Category: Blog 2019

5 Critical Tax Planning Strategies for Physicians

Whether you are a physician who is still in residency or have enjoyed a mature career and are nearing retirement, strategic tax planning is critical at any stage of a high-income earner’s journey. Smart planning throughout your career not only helps to alleviate tax burdens on a year to year basis, but works to maximize your income in retirement, as well.

Unfortunately, even though the average physician spends roughly a decade in graduate school and training, there is little to no education provided on personal finance or tax planning. With this in mind, we’ve compiled a list of the top 5 tax planning strategies that can specifically benefit hard-working physicians looking to reduce their taxable income and improve their lifetime income stream.

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Benefits of Professional Trustees

What is a professional trustee?

When you set up a trust, you must name a trustee to manage and administer the assets in your trust. Generally, professional trustees are experienced individuals that work in a trust department in a bank or in a trust company.

Do you need a professional trustee?

In determining whether you need a professional trustee, consider the following…

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What to Do When You Inherit Your Spouse’s IRA

For many people, a time will come when a parent, spouse, sibling or other beloved family member passes away and they will inherit IRA assets. Because the rules regarding inherited IRAs are not simple, mistakes are often made with inherited IRAs, whether they are inherited by spouses, children or others.  In our experience in working with married couples, most of them name their spouse as the primary beneficiary of their IRA or other retirement accounts like their 401(k) or 403(b). Therefore, it is important for married couples to know how to apply the rules when a spouse inherits an IRA.

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Marriage-Killing Money Issues

Divorce can be one of the most painful transitions an individual or family can experience. And once the litigation is done, family members often continue to suffer.  Adults often experience a decline in their physical and emotional well being, with a heightened rate of stress-induced illnesses, depression and a loss of identity and social connections¹. Children often suffer in less obvious ways, with educational and adjustment problems in early childhood, and emotional problems related to the divorce increasing in young adulthood². Many couples fight hard for their marriage and family, but simply aren’t able to overcome their differences. What are the top causes they report for ending their marriage? Most of us know…

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Who Said Budget Is A Bad Word?

We’ve all experienced this in one way or another: the paycheck lands, we think that we have recommitted our mind to being thrifty and frugal, but then something (or someone, reflection in the mirror included) happens to derail the process. We know it is necessary. We understand the benefits. But it isn’t fun! YOLO, right?! Sure, denying ourselves today the zeal of instant gratification is NOT enjoyable, but it IS responsible.

Whether you are just beginning the “adulting” journey and are trying to get a handle on what having personal, financial accountability means, or you’re a cashflow veteran and you’re pushing forward with a much needed over-haul of your money management repertoire, these 5 tips are essential to remember when taking command of our favorite 6 letter curse word… the BUDGET…

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And the Best Place to Retire is….!

Recently, I ran across an article about the best (and worst) states for retirement.  It caught my attention because the “best” state turned out to be ….  Nebraska!  Many would be surprised at this.  After all, who would retire in such a cold place in the middle of the country?  Actually, I was not at all surprised.  I was born in Lincoln, Nebraska and spent the first twelve years of my life there.  I still visit relatives in the Cornhusker state and enjoy the wonderful people, slower pace and beautiful scenery the state has to offer.

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Hear How Atlanta Financial Makes Life’s Journey Richer

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