Archive For: Financial Planning

Physician Tax Planning and Investment Vehicles

It is essential for new physicians to understand the structures and tax-advantages of different employer-offered retirement plans. When you sign the employment contract for your first attending position, your financial position can transform dramatically overnight. Along with a substantial raise, you can expect a considerable increase to your tax burden. To evaluate an employer’s retirement ... Read More

The Market and News Have Me Worried

What should I do with my investments right now? Over the past 12 market days, the S&P 500 has dropped 17.5%. There is a global health crisis. Oil prices have dropped 45% YTD, 30% in just one day. Interest rates have plummeted. Given the above, it’s natural for people to be concerned (even frightened) about ... Read More

When Should Physicians Incorporate

Whether to incorporate is a pressing question for many physicians working as independent contractors. Incorporation establishes a medical practice as a separate business entity; as a result physicians are shielded from certain types of liability and may be able to reduce taxes on business profits. At first glance, some physicians greatly overestimate the benefits of ... Read More

Choosing the Right Executor for Your Estate

When it comes to estate planning, most physicians are familiar with the importance of establishing a legal will. However, many doctors overlook another key aspect of estate planning: choosing an executor for your estate. An executor is the person legally responsible for fulfilling the deceased’s financial obligations and for overseeing the distribution of assets according ... Read More

What does the SECURE Act mean for physicians?

The new year is bringing major tax changes for some physicians, as the Setting Up Every Community for Retirement Enhancement (SECURE) Act takes effect. The SECURE Act was passed into law in December 2019 as part of the new government spending package, and it contains legislation intended to make retirement planning more accessible, simple, and ... Read More

What is a Residual Disability Insurance Rider?

Physician’s insurance can be a complicated business. Just when you think you understand what disability insurance is all about, you learn that’s there’s yet another curveball: optional riders. While most policies may seem straightforward, there are almost always optional add-ons that can provide you with even more benefits. Today we’re focusing on disability insurance and ... Read More

How Much Does Malpractice Insurance Cost?

Regardless of your area of medicine, one thing all physicians worry about is the possibility of a malpractice suit. It’s bad enough when mistakes happen and things go wrong with a patient in your care. Being slapped with a malpractice lawsuit can make the experience even more devastating. And that’s why malpractice insurance coverage is ... Read More