Ask These Questions Before Buying Life Insurance

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The fourth quarter of the year is when life insurance sales kick into high gear. In many cases, life insurance is often sold as a tax savings plan, here are the questions you must ask before purchasing this important asset. The majority of this discussion involves the use of some form of “whole life” insurance […]

Year-End Tax Plan Sales Targeting Doctors, Business Owners

Year End Sales Hustle

The last quarter of the year is historically an active time for physicians and business owners and their tax, legal and financial advisors. Given increased regulatory issues, I.R.S. scrutiny and increased fraud, it’s vital that you do some basic due diligence before you pull out your checkbook. Doctors are heavily solicited for a variety of tax and […]

What is an ILIT or Irrevocable Life Insurance Trust ? (and why should doctors and business owners use it)

ILIT

We’ve previously devoted a number of discussions to the use of life insurance by physicians and business owners including a look at how to buy insurance and discussions of its specific uses and how much life insurance a doctor and his or her spouse should have. This week we take an introductory look at a […]

Common Mistakes Some Smart Women Still Make With Money, Estate and Legal Planning

WOMEN AND WEALTH

I’m fortunate to deal with a number of successful women across the U.S. Whether they are C.E.O.s, doctors, some other kind of professional or business owner or simply the stay at home family C.E.O. that helps manage the family’s wealth and success. Over the last ten we’ve seen both positive and negative behavior patterns among different […]

LIfe Insurance for Doctors and Business Owners – Key Due Dilligence Questions for Buyers

LIFE INSURANCE STRATEGIES

The last two weeks of the year is high selling season for life insurance polices as doctors rush to fund various retirement plans and as advisers take advantage of year-end wealth-transfer opportunities and favorable deals sometimes available from insurance companies. Knowing the right questions to ask about an insurance policy is a key issue for […]

Key Legal Documents Everyone Facing a Divorce Must Update

DIVORCE

A common error after the expense and trauma of a divorce is not updating a variety of key legal and financial documents. You would not believe the number of estate plans and insurance policies that name an ex-spouse as the beneficiary of everything a client owns. Jeff Landers of Bedrock Divorce advisors provides a great summary […]

Essential Legal and Financial Documents, an Emergency Checklist

VITAL LEGAL DOCUMENTS

Finding key documents can be trying and laborious under the best circumstances, even with plenty of notice, like at tax time every year. Finding them under stress or worse, having to have someone else sort through the entirety of the paperwork you have hoarded after an emergency, death or other crisis is often impossible. This […]

VIDEO: How does an Irrevocable Life Insurance Trust or ILIT Work? Life Insurance Creditor Protection

Great introduction to some benefits of a life insurance trust. Of course, from my perspective, which is always based on wealth preservation, a key benefit not mentioned is that PROTECTS the cash value and death benefit for both the insured and the beneficiaries.  – Ike Devji    

Doctors Lack Key Financial Planning Info

law and money for doctors

Recently, I read a 48-page report issued by AMA Insurance on financial preparedness among  physicians, based on 2,500 respondents. Consensus: Many doctors feel  they are under-planned and undereducated about personal finance issues. The good news? We’ve already covered and continue to address many of these issues for you here and at www.PhysiciansPractice.com, where this article […]

Captives and Physicians: Choosing Jurisdiction and Type

CAPTIVE INSURANCE

By Ike Devji, JD | August 7, 2012      Physicians are always being promised the holy grail of asset protection, tax savings, and growth. One vehicle often attributed with all these qualities is the captive insurance company (captive). In our last three discussions we introduced three key issues to consider regarding the creation of […]