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Should I Consider a Roth Conversion?
DIAGNOSIS: Do you have lower income than usual or wealthy heirs?TREATMENT: Consider a Roth Conversion. Would you ever want to pay taxes before you had to? It sounds counterintuitive but the answer is sometimes yes. A Roth Conversion is when...
How Physicians Can Pay for College and Protect Their Retirement
The biggest impediment to an on-time and comfortable retirement is overpaying for your children’s education. Most financial advisors just say, “save in a 529 account”. This isn’t enough and fails to address the best way to pay for a potential $300,000...
How to Transition Jobs and Protect Your Retirement
2020 has been anything but ordinary. Many people have lost jobs or had to transition to a new one due to reasons beyond their control. This can be an emotional time, yet one that can also open the door for other opportunities. First things first. You need to...
The FAFSA – Why Every Family With College Bound Children Should File It
Outstanding student loan debt is approaching 1.8 trillion, second only to mortgage debt for consumers. Student loan delinquency rates are over 11% and the average parent loan debt is $37,200 among the parents who borrowed on behalf of their children. These are...
Physicians Financial Planning Checklist
Physicians face many unique challenges when it comes to financial planning. Most graduate school with student loans, they have substantial liability exposure and begin saving for their retirement at a late age. Proactive planning can help you...
What if We Don’t Qualify for Need-Based Financial Aid?
Many higher income families assume that they will not qualify for any financial aid. They would usually be correct if the aid were need-based. However, financial aid can come in many forms. Merit Based Aid There are two types of financial aid, need-based and...
Choose the “Right” Schools to Save Money on College
We all want the best for our children. That includes paying for an education. But the cost of that education keeps going up and is now over $300,000 at some schools. Saving in a 529 plan is not enough! You need to develop a plan that not only helps you save, but...
Physician’s Financial Planning Playbook for COVID-19
The current pandemic has created challenges for all of us, especially physicians. There are threats to their own health, loss of revenue as elective procedures are canceled and difficulties in caring for their patients. Below are some resources to help...
The CARES Act: What it Means for Families and Business Owners
This week the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. The purpose of the act is to provide relief to individuals and businesses impacted by the global COVID-19 pandemic. I won’t try to include all 800+ pages in this email, but here...
When Should I Begin My Social Security?
The value of receiving a guaranteed income stream with inflation protection for the rest of your life cannot be understated. Every dollar of Social Security received is one less dollar that needs to be pulled from your portfolio. So, when should you begin to...
Year-end Checklist for Physicians
2019 is almost in the books. Below are five actions that physicians can take as part of a proactive, year-end review. Refinance Mortgage and Student Loans – Mortgage rates have come down considerably this year and are near historic lows. Bankrate is a great...
How Grandparents Can Help Pay for College, the Right Way
Grandparents are usually willing to help with college expenses when possible. I remember my own grandmother chipping in a bit for my freshman year at school. Knowing what I know now, it’s likely that the gift had a negative impact on my financial aid eligibility....
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