Month: February 2020
As a physician, you’ve sacrificed years of your life, significant monetary resources, and countless hours of sleep to achieve the success you have today. Through your education and extensive training, you’ve accumulated the knowledge and skills needed to make critical, life-saving decisions on a day-to-day basis. However, when it comes to finances, evaluating important money-related choices might not come as easily.
For high-income earning individuals like physicians, though, proper financial management will be imperative for maintaining a high quality of life throughout (and beyond) the trajectory of a lucrative career. With this in mind, we’ve compiled a list of the top 3 financial mistakes physicians tend to make so you can avoid making these same missteps in your financial life.
For young and growing families, it can be hard at times to justify a commitment to charitable giving. But philanthropy can take on several forms when it comes down to it. I’ve heard it referred to as the “three T’s of giving”- time, talent and treasure. All three are clearly very valuable aspects of our lives because each are finite in their own respect. As a wealth manager, I obviously see a great deal of focus placed on the monetary side of philanthropy and my professional experience tells me that our individual perspective on personal wealth is often a driver for assessing whether it is (or feels) appropriate to give away our money or things. The more you feel as though you have yet to achieve your own financial security, the more difficult it is to be motivated to give financially. Furthermore, when having a family to provide for, the decision can be increasingly difficult but arguably more important.
In the last addition of our newsletter, my colleague Chris Blackmon covered some of the tax implications of the newly-enacted SECURE Act. As you may know, the SECURE Act (which stands for “Setting Every Community Up for Retirement Enhancement Act”) was signed into law in late December and became effective January 1st of this year. As Chris outlined, the Act makes significant changes to how retirement accounts can be funded, drawn down, and passed on to the next generation. While many of these changes have obvious tax ramifications, in this article we want to explore further the less obvious estate planning impact of these changes.
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