To run your own custom illustration, contact us for access.
Roth conversions to avoid future Required Minimum Distributions
A Roth conversion of qualified assets (money in a 401k or IRA, for example) is used to prevent future Required Minimum Distributions (RMDs) that lock in losses in a down market (as many retirees are currently experiencing). With likely passage of the SECURE Act “2.0” (currently passed in both chambers of Congress, but requiring reconciliation) raising the RMD age from 72 to 75, there will be an enlarged window of time to take action. There are no income limits on a Roth conversion and, while it does create a tax liability in the year it is executed, we are able to mitigate tax liabilities with charitable strategies that can provide advantageous benefits. Charitable projects of this nature vary from year to year. Contact us for more information.
Premium refund disability is back
Premium refund disability is back. That’s right–the premium you pay is refunded to you later on. We have two quality insurance companies writing non-cancellable, guaranteed renewable premium refund disability insurance covering your specialty in your practice to age 67. 80% of the premiums paid are refunded every 10 years.
We recommend funding with pre-tax dollars from the practice. We will include review of your disability income insurance (ideally covering 60% of your earnings) in our quarterly review sessions.
New associate; new digital presence
Matthew Taub, JD has joined Physicians Financial as an Associate. Matt has practiced law in New York and New Jersey and has worked in the financial industry for the last 7 years. He has experience providing financial planning to high income, high net worth clients, expertise in qualified plans, as well as the models of the Doctors Economic Research Project. As we do our review sessions with everyone this quarter, we look forward to introducing you to Matt. If you are a potential new client, we look forward to introducing you to both Matt and Jeffrey, as well our Office Manager / Executive Assistant, Alisa.
We also have a new web site, including a financial literacy resources page describing some of the strategies and structures to eliminate unnecessary losses of your earnings and savings. Additionally, we now have an eBook and webinar delineating our philosophy of moving doctors from less to more.
Meet with us
For over 30 years, our firm has helped successful physicians and dentists (as well as other productive individuals) across the country maximize the efficiency, control, and safety of the conversion of their earnings into spendable savings.
You can now schedule your initial consultation or client review meeting with us electronically.
We look forward to visiting with you.