Michael Imparl

A common experience for many physicians is that despite earning significantly more than they did during their training years, they are still living paycheck to paycheck. Many physicians struggle financially through medical school, residency, and for some, a fellowship. Salaries are modest, cost of living can be high, and many are burdened with student loans. …

Nip Lifestyle Creep in the Bud, Before it Gets Out of Hand Read More »

Here’s How Health Savings Accounts Offer a Triple Tax Benefit One of the greatest benefits of being covered under a High Deductible Health Plan (HDHP) is the ability to save into a Health Savings Account (HSA) and receive tax-preferred treatment on money saved for medical expenses. Specifically, HSAs provide a triple tax benefit. Contributions are …

Health Savings Accounts Offer a Triple Tax Benefit Read More »

How much money do you need to retire?  That’s the hot topic of discussion among physicians across the country.  Many of them use online tools, some simply make a guess based on what their colleagues or relatives have done, while still others follow what they have read or seen in various financial media.  Unfortunately, these …

Cookie Cutter Retirement Plans Could Leave You with Not Enough Dough Read More »

As you approach retirement, one of your key decisions will be when to begin receiving Social Security benefits. It is not an easy call, and the answer usually depends on your personal circumstances. Retiring early means more payments since you are starting to receive them sooner, but a smaller check each month for the remainder …

Social Security: Timing Is Everything! Read More »

Children who benefit from trust funds have frequently been portrayed unfavorably in the news, movies, and on television over the years. Often referred to as “trust fund babies,” they have been stereotyped as coming from extreme wealth. In reality, trusts can be a very powerful estate planning tool designed to safeguard your children in the …

Safeguard Your Children with a Trust Read More »

Owning a home or purchasing an investment property are common goals for physicians, as it can be a useful tool to build wealth for themselves and their heirs. There are many ways to hold title to real property, which is defined as land, and anything built on it. However, the way in which real property …

Is Your Property Titled Correctly? Read More »

With the current estate tax exemption amount for an individual at $12.06MM ($24.12MM for a married couple), it may seem unlikely that your heirs will need to pay estate taxes under the current tax law. However, this law is expected to sunset at the end of 2025, with the exemption reverting to an inflation-adjusted amount …

Using Life Insurance to Pay Estate Taxes Read More »

Managing your finances properly requires lots of time and energy. Many physicians have very little of those commodities. They work demanding hours and already have limited time to spend with family and friends or do the hobbies they enjoy. As a result, little time remains to devote to researching and implementing a wealth building strategy …

Choosing a Financial Advisor Who’s Right for You Read More »

Many physicians find they do not have the time or energy to manage their finances properly. Demanding work hours, time spent with family and friends, or doing the hobbies they enjoy leaves very little time to devote to researching and implementing a wealth building strategy effectively. A recent study found that the average physician will …

How to Pick the Financial Advisor Right for You Read More »

It has been a bumpy road for investors so far in 2022. As of this writing (5/27/2022), both domestic and international equity markets are down, with the Dow Jones Industrial Average down 9.68% year-to-date, the S&P 500 down 13.79%, and the MSCI EAFE down 12.35%. To make things more challenging for investors, bonds have also …

Responsible Investing During Market Downturns Read More »