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As a physician, you have the opportunity to accumulate significant wealth, but without proper planning to maximize and protect that wealth, you may not achieve your full financial potential. The experienced planners at Physicians Advantage are accustomed to working with physicians and understand their unique needs thoroughly. We also understand that no one solution is right all of our clients. That’s why we’ll work to understand where you are today and where you want to be tomorrow. Then we’ll evaluate a number of possible strategies before recommending a course of action. We will take into account such areas as tax reduction, estate planning, practice-succession planning, and ways to leverage and protect your accounts receivable.
Tax and Estate Planning When addressing an individual’s financial future, special consideration should be given to tax and estate planning. Our financial planners will examine every aspect of your estate plan to assure it is well positioned not just for growth but also for minimizing estate taxes and other issues as your wealth is passed on to your heirs. We will consider such things as educational savings plans, charitable giving, tax planning and real-estate investment strategies. Practice Succession Planning No matter how close—or how far—you are from retirement, it is never too early to look ahead to that time and plan for it. Our financial and legal team will examine a variety of solutions and start funding them as early as possible. This way, when you reach retirement and pass the practice on to another partner, both parties can achieve their goals and experience a smooth, mutually agreed-upon succession. Our legal professionals will make sure the plan meets all requirements. We also institute plans in the event of the death of one partner. Putting buy-sell agreements and loss-of-key-man plans into effect in advance can be true life-savers for your practice as well as for you personally. Accounts Receivable Leveraging And Protection Virtually all lawsuits filed against physicians expose corporate assets to prospective judgments. This includes accounts receivable (A/R), typically one of the largest assets of any practice. One advantage of proactive A/R planning by Physicians Advantage is that it creates a barrier to act as a deterrent to creditors by not only protecting the A/R but future collectable revenue as well. This planning also allows the practice to leverage its A/R and turn it into a performing asset that can be used for retirement or other financial purposes. The Physicians Advantage team of experts designs case-specific A/R strategies that can provide economic benefits to the physician while also providing a high level of asset protection. There are many options available, and Physicians Advantage will work closely with you to explore each of them in determining the most appropriate strategy for your practice. Retirement Planning It is almost certain that as a practicing physician, you already have some kind of retirement plan in place. Our financial planners can examine and analyze your plan as well as making recommendations for new opportunities. Just some of the programs we examine are traditional, Roth and self-directed IRAs; 401 (k) plans; 412 (i) defined-benefit plans; non-qualified deferred compensation; and key-person/executive benefits. We find that nearly all physicians can take advantage of opportunities they had not previously considered. These services offer the most benefit when executed as part of the CAPS+ program. Other Financial Planning Services In addition to the services described above, Physicians Advantage is also pleased to offer:
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