The Wealth Management Consultants FAQs

1. I have malpractice insurance. Doesn’t my insurance cover me for malpractice?

Malpractice Insurance covers malpractice. It may not be adequate enough and it does not cover many other business or personal claims that do not constitute malpractice that can financially devastate you.

2. Will you be preparing my tax return?

We are not tax preparers. We have a CPA that we independently contract with that will provide those services should you desire that service. Our primary and initial contract with you covers us evaluating and working with your accountant if they can competently handle your returns once you are restructured.

3. Why do I need more asset protection?

Statistics show that everyone will be sued at least twice in their lifetime. As an Attorney in your jurisdiction will advise, an adverse judgment can attach to every asset you own and are subject to seizure for collection of the judgment.

4. I’ve been with my accountant for years. Why hasn’t he /she done this work for me and why shouldn’t he/she do it now?

Most accountants are trained and practice in the area of tax preparation. They have hundreds of returns to prepare and cannot strategize with every client.

5. Can I change my existing S Corp election on my current structure?

Yes, providing that it has existed past the time frame prescribed in the Internal Revenue Service Code which is currently 5 years from the effective start date. We don’t necessarily need to change the election in all cases immediately and can work around it.

6. Liability exposure – can I isolate my business from personnel?

Yes and they should be. With proper business structuring this is what is accomplished.

7. What is your fee structure? What is this going to cost me?

We have three different programs at varying costs depending a client’s need and current structure. We generally request ½ up front and the remainder over 12 months.

8. I have money in a self directed IRA now but what can I do to legally increase my nest egg and not get killed in taxes?

Self directed IRAs, if properly formed and operated, can grow tax free. They can invest in just about anything now.

9. I am a partner in a large practice (clinic) and take aW-2 income. Can I still take advantage of your services?

Yes. There are ways to assign the income and in some instances the partners realize that a better structure exists than what they currently have.