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Protect Your Assets by Incorporating Your Practice
While limited liability corporations often are the go-to method for incorporating a physician’s practice, there are further considerations every practice owner should make. Physicians are innovative thinkers, but their formal education does not reveal the nuances between different corporate structures. These options, including limited liability corporations (LLCs), S corporations, and C corporations, provide physicians with a range of options when considering how to incorporate a medical practice.
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When Frozen Assets are a Good Thing
The phrase “frozen assets” is one that strikes fear into the heart of many a wealthy citizen. The inability to sell an investment or take a withdrawal at a time when cash may be most crucial is indeed stomach-turning, often evoking thoughts of bankruptcy, fraud, political corruption, terrorism, or perhaps, an unsavory business deal. Yet, for investors interested in protecting and passing on their wealth, there is a way to re-appropriate the concept of “frozen assets” in a beneficial and advantageous way.
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Want to Avoid a Malpractice Lawsuit? Think Like an Attorney
Physicians who’ll thrive best in the future will be those most prepared for vexing, unwarranted, and time-consuming malpractice suits. To join their ranks, use these safe, inexpensive, proven malpractice defense strategies. To say physicians should strive to protect themselves from malpractice suits would be an understatement. Simply put, there is no immunity from the threat of patients claiming their body has been unnecessarily damaged. Thus, it’s imperative for medical doctors to implement the simple precautions most likely to decrease the chances of a lawsuit—and a large judgment.
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What’s Your Exit Strategy?
Before you join your next practice, give thought to how you’ll leave it. When you’re considering an offer of employment, going over your job exit strategy before you sign on the dotted line might be the last thing on your mind. However, paying attention to some of the more common issues can save you time and spare you undue stress.
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The 401K Today: What Every Dermatology Practice Should Know
Last summer, rather quietly, new rules from the Department of Labor (DOL) governing 401K plans went into effect. If, as a small business owner, you’re not in compliance, you may be vulnerable to lawsuits (or worse). Why? Despite the changes in rules governing retirement plans, that is, ERISA regulations, going unnoticed by many, the changes affect every dermatologist offering a 401K benefit to employees.
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Why Rich Kids Don’t Pay Taxes
One of the greatest tricks up the proverbial sleeves of rich families wanting to preserve generational wealth is their ability to pass along their assets to their heirs in perpetuity. They’re able to do this free from the grip of creditors, the IRS, state and local tax authorities, litigators, ex-spouses, and, perhaps most importantly, estate and gift taxes. Sound too good to be true? It’s not. Using a straightforward estate planning technique—the dynasty trust, could create a substantial reduction in taxes.
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6 Rules Every Dentist Should Follow to Avoid Frivolous Lawsuits
Today’s busy dentists are likely to delegate administrative tasks when possible, and, at first glance, an employee handbook might seem like it’s the responsibility of the office manager or person responsible for HR issues but think again. This document establishes written guidelines for every aspect of the employer/employee relationship, such as policies regarding vacation, sick leave, jury duty (as well as other instances where an employee would be away from work for an extended period), office rules, expectations, and procedures.
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No Good Deed Goes Unpunished: The High Price Of Today’s Broken 401(k)
If the road to hell is paved with good intentions, perhaps the same could be said about many of today’s 401K plans. Employers craft benefit packages with the best of intentions, yet, there’s a good chance you may be administering or participating in a retirement plan not in compliance with new Employee Retirement Income Security Act of 1974 (ERISA) regulations. Last year nearly 75% of plans audited by the Department of Labor (DOL) were either fined, received penalties or had to make reimbursements for errors.
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What Is A “Family Bank” And What Are The Benefits Of Having One?
There are three reasons to establish a Family Bank – to keep assets within the family, to support a legacy of enduring values, and, to bring thoughtful stewardship to the family’s endowment. The “Family Bank” isn’t a place, rather, an on-paper business structure, often with specific conditions attached to its loans outside of interest rate, payment schedules and other standard loan features.
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The Wall Street Scoop: Do You Know the 6 Questions to Ask Every Money Manager?
Wall Street’s evocative dynamic landscape simultaneously encompasses our greatest hopes and our deepest fears. “Truth is stranger than fiction,” Mark Twain wrote, “because fiction is obliged to stick to possibilities; truth isn’t.” Were Twain alive today, in his estimation, the daily activities of financiers like Carl Icahn, Jamie Dimon, and Steve Cohen would rival that of fictional characters like Gordon Gekko and “master of the universe” Sherman McCoy. Yet, works of fiction persist to color how the general investor tends to view Wall Street.
