Once you have started creating wealth from property it is important that you ensure you don’t lose your property due to unforeseen events such as job loss, injury or major illness.
Consistent cashflow is essential to maintaining mortgage commitments. Even with cashflow positive property there is often a reliance on tax benefits offset against your job or business income to achieve a positive position.
Consequently you need to plan for the risk that these unforeseen events represent to your wealth creating from property.
Your personal, family and income situation is unique so you need to spend time with a financial planner to establish a plan to minimise risks. It is probable that you will need to incorporate one or more of the following risk insurances into your risk strategy:
- Income Protection
- Total and Permanent Disability
- Trauma
- Life
You may also need to consider estate planning issues such as will, powers of attorney and business partnership agreements. Our legal team can assist you with these.
Ask your Onyx property consultant about arranging an appointment with our financial planners or solicitors.
