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Doctor Planning

"Most doctors, financially speaking . . . are walking around with nothing more than a hospital robe on. They only think they are covered."

There are three specific uncertainties doctors face:

  1. Uncertainty of the healthcare industry
  2. Uncertainty of lawsuits
  3. Uncertainty of taxes

We can help mitigate these uncertainties. Many doctors may have an investment advisor and an insurance agent, but they may not have the right professional to address the big picture issues that tie everything together. And most doctors do not have a comprehensive plan that helps grow and preserve their assets as well as implementing a tax-advantaged strategy that reduces the uncertainties specific to doctors incomes, practices, and liabilities.

To use a healthcare analogy- Most doctors, financially speaking, even when taking malpractice insurance into account, are walking around with nothing more than a hospital robe on. They only think they are covered. There is little to no plan for their retirement, their assets are not properly protected, and they have avoided finding the right tax-advantaged strategies.

With doctors, we focus on their specific needs in helping them reduce their taxes, preserve and grow their assets, and for those who own a practice, incorporate that ownership as an economic engine of both income and business value in your overall portfolio. We understand how partners and employees play a key role in your financial well-being, and how tax strategies applied within and without your practice can have an impact on your bottom line and personal financial success.

If you are a doctor, you should be asking yourself these three questions:

  1. What is the best way for me to locate and allocate my assets so I'm either reducing taxes or so that more of the income flows to me?
  2. What is the best way for me to locate my assets so that I am better protected from frivolous lawsuits?
  3. Do I have an exit strategy with my practice, and have I prepared properly for retirement? Do I need to make up for lost time?

Matsen Wealth Management has the experience to help you answer these questions.