John, our client and physician, came to us for a residential mortgage for a home he was building for himself and his fiancée. John also wanted to discuss his medical practice that employed 80 professionals including doctors, nurses and administrative staff. While Johns practice was profitable, he was concerned that it may be at risk due to cash flow challenges.
We worked with John to secure his personal mortgage, and in addition we were also able to help him address his business cash flow issues by providing a working capital line of credit for the practice to create liquidity as needed. We also set up a personal revolving line of credit to cover short-term cash flow gaps.
During our discussions, we learned that the medical practice was co-owned with another physician and that no plans were in place to deal with an early death of John or his partner. We worked with John to develop a buy-sell agreement for his business and select the appropriate life insurance vehicle to fund it.
After the business agreements were executed, we also helped John to update his estate plan with his attorney. John established a Delaware Trust. These strategies provided asset protection and provided for his children from a previous marriage .
Value of an Integrated Approach:
Based on the positive experience John had with our servicing of his Delaware Trust and the additional benefit our advisory services provided, he came back to us several years later when he had sold his practice. John was approaching retirement and was looking for help preserving his wealth. We worked with him to develop an investment strategy and a wealth transfer plan to maintain his current lifestyle while protecting the future security of his family. This allowed John to focus on his retirement dreams.
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