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Archives for February 2020

What Is Your Most Valuable Asset?

February 19, 2020 by Admin

Sorenson & Company - Most Valuable AssetYour most valuable asset isn’t your real estate or the tech stocks you bought in the 90s that have done well. It isn’t even your business per se. Your most valuable asset is you — specifically your ability to run a profitable company and make money.

Are you protecting that asset from the risk that a disabling illness or accident might prevent you from working? If you don’t have disability income insurance, you’re not protected.

What Are the Odds?

People generally think the odds of becoming disabled are low. But the numbers say otherwise: More than one in four 20-year-old workers become disabled before reaching retirement age.1 Here’s another reality check: Serious accidents are not the leading cause of long-term disability; chronic conditions are. Muscle and bone disorders (such as a back disorder or joint or muscle pain) are responsible for more than one in four disabilities.2

How Long Could You Go Without an Income?

Even a short period of disability could be devastating. The average group long-term disability claim lasts 2.6 years.3 Even if you have reserves you could tap, your personal finances would take a hit. If and when you were able to start earning an income again, you might have to start all over.

What Would Happen to Your Business?

Your involvement is vital to your company’s financial success. If you’re unable to work, you might have to hire someone to take your place and borrow money to pay the bills until you’re back on the job. Bottom line? If you’re sidelined by a long disability, it could jeopardize the success or even the survival of your business.

What Can You Do?

Contact us today by calling 801-553-1120 or request your free consultation online now. As a thank you for scheduling your consultation, we’ll provide a free tax planning book, The Great Tax Escape.

Source/Disclaimer:

1Social Security Administration. The Facts About Social Security’s Disability Program, Publication No. 05-10570, January 2017.

2Council for Disability Awareness. CDA 2014 Long Term Disability Claims Review (most recent).

3Councl for Disability Awareness. The Disability Disconnect, 2015 (most recent).

Filed Under: Individual Tax

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