Financial Planning for Physicians

As a physician, you should be justifiably proud of yourself. After years of debt, apprenticeship, and little sleep, your sacrifices are paying off: 95 percent of the 1,000,000 U.S. physicians and surgeons earn over $250,000 a year.

Yet with these rewards come some hard realities. You may earn a lot, but you also are forced to pay more in taxes, receive little or no financial aid for your children’s college educations, and have fewer years for your retirement money to compound. In addition, you may still be paying off student loans that average $100,000 to $135,000.

BeamaLife specialists work closely with physicians, dentists, and other PC companies, especially ones who run their own practices. Financial planning for physicians is a highly specialized skill. Together, we can address:

  • Asset protection: Four in 10 physicians are sued for malpractice sometime during their working lives.
  • Tax planning: Careful tax planning can help you maximize wealth and keep more of what’s rightfully yours. We will work with you CPA or accountant to set up retirement and pension plan to minimize your income taxes. We can help you save in your income tax up to $250,000 per year.
  • Retirement planning: Most physicians do not take part in a pension plan. It’s important to bulk up savings and to pay down student loan debt to create a solid retirement.
  • From large insurance umbrella liability policies to trust creation, we can help protect you from litigants and creditors.
  • Insurance planning: The most important asset you have is your potential earning power. We can help you protect that power with long-term disability, long-term care, and life insurance.

BeamaLife can work with you to help you create and preserve wealth with asset protection, retirement planning and insurance. Please call (877) 972-3262 or complete short “No Obligation” information request form now.

Many people often misinterpret financial planning as investment planning when it is much more than that. Financial planning creates a road map for preserving your assets, protecting them, and making them grow.

Financial planning for physicians is necessary to ensure a secured retired life through careful tax planning to reduce taxes and make surplus wealth available for growth. We, at Beamalife, do everything for our clients. From protecting the doctor’s assets from the vulnerabilities of litigations and extending life cover to protect their earning potential, we take care of it all.

Our financial plans help to create wealth, show the ways of preserving it, protect your assets, and above all, insures you against the uncertainties of life that can affect your earning potential.

At Beamalife, we create exceptional financial plans for physicians by taking into account various factors of their professional life. We consider several factors such as the fact that they do not receive or receive too little aid for children’s education, have to pay heavy taxes and have few years left before retirement to make their money grow. Moreover, we arrange for special protection of assets against professional hazards arising from litigations.

Firstly, we ensure maximizing funds by creating tax plans for lowering taxes, and then work out a suitable retirement plan, as most physicians do not go for it. We encourage scaling down the student loan, increasing savings and preparing for golden sunset years. Our policies can help you save $250,000 every year on income tax. We offer clients an umbrella of insurance protection for liabilities arising from litigations which physicians are most likely to face in their professional lives. Our financial planning for doctors ensures that the assets remain adequately protected from exposure to the risks arising from litigations.

Although it is a significant achievement to have sufficient funds after you stop earning, it is even more important to know how to take out the money during retirement. Planning for retirement early and creating retirement funds help in reducing the taxes that you pay when building the capital as well as when you start enjoying the benefit. We help our clients create a retirement fund that stands the test of time.

Physicians usually have a longer course of preparation before they can start earning. They have to handle large sums of student debts and have to undergo loss of income for at least years that they spend in schooling and residency. We, at Beamalife, lay particular stress on investing in retirement funds that could more than make up for the financial losses resulting from delayed start of the career.

For any assistance in financial planning and insurance coverage, call us or log on to our website for more information.