Wealth Planning for the Modern Physician

Helping Physicians with Their Financial Concerns What should I be doing as a young physician to secure my financial future? Now that I am out in practice and building assets, how do I protect them from potential liability? What are the best ways for me to reduce taxes, whether I am in private practice or employed? I know I need insurances, but how do I understand the products and make smart choices of what fits best for me and my family? When it comes to investments, who should I trust to manage them and how do I keep myself from making costly mistakes? I know I would like to retire someday, but how do I make sure I am "on track"? I am about to retire, what should I be doing differently at this stage of my financial life? These seven questions are among the hundreds we have heard from our 1,500+ physician clients during the last 30 years - as partners at OJM Group, and in our former financial, accounting/tax and law practices. We wanted this book to educate readers on exactly these issues - and do it in the chronological order that they arise for physicians as they progress from "residency to retirement." In this way, this book is different than any of our previous books for doctors. On the other hand, our newest title adds to the lineage of books for physicians that began with David's The Doctor's Asset Protection Guide in the mid 1990's, The Doctor's Wealth Protection Guide in the late 1990s, Wealth Protection MD in the early 2000s, and five editions of OJM Group's For Doctors Only: A Guide to Working Less and Building More since the mid-2000s. Of course, we also have books specifically written for and with orthopedic surgeons and dermatologists, as well as a Category I CME monograph, now in its eighth edition since 1998. Fitting with the chronological theme, we have organized the book into six Lessons: Lesson One: Financial Planning Basics During Training and Early Practice Years; Key financial strategies that young physicians should focus on while in training and as they enter practice. Lesson Two: Protecting Assets From Potential Liability; Explains the myriad of tactics available to shield assets from potential liability. Lesson Three: Tax Planning When in Practice; Strategies to reduce taxes in legally permissible ways. Lesson Four: Using Insurance Effectively to Protect the Family and Build Wealth; Guidelines for making the many important decisions regarding insurances, including disability, life and long-term care coverage. Lesson Five: What Physicians Need to Know about Investing; Includes topics such as why physicians are like the typical U. S. investor, why they are not, and what medical science tells us about our brains and how they can hinder us when it comes to investing. Lesson Six: Success Factors for Physicians Approaching and In Retirement; Crucial "dos" and "don'ts" from a financial perspective to help physicians in this important career phase, so they can achieve their retirement goals. We hope you find this book's chronological approach helpful. We are confident that, regardless of your age, you could read the book cover to cover and glean a tremendous amount of knowledge. For many of you, this may make sense. For others, you may treat the book as a resource to revisit as one or more financial questions arise over the years. Regardless of how you utilize the book, we are glad that you have it. We sincerely encourage you to contact us with questions or comments ... or to schedule a time to discuss your unique situation.