Manage Your Money

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3 Ways to Avoid Taxes on Life Insurance Benefits

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Veronica Baxter | Boonswang Law Firm As a general rule, they do not tax proceeds from a life insurance policy as income to the recipient. Whether the proceeds take the form of death benefits or Accidental Death & Dismemberment (AD&D) benefits to the insured, the IRS does not consider those proceeds income. Accordingly, three scenarios … Read more

Long Term Care Planning for Physicians

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In many ways, financial planning is a process designed to help investors deal with the inevitable messiness of life. Such as unforeseen illness, sudden career shifts, unexpected windfalls, and all the difficult decisions that come with these changes. As we age, we all become more likely to develop health conditions that affect our independence, mobility, … Read more

How Much Disability Insurance Do Physicians Need?

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Malpractice insurance, auto insurance, health insurance, business insurance, homeowner’s insurance: physicians are required by law to carry various insurance policies. Many other important insurance policies are completely optional.

And one of those optional insurance policies is disability insurance.

Yet as a physician, you shouldn’t think of disability insurance as an option at all. That’s because it’s one of the single best ways to protect your finances and protect your income.

But how much disability insurance do you actually need? When should you get it? Do you need it forever?

Today we’ll be answering the question that many physicians have: how much disability insurance do physicians need?

Read more

Alternative Tax Free Income for Physicians

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When is the right time to use a life insurance contract as part of your financial plan? Now, cash-value universal life insurance contracts are an often overlooked investment vehicle that can offer physicians tax-efficient, low-risk wealth accumulation. As you weigh the value of a life insurance contract in comparison to other financial products, it is … Read more

How Physicians Can Avoid the Tax Trap Triangle

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At Physicians Thrive, there is one investment pitfall that we see physicians struggle with so often, we gave it a special name: The Physician Tax Trap Triangle. The Tax Trap Triangle describes an imbalance of three key tax-advantages within a retirement portfolio. It also poses a critical risk to physicians’ long-term financial stability. What is … Read more

5 Steps to Organize Estate Documents for Your Executor

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5 Steps to Organize One of the greatest gifts you can provide for your loved ones is careful planning and organization of your estate documents. In preparation for your passing. During a time of grief, it can be incredibly stressful for your executor to identify and locate all your most important paperwork and assets. While … Read more

Choosing the Right Executor for Your Estate

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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. Accordingly, an executor is the person legally responsible for fulfilling the deceased’s financial obligations and for overseeing the distribution of assets … Read more

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All written content on this site is for information purposes only. Opinions expressed herein are solely those of Physicians Thrive and our editorial staff. The information contained in this material has been derived from sources believed to be reliable, but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory Services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, Member FINRA/SIPC. Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal or tax advice or services. Please consult the appropriate professional regarding your legal or tax planning needs.

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