By Christopher R. Jarvis, MBA, Jason O'Dell, CWM

In our practices as consultants to physicians nationwide, we see significant estate planning mistakes made by doctors and their families (including their parents) everyday. Fortunately, there are a few simple tools doctors can use to help circumvent such mistakes and allow their families to avoid the unnecessary costs that come with poor planning. Let’s discuss some signs of poor planning and discuss solutions that can help doctors manage these avoidable mistakes.

By Dinah Bird, Ph.D., CFP(R), CIMA, David B. Mandell, JD, MBA

"U.S. Baby Boomers fear running out of money in retirement more than they fear death."(1)

As you already know, those of you born between 1946 and 1964 are part of the 77-million strong Baby Boomer generation - one that is now contemplating retirement.(2) If you were born before 1946, you may already be retired or are seriously considering it. If you fit into either of these groups, the following issue will be paramount for all of your financial decisions moving forward: "How do I take the wealth I have saved and efficiently turn it into cash income to sustain me during retirement?" No wonder, as the quote above makes clear. Many soon-to-be retirees are very worried about running out of money in their retirement.

In this article, we will explain problems with the solutions retirees typically rely on to generate cash income in their retirement and suggest alternatives which may be safer and more efficient.

By Paul Heiserman

Nobody's retirement plan consists of paying for an empty building. After driving the length of the field in their careers and scoring retirement, many physicians look back and realize that they've missed something big. Their medical office building isn't behaving like an asset- It's costing them money every month. Their next step can be even more challenging. For those seeking a tenant, the cost to build out a space can be over $60 per square foot, it takes time to find a tenant, and the tenant could leave, repeating the cycle. For those selling, vacant buildings take longer to sell and sell for less money. Some vacant buildings in this market have been for sale over 3 years. Sitting on a vacant building simply doesn't provide many good alternatives. There are better strategies than hoping for the best as you wind your practice down and vacate your building, but planning these strategies in advance is key.

By Carole C. Foos, CPA, David B. Mandell, JD, MBA, Jason O'Dell, CWM

As a physician, do you realize that - between income, capital gains, Medicare, self-employment and other taxes, you spend 40 to 50% of your working hours laboring for the IRS and your state? That is a lot of time with patients for someone else's benefit. Given the significance of this fact, shouldn't your advisors be giving you creative ways to legally reduce your tax liabilities? How many tax-reducing ideas does your CPA regularly provide you? If you are like most physicians, you probably get very few tax planning ideas from your advisors.

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

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, which has begun for many specialties, will reduce the income of many 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 may bring a host of financial challenges none of us can accurately predict at present.

By David B. Mandell, JD, MBA, Jason O'Dell, CWM

There is no Hippocratic Oath on Wall Street. In April of 2010, the Securities and Exchange Commission (SEC) filed a civil case against the investment bank Goldman Sachs charging "fraudulent misconduct" in relation to $1 billion of worthless sub-prime mortgage securities Goldman sold to its clients in 2007. Unfortunately, this is just one example of the mantra "Greed is good" being taken too far.

By Terry Allman, CPC, QPA, QKA, CRPC®, John Kelly, Jason O'Dell, CWM

Defined Benefit Pension Plans as well as Cash Balance Plans are generating a lot of interest with medical practices, both large and small.

Medical practices find that these retirement plans are a great way to increase retirement savings and reduce taxes at the same time. As an additional benefit, the plans provide asset protection for doctors. In addition to reducing income taxes, the significant contributions are a great way to catch up if you have not saved enough in the past or if your retirement account balances are down due to market losses during the recent economic turmoil.

By John Cornish

Tax advantages of Life insurance

By John Cornish

Sales of fixed indexed annuities hit a record-breaking $8.7 billion, a 16% increase from the year-earlier period.

By Lee Adelson, LUTCF, CLTC

Are you looking to ensure that your minority shareholders pay you and your family a fair price for your shares in the event of your death, disability or retirement? As the majority shareholder, you can exercise a lot of control but you want to be fair. After all, we’re talking about the business that you helped to create and grow, and your co-shareholders may be the future of the business. What’s the best way to accomplish what you need to safeguard your financial interests as well as those of the business?