By Michael Lewellen, CFP®, R. Paul Wilson, CRPC®

As advisors to young physicians across the country, we are often asked the question: "What is the most important thing I should be doing financially in the first years of practice?" Our answer is simple: "You need to build a solid foundation" - yet, the application of this concept (Foundation) is different for each physician. However, as with patients, we often see very common symptoms and can make some generalizations about what is involved in creating a "financial foundation" for many young doctors. We will do that here in this article.

By Michael Lewellen, CFP®, R. Paul Wilson, CRPC®

As advisors to young physicians across the country, we are often asked the question: “What is the most important thing I should be doing financially in the first years of practice?” Our answer is simple: “You need to build a solid foundation” – yet, the application of this concept (Foundation) is different for each physician. However, as with patients, we often see very common symptoms and can make some generalizations about what is involved in creating a ”financial foundation” for many young doctors. We will do that here in this article.

By Andrew Schwartz, CPA

As we announced in The MDTAXES April 2010 newsletter, the IRS has agreed to process FICA refund claims submitted by residency programs and individual medical trainees for wages paid through March 31, 2005. The catch is that only refund claims previously filed with the IRS will be processed, since the statute of limitations has expired for eligible individuals who have not yet submitted their pre-4/1/2005 FICA refund claims.

By 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.

As I now enter my twentieth year in the financial services business, I can say that the more things change, the more they stay the same and disability insurance is no different. This article will discuss where the disability industry has been, where the industry is going and serve as a primer to help you find the policy to best suit your individual needs in today’s marketplace.

By Andrew Schwartz, CPA

By Andrew Schwartz, CPA

Female physicians often find themselves paying too much for their disability insurance as they are not aware that often times unisex premium rates are available, which can reduce their costs by 35-60%.

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

According to the US Census Bureau, the average American family earns less than $49,000. That translates to an income tax liability of less than 12%. 98% of American families will NEVER be worth more than $2,000,000 and owe an estate tax. Lastly, the average American is an employee, not an employer, and doesn’t have the government determine how much income they receive for their work. As a result, most people will never be sued because of work-related activities and don’t have to worry about their income dropping substantially each year. Therefore, there is no need for most people to address protection from lawsuits or to take advantage of every possible tax benefit when times are good. Does the situation above sound like your life? Of course it doesn’t.