of your role having a strong ability to handle emotions is fast becoming an essential work skill (and also life skill).

It is even more desirable for any employer when your work skill set includes the ability to detect, adapt to and have skills in managing certain emotional patterns of others you need to work with, manage or report to.

So much time, energy and productivity is lost due to individuals’ lack of skills in this area. Any manager who can see you possess and can demonstrate such versatile work skills will think they’ve won the managerial lottery!

You can learn how to improve your Emotional Intelligence from this article:

7 Practical Ways To Improve Your Emotional Intelligence

11. Be Able to Adapt Your Learning Style

There is no real evidence that using preferred learning styles actually increase the rate at which we learn nor the effectiveness of certain styles.

However, being able to make changes to what we are given to learn and adapting it to suit our needs and preferences does help us settle into a new work transition sooner.

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We also need to recognize that even though we feel uncomfortable learning a new skill a certain way, it might actually be the way we need to receive it to cement the learning. It is also likely that our new employer only knows or has a budget to deliver training in a certain way.

Either we can choose to adapt or resist but we know for sure the latter is not going to benefit to anyone.

Want to find out what your learning style is? Take this quiz:

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12. Flexible Leadership Style

Dan Goleman has conducted extensive research on different leadership styles, emphasizing that being versatile to switch between different styles (e.g. authoritative, coaching, affiliate, coercive, pace-setting) and knowing when to do is a fundamental skill for any leader.

Being able to change your style to lead other people is as important as how you lead your own role responsibilities.

If you want to be a better leader, these books are great resources:

15 Best Leadership Books Every Leader Must Read To Achieve Success

13. Incredible Communication Skills That Actively Listen and Give Clear Messages

Strong and effective communication across all mediums takes time, life experience and highly developed intuition.

Knowing when to use email, a face to face conversation or telephone discussion is one thing. Another is to use words which emotionally connect and influence the receiver to accept, hear and heed your message.

Great communicators know that it is their responsibility as much as the receiver for good communication to take place. However, they also know that the receiver may not feel this is the case.

When you can listen equally, be sensitive to read between the lines to hear the message of ineffective communicators and can respond kindly with inspiring, equalizing and encouraging words, your influence and general likeability as a new addition to your employer’s team will develop in leaps and bounds.

These books are also nice resources to learn effective communication:

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14. Accountable, Responsible and Dependable

We’ve all worked with people or managers at some point who lay external blame the instance something goes wrong.

Contrary to popular belief, making mistakes and owning up to it is a highly desirable and versatile work skill that gains loyalty and understanding particularly when mistakes occur.

Owning up to errors early allows both yourself and the business to recover quickly and shows you’re willing to take responsibility to continue forward on when you have stumbled.

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When you illustrate you can do this, you build your employer’s trust and faith in you.

15. Exercise Proactive Self-Awareness

Self-reflection is a highly empowering work skill that contributes greatly to becoming better and performing better.

When you actively look for the achievement, celebrate your success and look for pockets of where mistakes you have made can be corrected you improve faster, become more effective and make your work easier.

When you start to look at your own errors, receiving feedback from your employer about the same errors can feel far less confronting and having corrective conversations is easier, transparent and far less stressful and emotional.

You naturally increase your resilience and make life easier for yourself and your employer if you conduct regular self-check-ins and keep your employer updated.

Here’s how to practice self-awareness:

How to Increase Your Self Awareness to Be Much More Successful

16. Apply a Problem-Solving Growth Mindset

When faced with a problem or challenge, your ability to activate a growth mindset is a highly versatile work skill employers love. Not only are you able to reduce the pain and anguish that a fixed mindset can sustain but your ability to remain open to possibilities to find different pathways or ideas is refreshing and helpful.

If your thought patterns automatically ask: “How can we?” or you often think “there must be a way”, you will only contribute to creating growth opportunities for your organization and inspire others to think the same way.

Learn more about developing a growth mindset here:

5 Ways to Cultivate a Growth Mindset for Self Improvement

17. Be Teachable

If you have ever tried to teach someone a new skill or technique and they keep reverting back to traditional ways that are familiar to them, you might have become frustrated to the point of giving up.

Don’t be that person who’s stuck in tradition which no longer serves the business. Whether you are entering a new environment, learning new software or negotiation skills, know that all employers need people who are open to being taught.

Innovation is a core concern of every business. Innovation means change and change means doing something different.

Stay Versatile and Keep Learning

Technical skills can often be taught. Ray Croc illustrated how well a systemized franchise can dominate the planet. Over 36,000 McDonald’s establishments around the world are run by managers barely in their twenties!

Soft work skills, however, take time to develop, learn and confidently apply.

There is a key combination of work skills that would make any candidate employer’s dream. However, the essential factor underlying all of these work skills is versatility.

Equip yourself with these 17 work skills, stay curious and keep learning; and you’ll always nail the job you want.

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Featured photo credit: Unsplash via unsplash.com

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