The "ultra" rich individual has very special risk circumstances, many of which we will likely never experience, such as risk from endorsements, huge investments, directorship positions, multiple homes, exotic autos, and boat or other things we can't fathom.  However, there are some strategies that SMART ultra-rich do use to protect their fortunes.  They use them, and you should too!

1. ALWAYS look at the risk potential of everything you do.   What good is a huge financial return if it puts your entire financial well being at risk? What good is a "relaxing vacation" if the location puts your life at risk?  What good is a thrill ride in a hang glider if you have a high chance of a severe accident? Although it may seem troublesome to always be looking at the risk of life's events, it's far less trouble than trying to repair something that has gone wrong that you could have prevented or reduced. 

2. KNOW where your existing risks are.  Understand...

Disaster planning isn't just for your two-legged family.  It should also include plans on how to handle your four-legged friends too!

The Humane Society Of The United States provides a great summary of actions you should take ahead of time to plan on managing your pets in the case of a disaster.  Here is the HS Disaster Plan link.

Just an important update on a different, but related topic!  Recently there was an article about the dangers of xylitol and how it can be fatal to your pet.  Be sure you keep all foods, "sweets", gum, toothpaste, etc. that use this sweetner away from your pets!  See:  Keep Xylitol away from your pets.  

Here is another article that outlines 7 common foods that can be toxic and potentially fatal to your pets.  Learn more here:  Seven Foods Toxic To Your Pets.

In short here my brief summary of their recommendations:

1. Start NOW on creating your plan  (This is good advice for disaster plans in general, not...

Another day in the office (Not!)

Receptionist: "Mrs. Jones, the doctor will see you now."

Doctor in the room: "Hello Mrs. Jones, what can I do for you today?"

Mrs. Jones: "Before we get started, I would like to let you know that I will be recording our visit today...."

Ok, now what?

It's not a question of if this will happen, but a question of when this will happen in your office.  And furthermore, it's likely that you have already had your visit recorded by a patient or someone with them, without your knowledge.  Some studies have suggested that perhaps up to a quarter of patients have recorded their physician visit.  Some with the doctor's knowledge...many without.

In this "digital age", such recording will surely become more common, and in some cases, embraced, by patient advocacy groups, as well as health care groups, insurance companies and others who feel it helps improve patient communication and understanding....

Ring, ring.

No answer.  

That's not a problem, I will just listen in on the other user without their permission.  REALLY? 

Yes, really.  Although by the time you read this, the "facetime bug" will have been fixed, it does highlight some real problems with high complexity technology.  They put your privacy at risk.  Audio and video feed to others without your permission ARE possible.  

The Apple "Facetime bug" Fix

While this current bug is being fixed by Apple, there are two major questions that remain, in regards to your personal privacy.

1. What other bugs are out there that we, the general public, don't know about but others' do?  Others that are looking to exploit those bugs for any number of reasons.

2. If this is possible by a "bug", what is possible when it's programmed in intentionally?  Who has the keys (i.e. knowledge) to use your phone or computers video camera and microphone without your permission?

...

Who doesn't like FREE MONEY? 

I think that everyone would want something for nothing.  Heck...it seems like there are a lot of politicians that are counting on getting elected by giving away "free" stuff.  But you and I both know that none of that is free.  Somebody else is paying for it.

And in this case...my call for "free money" isn't really free.  It's actually your money that somehow just happened to never get to you and ended up in some state politicians piggy bank.  They are called "unclaimed funds".  It's your money to pick up, and if you don't within a certain period of time, it's likely to revert to the state.  (Now that's free money for them...)

Each state is different and likely has its own way of you claiming these funds which are in limbo.  

I just got off my state's website for this function and found there were several checks for work that had been done that never made it to my billing company.  It...

It's that time of year where people feel obligated to "promise" to change.  Maybe lose weight.  Or be nicer to people.  Read more.  Save more.  Learn more.  Exercise more.  Smoke or drink less.  You name it - there is probably someone, somewhere who has made it into a New Year's resolution.

But HOW do you really boost your ability to achieve your goals and objectives? What can you do to help you attain what you are setting out to do?  How do you stack the cards in your favor to reach your goal and not abandon your resolutions?

Here are some of the takeaways that I have on this topic...and the "pearls" that I have seen recently on many different articles and posts about resolutions.  

• Be realistic.  Only set a small number (3-5) goals for yourself.  Too many will overwhelm you.  It's far better to have a small number of items that you successfully attain than a large list that becomes abandoned. 
• ...

Medicare.

Simply the sound of the word creates confusion for most people who are facing or preparing for retirement.  There are many different choices that you need to make that can have significant financial ramifications to the amount and type of coverage you receive.  

One type of Medicare coverage you need to become familiar with, to determine if it's right for you, is the Medicare Advantage plan.  This is also known as a "Medicare Private Health plan" or sometimes called "Medicare Part C".

An advantage plan is a Medicare plan which is offered thought a private insurer.   Such plans have different benefits, sometimes more than a standard plan, but can also have elements of coverage or flexibility that are more restrictive than a traditional Medicare plan.  

Confused yet?  

There are two resources that can help you better understand your options so you may make the best choice for yourself. 

The Kaiser...

In a recent article in Investors Business Daily (week of Dec 17, 2018) the article Stretch IRA: Shielding Savings From Tax Man provides a great description of an option to save a significant amount of tax if you will your IRA balance(s) to others who are younger than you are.

SPOILER: This information is provided to make you aware of this option and is NOT a tax or other financial advice for you specifically.  If this is of interest to you, then discuss this topic with your personal tax advisor or others to make determinations about your own individual situation before making any financial decisions.  

Here is a brief summary of the article and some of the strategy that is described.  

First, there are specific IRS rules regarding the distribution of an IRA based on the owner's age and potential longevity.  If the IRA balance is passed to your beneficiary upon your death and they are not listed as a beneficiary on the IRA...

Can you imagine this happening to you?  

It could.

On November 30, The Little River Healthcare system notified it's employees at two hospitals and several medical clinics, that very thing.  They would be shutting down services about a week later, because of financial insolvency and Chapter 7 bankruptcy.

So why is this important in regards to risk management?  Especially physician focused services?  It simple, but may not be obvious....

First, physicians may or may not be employed by the system.  If they are employees, then their paychecks may stop very quickly.  If they are independent contractors and do their own billing, then they may be fortunate enough to be able to continue cash flow while their accounts receivables come in.  But that doesn't last forever.

But there is another significant issue that may not be so obvious.  Medical liability.  Who carries the insurance for the physicians?  If it's the hospital, then what...