Shane Smith Tells Doctors “You’ve Earned It, And You Deserve To Keep It”

shane smith

Doctors who operate their own medical practice are no different from other business owners. They are entrepreneurs who must structure their business in a way that protects their personal wealth and provides for a secure financial future. Attorney Shane Smith of WealthProtectionForDoctors.com tells his clients, “You’ve earned it, and you deserved to keep it.”

After starting their practice, most doctors get so busy practicing medicine that they forget that they are operating a valuable business. They never stop for a moment to take a breath and examine where their business is today and where they want it to be in the future. Instead, they continue on with a business structure and financial plan that they’ve outgrown. Or worse, they follow advice that doesn’t fit their needs.

“It’s an unfortunate reality that a lot of doctors are getting their financial advice from Fox Business, Forbes, and similar sources,” explains Smith. “What they don’t realize is that the key demographics for those media outlets are people who earn under $100,000. This means that they are relying on advice that does not fit their financial situation.”

“The reality is that because of the strict federal and state laws that govern medical professions, the lack of wealth planning can have devastating consequences on the value of a medical practice,” says Smith. “Relying on medical malpractice insurance or off-the-shelf financial advice is a bad idea.”

At WealthProtectionForDoctors.com, Smith addresses many of the key financial, wealth, and business issues facing doctors. One of the most overlooked issues is the importance of periodically re-evaluating whether you have outgrown your CPA, attorney, or financial advisor.

Other topics include why doctors shouldn’t own business property in their name, the value of choosing the right corporate structure, why all partnerships need a transition plan, and the importance of estate planning as a mechanism for transferring the maximum value of the practice to family members.

Whether you are building your practice or you are considering retirement, wealth protection planning is essential. Visit WealthProtectionForDoctors.com to learn more about how you can protect the wealth you’ve work so hard to earn.

Shane Smith is the founder of Law Offices of Shane Smith and is licensed to practice law in the state of Georgia.