Tag: MDFIT

Could the 529 Be the Holy Grail of Asset Protection?

These days, physicians face increased risk from lawsuits, judgements, creditors, and malpractice claims, yet one of the most common mistakes they make is relying solely on their insurance policies to protect them in these high-stakes situations. Not only do they overestimate just how far their personal and professional coverage will go but they also generally have no backup plan to pick up where their policies leave off. So, how do you protect your income and estate from legal claims? By integrating a number of diversified asset protection strategies into your overall financial plan.

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Top 3 Financial Challenges Young Doctors Face

As a physician, you more than pay for your ability to earn a high income with decades of studying, sweat, sleep deprivation, personal discipline, and of course, money. But simply having the ability to earn a high income doesn’t grant you immunity from financial challenges—especially when your career is just getting started. What exactly do you need to look out for when it comes to your finances? What challenges can you expect to encounter?

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Noteworthy Tax Credit Opportunities for Healthcare Providers

Looking for ways to reduce your taxable income while contributing to a cause that hits close to home? State tax credit programs that benefit rural hospitals could be just the outlet you need. These state-run programs allow taxpayers to direct a certain amount of their tax dollars to rural hospitals in need. Since we reside in Atlanta, we are most familiar with the Georgia HEART program outlined below, but others states offer similar programs. Check with your state revenue department to learn if such options are available to you.

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Top 3 Financial Mistakes Physicians Tend to Make

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.

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3 Tips for Physicians to Find the Best Financial Advisor

Believe it or not, some financial advisors do not have to abide by their own version of a Hippocratic Oath. As a physician, you are a fiduciary, a professional who is obligated to put your patients’ best interest first. But, did you know that not all financial advisors are required to abide by a fiduciary standard? As a physician, you have a Hippocratic oath. It’s a smart idea to find a financial advisor that is bound to the same set of standards to serve your interests first. Here are three things you should ask in your search for a financial advisor.

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How to Maximize the Deductibility of Charitable Contributions

The tax law changes in 2018 dramatically reduced the deductibility of many expenses and increased the standard deduction dramatically.  However, these same tax reforms cleared the way for individuals and families to continue to support the causes they believe in while still potentially minimizing their taxes. However, this new approach requires planning ahead and an understanding of how “bunching” deductions work.

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Hear How Atlanta Financial Makes Life’s Journey Richer

Atlanta Financial TV is home to a variety of videos that allow clients and associates to obtain knowledge, insight and experience. Tune in to learn more about our approach to comprehensive wealth management.to comprehensive wealth management.

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