By Vincent Gallo

Planned gifts that allow the donor to retain an income stream for life or a term of years include charitable remainder trusts, charitable gift annuities, and pooled income funds (collectively, charitable life income plans). A related technique is the gift of a remainder interest in a house or farm, which allows the donor to retain the use of the house or farm for life or a term of years.

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 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 Vincent Gallo

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

Every state has its own set of “Exemption” statues. In them you will find perhaps the only unassailable creditor protection available and it can be extensive. Not planning retirement savings, home ownership, and life insurance purchases around your state’s exemptions is foolish indeed. I am a South Carolina attorney and this article is about South Carolina “Exemptions” only. What dollar amount of home equity, 401(k)s, IRAs, life insurance, annuities, cars, jewelry, tools of your trade, and household furnishings are safe from creditors no matter what.

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 Mason Salisbury

The LLC is the superior asset protection and business entity and has displaced partnerships and corporations as the entity of choice. The LLC is made to order for businesses ownership, asset protection, and estate planning. LLCs combine flexibility of organization and operation with flexibility in taxation and strength in asset and liability protection.

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.