If not tracked and managed properly, capital gains tax can come as a large surprise at tax-filing time. In fact, many taxpayers don’t realize they have a capital gain until they get their 1099 form in January and see a capital gain distribution. Here’s what you need to know. Understand Capital Gains Tax Capital gains […]

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Whole life insurance, also known as traditional permanent life insurance, is one of the most common and oldest forms of life insurance. A whole life insurance policy covers one’s entire life with the options to pay premiums for only couple years, 7 years, 10 years, 15 years or right up to your retirement, thereby providing […]

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Every day doctors come across families that are struggling with acceptance and death. When a loved one is sick beyond cure, it is indeed an emotional, ethical and legal gridlock. It happens because about 70% of the American population do not sign an advance directive. Thankfully, the numbers are not as bad for medical professionals. […]

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Are you a doctor with your own practice? Your practice at your private clinic or a co-owned clinic usually classifies as a small business. You have certain investments in the property that includes equipment, interior decor, staff and more. Your patients bring you the profit that usually goes into paying for your investments, i.e., the […]

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Even a couple of years back estate tax and income tax were not as foreboding as they are today. Children often moved into their parents’ houses after their parents passed away. Things are not that simple today! Doctors in the USA are having a hard time. Their average income usually ranges between $156,000 and $315,000 […]

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The marital deduction is a great way to save taxes. It is two deductions that have a common purpose. The marital deduction has the power to shelter asset and property transfer between spouses from any federal estate tax and gift tax. Regardless of the circumstances, the exemption holds when the transfer occurs before the death […]

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A Comparison of Key Provisions of the House and Senate Approved Versions On December 2, 2017, the U.S. Senate approved its version of the Tax Cut and Jobs Act of 2017, following, the U.S. House of Representatives which approved its version on November 16, 2017, to usher in U.S. Federal tax reform. Here are the […]

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Fair market value of property within an estate is the real retail value of the property. It ideally depends on the standard of “highest and best use.” It usually results in much higher taxes, and the heirs are likely to pay a lot more than the estate planner had estimated. It often results in the […]

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Often after a doctor builds his or her own estate, they are likely to pass them onto their next generations. It is possible that parents give their children a life income interest in some trust. After the death of the child, the trust continues to pay interest to the grandchildren and then the great-grandchildren, depending […]

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