Retirement Account Rollovers – The Tax Implications

June 27, 2024April 20, 2015 by Justin Nabity

When physicians consider rolling over retirement accounts, the tax implications should be factored into the decision.

The decision as to whether you should roll over your 401k plan to an IRA, another employer’s 401k plan, or simply to leave it where it is, involves several different factors, including long term investment cost and the availability of investment options within the plans. Both can impact the long term performance of your retirement plan. However, a critical factor that can have a big impact, both short and long term, are the tax implications of a rollover. Understanding these implications is essential before making any decision regarding your 401k plan.

Whose Lives Should a Physician Insure?

August 22, 2023April 20, 2015 by Justin Nabity

The Physician’s Life Insurance Primer – Should you own life insurance on others?

The primary reason most people own life insurance is to ensure that their loved ones will have the means to replace lost income and pay for their financial obligations in the event of their premature death. In fact, life insurance is a critical financial tool in any circumstance in which the premature death of an individual could result in a financial hardship on another. So, while owning it on your own life may be the best possible use of life insurance, you may want to consider all circumstances in which it could provide essential financial protection for you, your family or your business. Read more to learn more about who physicians should consider insuring.

Life Insurance as Part of Your Tax Diversification Strategy

June 27, 2024April 20, 2015 by Justin Nabity

The Physician’s Life Insurance Primer Series: How life insurance fits in a savings and tax diversification strategy

For many people, life insurance forms the security foundation of their financial plan. While most financial planners recommend that life insurance be purchased for its protection, and not as a primary savings vehicle, few would argue that cash value life insurance doesn’t have some fairly unique and attractive savings features. When these are considered in the context of a person’s overall savings and investment strategy, they may offer some advantages for physicians, especially for providing additional tax diversification of income sources.

What’s Missing in Your Financial Plan?

October 18, 2022April 20, 2015 by Justin Nabity

As a physician, what key elements are missing in your plan to get on track and stay on course for financial success?

There’s no denying that physicians have a greater opportunity to earn a great living and build wealth than most people; however, they also face several challenges, such as the initial delay in starting their careers under a mountain of debt. Their ability to earn a high, six-figure income is their most valuable asset, but it must quickly be converted into capital that can be accumulated and preserved if they are to achieve financial independence within a shorter time horizon. Without a comprehensive financial plan to guide them in their financial decision, even high-earning physicians can fall well short of that goal.

Why Physicians Need an Investment Coach

June 27, 2024April 20, 2015 by Justin Nabity

An investor’s own worst enemy is likely to be himself. Why it is important to find a trusted advisor and sounding board.

If you believe some of the world’s greatest investors, such as Benjamin Graham and Warren Buffet, it’s not investments that cause people to lose money; rather, it’s people who cause people to lose their money. What is meant by that is investing with sound principles and intelligent practices will always have a greater likelihood of success.

Estate Planning: You’re Never Too Young

June 27, 2024April 20, 2015 by Justin Nabity

Why physicians should begin with the end in mind and secure their estate plan early

It’s understandable why many physicians in their 40’s and 50’s are inordinately focused on their careers and on trying to accumulate assets; they’ve been playing catch up since they left training, and they have a shorter time horizon in which to achieve their most important goals. However, a common mistake most physicians make is to put off planning their estate until they’ve accumulated some wealth, not realizing that there is so much that can happen along the way which can have devastating consequences for their families. While there are a number of reasons why younger physicians tend to avoid facing these critical issues, the minimal time and expense it takes to address them, thus preventing unnecessary hardship and heartache, makes it almost inexcusable not to.

5 Things Financially Successful Physicians Do Differently

June 27, 2024April 20, 2015 by Justin Nabity

While all physicians face the same financial challenges early on in their careers, each one begins to make decisions about their financial future that will set them on an individual course largely determined by the consequences of their actions – or inaction.

Challenges not met early on with deliberate steps to overcome them can eventually become obstacles to financial success which can grow increasingly insurmountable in a shrinking time horizon.

Perhaps the biggest difference between financially successful physicians and those who struggle is the realization that there is not a minute to waste in setting the right course.

For younger physicians, the best course is the one followed by physicians who have achieved financial success.

Tax Reduction Strategies for MD’s: Tax Credits

October 20, 2022April 20, 2015 by Justin Nabity

Tax Reduction Strategies Series

The third installment in our series of steps physicians can take to reduce thier tax burden is to employ tax credits.

Strategy 3: Look for Tax Credits

Tax Reduction Strategies for MD’s: Part II

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategy Series – Part II

We continue our series on three key steps physicians can take to reduce thier tax burden with today’s focus on Tax Deductions.

Strategy 2: Increase Your Deductions

The biggest reason most people pay more taxes than is necessary is their failure to capture all of the tax deductions available to them. Through itemized deductions, physicians can lower their AGI even further.

Tax Reduction Strategies for MD’s

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategies Series

While tax season seems to have just ended, tax planning should be a year-round event for high earning physicians. Your focus should be on the three key ways to minimize your tax burden – Income Reduction, Tax Deductions and Tax Credits. This series will discuss each of the focal points, starting with Income Reduction.

When physicians consider rolling over retirement accounts, the tax implications should be factored into the decision.

The Physician’s Life Insurance Primer – Should you own life insurance on others?

The Physician’s Life Insurance Primer Series: How life insurance fits in a savings and tax diversification strategy

As a physician, what key elements are missing in your plan to get on track and stay on course for financial success?

An investor’s own worst enemy is likely to be himself. Why it is important to find a trusted advisor and sounding board.

Why physicians should begin with the end in mind and secure their estate plan early

Tax Reduction Strategies Series

Strategy 3: Look for Tax Credits

Tax Reduction Strategy Series – Part II

Strategy 2: Increase Your Deductions

Tax Reduction Strategies Series

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