Many Doctors don’t work with advisers and still try to manage their own financial and tax affairs, or rely on the same (limited) service provider they used when they worked as an intern.
However, with the financial complexities many doctors are facing nowadays, rather than making an ad hoc decision and hoping it’s in your best interests, making sure you have a trusted team of experienced advisers around you will give you the best chance of getting a positive outcome.
We’ve witnessed medical professionals achieve exceptional results when working closely with a team of advisers.
This is best illustrated by considering the following case study.
Doctor Wilkins (personal details changed for privacy reasons) runs a medical practice from his own rooms, owned outright by his family trust. Dr Wilkins and his wife have some superannuation funds in different accounts, but are not really engaged with their super. They have a relatively big home mortgage. They have no children. They are in their late 40’s and have no clear plan to accumulate wealth for retirement.
They came to us to seek advice and create a personal plan. One of the obvious strategies we looked at was whether it would make sense to transfer their commercial property into super. After having consulted with their accountant regarding capital gains tax and stamp duty, and having sought legal advice, it was obvious that this would be an excellent wealth creation and tax planning strategy for Dr and Mrs Wilkins.
The accountants set up the new SMSF, we consolidated all the different accounts and set up appropriate replacement insurance prior to the rollovers. CGT and stamp duty were minimised in the process with the help of the accountants.
As the super fund had insufficient funds to complete the purchase, the assistance of a finance consultant was required. The transfer was structured as a part-contribution and part-purchase via a limited recourse borrowing arrangement, with the sale proceeds allowing part of the clients’ home mortgage to be repaid.
As they are now paying down the SMSF loan with contributions and rent, the Wilkins’ are now actively engaged with their superannuation and wealth creation in general and are actively working on other strategies and investments in collaboration with their accountant, finance consultant and adviser.
This is just one example of many medical client strategies where the combined knowledge and expertise of collaborating professionals, can create extra value for the client.
If you would like to make the most of your financial future, then contact us today on 08 6160 5918 or firstname.lastname@example.org.
As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.
My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.
Please contact me on email@example.com or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313.
The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
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