Estate planning is no more than a chore for maximum medical professionals. It is typical of doctors to find the process somewhat cumbersome, time-consuming and unnecessary. When done correctly, estate planning has three most important benefits. It ensures the future of minor children by bequeathing the property and money at the time of the testator’s […]

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Doctors who own a business have unique needs when it comes to estate planning and tax planning. Throughout their lives, they face numerous challenges in their profession. Most doctors in the USA are concerned with three prominent issues in their financial lives – taxes, probate and malpractice lawsuits. Many doctors face litigious patients who are […]

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Like all small business owners, doctors with their private practice mainly focus on their day-to-day needs. However, what happens when you pass away should be a real concern for you and your family members. Do you want your private clinic and practice to remain a part of your family? Do you want a doctor in […]

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Doctors often do not have time for the added legalities and paperwork that comes with creating a will. When it comes sorting out assets and properties, their busy schedules keep them from taking counsel from lawyers and attorneys. As a result, it is not that surprising that most physicians’ families turn up short on life […]

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Deferred Compensation Plans Pros Cons Life insurance offers financial protection for billions of people all over the world. Life insurance policies are not only purchased by individuals, but they are also purchased by numerous companies and institutions, as they use these policies for multiple purposes, such as, to offer liquidity. Nevertheless, the rules relevant to […]

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When it comes to bank owned life insurance pre-purchase analysis, a variety of US Government agencies offer some advice, and some regulations, that make for a strong starting point. The FDIC makes the general, blanket recommendation that any bank interested in purchasing and holding BOLI policies, a detailed, high-quality, well thought out risk management plan […]

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Executive Deferred Compensation Plans

Most people are familiar with the traditional approaches to executives funding their own retirements. But when an organization thinks about supplementing the retirement benefits of an executive, one of the best tools is the non-qualified executive deferred compensation plans or NQDC. An executive deferred compensation plan gives the employer a way of putting off a […]

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Bank Owned Life Insurance (BOLI) What do you think of when you think of “”life insurance””? Chances are, you think of life insurance that’s there to provide for an individual’s family and other loved ones, people who depend on that person’s income, in the event of his or her untimely demise. As the premise goes, […]

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Employer Owned Life Insurance Employer owned life insurance (EOLI) can be a boon for your business if you purchase policies on your key management employees. Why? Because if one of your essential employees dies, you can use the death benefit proceeds from your EOLI policy to keep your business operational. Use this “”financial cushion”” to […]

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