There are two categories of life insurance a person can choose to purchase: term or whole life. In most cases, Henssler Financial recommends term insurance over whole life. However, if you choose to purchase whole life insurance, you must decide which type of whole life insurance to purchase.
Using a budget will assist you in tracking the flow and progress of your business by providing a visual statement of the business’ activities.
An option is a securities contract that allows the holder to buy or sell a fixed amount of shares of stock (or indexes and commodities) at a specified price within a limited time period. If the option is not exercised during the specified period, the option expires. Most options usually expire within a year; however, some may not expire for as long as three years.
Once you have committed to purchasing life insurance, you must then decide what is the most appropriate type of life insurance to buy. Most life insurance policies fall into one of two general categories, term life insurance and whole life insurance.
The much touted Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has a silver lining that extends the bankruptcy protections enjoyed by employment-sponsored retirement plans, which are covered by the Employment Retirement Income Security Act (ERISA). Congress designed the law to curb perceived abuses by debtors in bankruptcy.
If you are planning the sale of your medical practice to finance your retirement, you may need to increase the value of your practice.