Barry E. Yellin, JD, MBA, LL.M (Taxation) Yellin Lawyers, P.C.

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1 Barry E. Yellin, JD, MBA, LL.M (Taxation) Yellin Lawyers, P.C.

2 Provide basic principles of financial planning because physicians have little business training. Covering student years, residency & first few years of practice.

3 1. What is Financial Planning? 2. Employment Contract Compensation Negotiation. 3. Debt. 4. Risk Management. 5. Asset Protection Planning. 6. Income Tax Planning Strategies. 7. Basic Retirement Investments. 8. The Business. 9. High Net Worth Strategies. 10. Why have an Estate Plan?

4 Advice based on a person s major life events: Birth Marriage Divorce Bankruptcy Retirement Death

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6 TYPICAL INVESTOR PHYSICIAN INVESTOR Birth Marriage Divorce Bankruptcy Retirement Death Birth Marriage Divorce Bankruptcy Retirement Death Student Loan Debt Negotiation of Employment Contracts Practice Buy-in Contracts Medical Malpractice Liability Asset Protection Myriad of other issues

7 Aggressive Investments and Legacy Planning Wealth Accumulation Investments and Retirement Planning, Tax Planning Capital Accumulation savings, vacations, home ownership, college education funding, estate planning and business opportunities Basic Financial Planning debt management, cash flow, budget, emergency liquidity, risk management, insurance, early retirement planning

8 Confucius (China's most famous teacher, philosopher and political theorist, BC)

9 Assets Cash $ 500 $ 500 Receivables 1 Year Employment Contract $200,000 1 Year Beneficial Interest in $ 52,000 $252,000 Aunt Jane Doe s Trust House $400,000 $400,000 $652,500 Liabilities 1 Year Living Expenses $120,000 Student Loan Debt $150,000 Mortgage $ 350,000 Credit Card Debt $ 10,000 $630,000 $630,000 Net Assets ( Net Worth ) $ 22,000

10 Cash Balance Oct 1, 2014 ($ 10.00) Cash Receipts: Salary (net taxes) $40,000 Trust Fund Distributions $ 3,000 $43,000 Gross Receipts $42,990 $42,990 Cash Disbursements Mortgage $15,000 Utilities $ 6,000 Student Loan $ 4,500 Food $ 2,500 Auto $ 3,000 Insurance $ 500 Gifts $ 2000 $33,500 Gross Disbursements $33,500 $33,500 Cash Balance 12/31/14 $9,490 $ 9,490

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12 Compensation Salary Bonus Benefits Expense Reimbursement Insurance Paid Time Off

13 Moonlighting A potential additional source of income during residency A source of business deductions avoids the 2% floor A potential source of retirement savings But, need to plan for end-of-year taxes

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15 Both a necessary evil & a valuable tool Overall, try to limit Consolidate into tax-deductible forms Mortgages, home equity loans Avoid credit card debt, auto loans, etc.

16 Issues Should I prepay my student loans? Should I consolidate my loans? Complex subject AAMC is a great resource Start with medical school financial aid officer Contact current primary loan holder Be cautious of solicitations

17 Loan Repayment Emergency Fund Retirement Planning Down payment for house College savings Paying off credit card debt

18 Take calculated risks. That is quite different from being rash. Quote by: General George Patton

19 *Begins with an Emergency Fund for liquidity *Insure first Health Insurance Disability and Long Term Care Insurance Life Insurance Malpractice Insurance Homeowner s & Auto Insurance Various types of business insurance if you are a practice owner *Asset Protection Planning - Structure your personal and business assets to limit liability and minimize taxes

20 - Rainy Day fund -3-6 months living expenses -Keep safe, liquid & accessible

21 Health Insurance Employers often provide as part of compensation package Utilize FSAs if offered Impact of ACA Disability and Long Term Care Insurance Dying is cheap living is expensive Life Insurance Employers often provide as part of compensation package Many terms, types and ownership options (discussed below) Amount needed depends on circumstances

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24 Malpractice Insurance Employers often provide as part of compensation package Home and Auto Insurance Highly litigious society Doctors are deep pockets targets Insures personal assets from liability Medical Practice Owners

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26 Cars An advertisement you re a deep pockets defendant Homeownership Lawsuit asset target if no asset protection planning Proper Maintenance/Control to avoid property/casualty claims

27 Personal Assets Current/Future Income Salary Investment Income Distributions from Trusts Real Estate Savings/Investments Tax Exposure Income Tax Capital Gains Real Estate Property and Transfer Lawsuit Exposure Med Mal Property/Casualty Divorce Bankruptcy Business Assets Business Entity Receivables Equipment Real Estate Tax Exposure Income Tax (depending on structure) Sales and Use Real Estate Property and Transfer Lawsuit Exposure Med Mal Employment Regulatory Property/Casualty

28 Current/Future Income Salary Investment Income Distributions from Trusts Savings/Investments Real Estate

29 Tax deductions reduce taxable income and therefore reduce amount of income taxed Tax credits reduce actual taxes owed dollar for dollar

30 Albert Einstein

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32 Investment Deposit Accumulation Distribution 401(k)s & 403(b)s, Traditional IRAs, SEP & Simple IRAs, KEOGH, PSP & MPP ESOPs Life Insurance Annuities, Municipal Bonds, Roth IRAs 529/Coverdale IRAs Tax Deductible (Pretax $) Tax Deferred (Funds not Available) Taxable (Income and Estate) IRS penalties for retirement withdrawals prior to age 59 1/2 Not Deductible (After Tax $) Tax Deferred (Funds Available with Municipal Bonds) Can be Tax Free or Taxable you choose CDs, Savings, Mutual Funds, Stocks, Bonds, Partnerships IRS penalties for retirement withdrawals prior to age 59 1/2 Not Deductible (After Tax $) Partially Tax Deferred and Partially Tax Free Partially Taxable and Partially Tax Free

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35 New Jersey Asset Protection Summary Life Insurance and Annuities Disability Insurance Partnership Interests

36 Understanding General Business Forms Understanding Medical Practice Structures

37 Structure Sole Proprietor Partnership Limited Liability Company Asset Ownership Individual All Assets Partnership share of all Assets Membership share in entity Assets vary Employees employed by Proprietor Partnership LLC Income Taxes Reported Proprietor s personal income tax return Partner s personal income tax return Depends on Check the box election Corporation Shareholder Corporation Depends C or S Corp status Professional Corporation Shareholder Professional Corporation Depends on Check the box election Liability Protection No No Yes Yes Yes, but

38 Asset Protection Trusts (DAPTs and Off Shore FAPTs) Family LLPs Charitable Remainder Trusts

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40 Assets Current/Future Income Salary Distributions from Trusts Distributions from Business Holdings Personal Real Estate Savings/Investments Retirement Account Ownership Interest in Businesses Medical Practice Real Estate Holding Company Equipment Leasing Company

41 Manage your assets and health care decision making during periods of incapacity without the expense and publicity of guardianship Names guardians and fiduciaries for minor children and assets they inherit from you Plans for management of life insurance proceeds to support a family or provide estate liquidity Coordinate Probate and Non-probate Asset distributions Plans for the succession or sale of business Dispose of assets in a tax-advantaged manner Plans for charitable giving

42 Will Trust Durable Power of Attorney Health Care Proxies Living Wills / Organ Donation

43 Ask yourself what additional goals you may have and what you want out of this life: Professionally? Personally? How do you prioritize these goals? All goals have financial (and nonfinancial) price tags.

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