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Call for Guest Medical Executive-Posts!
By Ann Miller RN MHA
[Executive-Director]
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Now that we’ve wrapped up our newest textbook, we thought it would be fun to keep everybody writing to share your best posts and comments with our ever-growing online community.
### We’re open to all kinds of related subjects on the business of medical practice, healthcare economics and finance, HIT and personal financial planning and investing for doctors and all medical professionals. ### So, if you’d like to comment or be a featured guest on our blog, or know of a great post we should feature or re-print, just let us know by emailing me! BROADCAST yourself.
www.CertifiedMedicalPlanner.org### |
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Filed under: Book Reviews, CMP Program, iMBA, Inc. | Tagged: certified medical planner, CMP, Medical Executve-Post |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Of Assistance to Doctors?
Would an article on what can Doctors expect to receive in Financial Planning Services from an advisor be of interest?
We have some we meet with in their home, or over lunch, or out for dinner. We take care of the 401k or other pension work, working with the TPA for the best results for the employees and have at least one or two annual meetings with the employees (individually) to educate them on retirement planning.
We have assisted in how much to spend for college, for weddings, gifts, cars, second homes, rentals etc. We have also done divorce mediation under the advisement of the attorneys in financial structure of agreements, prenups, post nups, etc (not as much fun but have been told it gave peace of mind to the parties). We have assisted with parental needs of Docs. Such as finding nearby housing for aging parents, handling trusts and assets of parents of children who are on the other side of the country. Have done planning for Docs. That are members of Doctors without borders and other volunteer groups. Also manage charitable trusts and donor advised funds for those who need current tax deductions for future gifts.
In a couple of cases have worked with Doctors who live in the North to get up and running for a planned future retirement in Arizona so that paperwork etc. is all taken care of before the move. Could be several articles depending on what your needs are. Just let me know what you would like.
Patricia F. Raskob EA CFP ATA
President – Raskob Kambourian Financial Advisors Ltd.
4100 North First Avenue
Tucson, Arizona 85719
520-690-1999
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IRA Strategies 2012
The amount of money in IRAs is climbing even as the volatility continues. Most of us have at least one IRA and eventually many people roll over their main retirement assets, 401(k) accounts to IRAs. Unfortunately, a lot of the value in IRAs isn’t being maximized. By focusing on a few key strategies you can make an IRA more valuable in your lifetime and beyond.
Consider the following:
OWN THE RIGHT ASSETS
An IRA has the advantage of tax deferral. Gains and income compound free of taxes until they are distributed. They have the disadvantage of converting long-term capital gains into ordinary income. All taxable distributions from an IRA are taxed as ordinary income. Research reveals that assets that pay high ordinary income are best held in IRAs. High-Yield bonds, Real Estate Investment Trusts and investment grade bonds as well as stocks, mutual funds and other investments that tend to be owned for less than a year generate short-term capital gains. Nontraditional, or alternative investments can be utilized, however know which are prohibited in retirement accounts.
PRACTICE TAX DIVERSIFICATION
No one can forecast how the tax code will alter. Different scenarios are in the works, perhaps one will be put into place late this fall. Different types of accounts have different tax treatments now, and that could change. Instead of forecasting one tax outcome and arranging your finances accordingly, it’s safer to have different types of accounts so you won’t be burned in any scenario. Try to own investments in taxable accounts, traditional IRAs, and Roth IRAs
CONVERT TO A ROTH
Every year, consider whether it makes sense to convert all or part of your traditional IRA into a Roth IRA. Discuss with your Tax advisor factors such as your expected rate of return, the difference between your current tax rate and future tax rates, the source of the cash to pay the taxes and whether future required minimum distributions would exceed your spending needs.
Your CPA/advisor will add other questions as he would know your personal situation and needs.
CONSOLIDATE OR SPLIT?
Simplifying your finances often means consolidating all your accounts at one financial institution. Many people have multiple IRAs and simplifying means rolling them over into one IRA when practical. But suppose you have multiple heirs and expect IRAs to be a significant legacy. You could name all heirs as joint beneficiaries and let them decide what to do with the account. On the other hand, you could split the IRA now and name one person as the primary beneficiary for each.
SPEND ACCOUNTS IN THE RIGHT ORDER
As a general rule, it’s best to spend taxable accounts first, traditional IRA’s next and ROTH IRAs last. Not in all cases. When you visit your advisor and review what you need in cash flow at retirement, you may find that taking your RMD at 70 ½ puts you into a higher tax bracket. It may be less taxing to take normal distributions on a regular basis after 591/2.
REVIEW BENEFICIARIES
There are horror stories of people who haven’t changed beneficiaries for decades and find a sibling or a parent is the beneficiary rather than your spouse.
CONSIDER CHARITY
Should you decide to leave part of your estate to charity, the most tax efficient way to do that might be to name the charity as beneficiary of your IRA? Individuals pay tax on distributions, Charities do not.
CATCH-UP CONTRIBUTIONS
When you’re still working and making contributions to IRAs, you can make higher contributions when age 50 or older. In 2012, the maximum for those over 50 is $6000 rather than $5000.
CONSIDER SPOUSE
Generally IRA contributions can be made only to the extent you have earned income from a job or business. When filing a joint return, contributions can be made for both spouses up to the maximum of $6000.
REQUIRED DISTRIBUTIONS
It appears people continue to make mistakes when taking and computing their RMD after 70 ½. The IRS has been lax on this in the past but is stepping up its tracking and enforcement.
Martha Schilling AAMS®, CRPC,®ETSC, CSA
http://www.schillinggroupadvisors.com
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Hi Ann,
I hope my email finds you doing well. I really appreciate your offer to contribute educational articles to your ME-P.
I am about to call it quits for the day, however I wanted to respond to you so that you would know that I am interested. I will review the attachment in your email on tomorrow and contact you on Monday to learn more about your publication.
Thanks again for your consideration.
Take care.
Martin A. Smith CRPC® AIFA®
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Ann,
Sorry, it’s been a busy week. Yes, I may be interested.
It would likely either be on the general subject of long-term macroeconomic effects on invested assets or sometimes, on tax-savings vehicles in advanced planning for individuals or medium-sized companies desiring to shelter income.
Is there any editing help?
Sincerely,
Robert S. Park MD
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