By Lee Adelson, LUTCF, CLTC

This article briefly and simply discusses the main concerns of Long Term Care, understanding what is covered, how policies work, and how to decide what company is right for you. It also discusses how to design a plan that is right for your particular needs.

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

Changes in tax laws can catch successful people off guard. With most physicians so busy worrying about potential reimbursement reductions, they don’t have the time to address the important challenge of establishing a tax-wise estate plan for their families. In our experience, fewer than 5% of doctors have an adequate estate plan in place when we meet. This upcoming tax law change will create even more shortfalls in most doctor families’ planning.

By David B. Mandell, JD, MBA

Asset protection planning is not a black-white endeavor. Some asset protection planning is truly better than others. This articles explains why.

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

Over the past few years, we have written many articles on potential strategies that a doctor can use to reduce income taxes, increase benefits, or build retirement savings. In that time, we have also consulted with hundreds of medical groups on how to implement such strategies for their practice. Unfortunately, these consultations too often turn out to be less than fruitful because of office politics.

Typically, while the younger members of the group are very motivated to reduce their income taxes, the older doctors are often uninterested. Either they are already so close to retirement that don't need extra retirement planning or they are simply set in their ways and don't want to change anything - the old "if it ain't broke, don't fix it" mindset. The result: planning gridlock.

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

We discuss the uses of Captive Insurance Companies, the steps required to implement them, and for which individuals they are most appropriate.

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.

By George E. Kavalauskas, RFC, Patrick Wilson, JD, RFC. CLTC

By Kenneth Hancock, Catherine Kowalski, RN

This article is targeted to physicians who considering building/developoing their own ambulatory surgery center (ASC). The article contains valuable information and serves as a road map to the complex steps that are required to build an outpatient surgery center from partnership syndication, financing, and real estate to construction, equipment, and operations.

By C. L. Huddleston, J.D.

Family Bank Trusts are a recent development by a handful of attorneys that use the existing, tested legal strategy for Irrevocable Life Insurance Trusts (also known as "Crummey Trusts"). These trusts allow spouses to create trusts for one another that (a) are fully accessible during lifetime; (b) can hold any type of asset from cash to business interests; (c) are not reachable by creditors, (d) are not includable in your taxable estate at death; and (e) grow faster than your less-protected assets because any tax attributable to the trust is paid with non-trust assets. Over 20 years, each such trust can grow to $3 million or more, protected from creditors and estate taxes.

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

The recent Medicare cuts in reimbursements for most physicians go from frustrating to downright scary. Layer on top of this any proposed healthcare overhaul (which may now be difficult to pass), and it starts to feel like the federal government is determined to make it difficult for physicians to prosper.