By C. L. Huddleston, J.D.

In the appropriate situation, Roth IRA conversions can be a home run for doctors and their families. Some of the considerations are obvious and intuitive, but others are more obscure.

By Carole C. Foos, CPA, David B. Mandell, JD, MBA

Many doctors invest in real estate - in rental properties, commercial developments, surgery centers or even their office or home. This article provides guidance on how to protect such assets and leverage them for tax benefits as well.

By Lawrence B. Keller, CFP®, Andrew Schwartz, CPA

Although it has been around since 1998, and is one of the best financial tools available, most physicians, as high-income taxpayers, were unable to take advantage of it due to income limitations. However, as part of The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) signed into law by President Bush on May 17, 2006, that has changed. Now, taxpayers earning more than $100,000, finally have the option to convert their IRAs and other eligible retirement accounts to a Roth IRA as of January 1, 2010.

By Carole C. Foos, CPA, Jason O'Dell

If you think medicine is a difficult business today, “you ain’t seen nothing yet.” You are about to face your largest financial challenge ever. There is an approaching confluence of events that could have a significant financial impact on most doctors – unless you do something to protect yourself.

Medicare reimbursement cutbacks will reduce the income of most doctors. Even if you don’t treat Medicare patients, you are not immune to this cut. If your private insurance contracts offer you some percentage (say 120%) of Medicare, a cut in Medicare reimbursements will lower your insurance reimbursements. In addition, the healthcare overhaul the President is promoting will further reduce physician income. On top of both of these “gross” income reducing events, there are is a significant “net” income reducing threat that shouldn’t be ignored.

By Mason Salisbury

The “Asset Protection LLC” – It used to be all LLCs where the same. What ever LLC operating agreement was on the word processor or on the form book CD was the one you sold to clients. Embarrassingly, these LLCs are still nearly omnipresent. Good news is it will not matter what kind of LLC you have if you are never sued and the average LLC owner is not sued. Bad news is you may not be the average LLC owner.

By Mason Salisbury

A Living Trust does everything a will does for estate planning and adds a great deal of asset protection which a will does not. A Living Trust is used in place of a will and it is not to be confused with a “living will”. It is a revocable trust you create, you control, and you can dissolve or change at any time. To my debtor/creditor attorney mind estate planning is just a bonus, it is the asset protection you want.

By Mason Salisbury

LLCs, limited liability companies, can be wonderfully flexible entities for asset protection and estate planning. Just do not sell yourself short with a “form” LLC. By “form” LLC, I mean an LLC consisting of a canned, fill-in-the-blanks, “form” operating agreement. Because clients don’t know what they are missing, one size too often does fit all.

By Christopher R. Jarvis, MBA, David B. Mandell, JD, MBA

Funds left in a retirement plan (401(k), IRA, profit sharing plan, etc.) will be subject to both income taxes and estate taxes. This is the LEAST valuable asset any doctor can leave for heirs.

By C. L. Huddleston, J.D.

We all know about "Asset Diversification." Skilled investment managers and investors know about "Currency Diversification." But in an increasing income tax rate environment that is not enough. Introducing "Tax Regime Diversification."

By Andrew Schwartz, CPA