AMA Victoria - Vicdoc August/September 2019

48 | Vicdoc August / September 2019 The right financial advice at the right time is everything Find out more at Lexus .com.au/Corporate To access the Lexus Corporate Programme please contact Dion Nugara from Lexus of Brighton – Preferential Corporate Pricing 1 – 3 year / 60,000kms complimentary scheduled servicing 2 – Reduced delivery fee of $995 (ex GST) – Priority ordering and allocation – Encore Privileges Programme, including: - Service loan cars or complimentary pickup/dropoff - Lexus DriveCare, providing 24-hour roadside assistance - Lexus Exclusive events EXCLUSIVE CORPORATE BENEFITS 1. Conditions apply. See your Lexus dealer for further details. 2. Complimentary servicing expires at 3 years or 60,000kms from the date of first registration, whichever occurs first. *Eligible models for the Corporate Programme are subject to change and may vary from time to time. Please contact your local Lexus Dealer for more information. Overseas model shown. LEXUS OF BRIGHTON | 99 Nepean Highway, Elsternwick PH 03 9524 2099 | www.lexusofbrighton.com.au | LMCT 9897 EXCLUSIVE BENEFITS FOR ALL MEMBERS OF AMA VICTORIA LEXUS CORPORATE PROGRAMME Get exclusive benefits across a range of Lexus models with our Lexus Corporate Programme*. Financial - Life is expensive Whilst you all enjoy different lifestyles and will prioritise financial decisions differently, there are consistent challenges all doctors will likely face: • family home - funding and ownership • medical practice opportunities - entering and exiting • retirement - timing and funding. Access to finance in the current market can be challenging with financial institutions increasing their level of scrutiny over your financial viability. Medical professionals, compared to the general population, should fair pretty well in a financial assessment. However, your lifestyle decisions and how you spend your money will impact on the assessment. Planning well ahead will give you the best chance of a smooth application process should the need arise. Your financial health and wellbeing will be relevant for both the acquisition of your home and any potential opportunities to enter into private practice. There may also be opportunities to effectively tax structure the overall debt position to achieve the best outcome. Retirement may be closer for some than others and it is never too early or late to plan for your retirement. When will you retire? How much will you need to retire? Will you have enough when the time comes? Taking a proactive interest in your superannuation will ensure you are making the most of the opportunities and strategies that exist to maximise your retirement nest egg. Legal - Life is complicated Opportunities will present themselves from time to time and setting yourself up to make the most of them is vitally important. Getting it wrong can be costly and there are some critical considerations to reduce your risk: • structuring - asset protection and wealth creation • insurance - when, what type and how much? There are potential risks unique to medical professionals that should not be ignored. In the event of a legal claim, the protection of your assets becomes of great importance. Effective asset protection can be achieved when appropriate structuring measures are taken at the right time. Aside from asset protection, effectively structuring your assets can provide tax efficiency in managing the wealth that you accumulate over the years. Insurance has a place at all stages of your life. How much, what type and when you need it are important considerations which should be addressed in conjunction with your financial advisor. As with structuring, there are tax efficiencies to explore when undertaking an insurance review. Personal - Life is uncertain Despite the best laid plans, life has a funny way of catching us by surprise. The worst we can do is ignore the uncertainty hoping that things will all be ok. There are some key areas on which to focus your attention: • estate planning • life planning. Death and divorce are two of the more unexpected life events. As your financial affairs become more complicated and your wealth accumulates, it becomes increasingly important to consider how your assets will be handled in the event of death or a family law dispute. How will your wealth be divided, who are the beneficiaries and do their personal circumstances make inheriting your wealth problematic. The best outcomes are achieved when these questions are considered carefully and ahead of time. All these challenges come with their own set of complications and there is no single solution that can be applied to everyone. The right advice at the right time is everything. When considering them, it is important you have a strong team behind you and that they actively engage with one another in assisting you to manage the risks. The best results are achieved when your accountant, financial planner and lawyer are on the same page and can work together in assisting you manage life’s challenges. w: www.bedfordca.com.au e: [email protected] p: (03) 9938 4180 Throughout your medical career you will face various challenges. These might include financial, legal and personal challenges. How you prepare for these challenges, your timing and your advisory team can make all the difference to the outcomes you will achieve.