2021 Tax Changes

Each year the IRS announces modifications to the tax code for the upcoming year. While there have been no significant changes, there were some notable adjustments. Here are some of the important adjustments made for 2021: The Standard Deduction was increased to $25,100 for married couples who file jointly. Single filers and those who are

Read More »

How the SECURE Act Affects Inherited Retirement Accounts

Back in December we wrote an article about Inherited IRAs and how they must be treated and distributed. As is the author’s curse, a month later Congress changed the rules as part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Under this Act, no changes were made to the distribution rules if

Read More »

Saving Options For Your Child’s Future

With costs rising across the board, many physicians wonder as to the best way to save for their child’s future. Parents should ask themselves: Do I want this money to go toward a specific goal? Do I want my children to have access to the funds all at once? Will my child manage this money

Read More »

Benefit of Roth Conversions in Retirement

The IRS says that you cannot keep pre-tax retirement funds in your retirement account indefinitely. At a certain age, the IRS mandates you must start taking distributions. These forced distributions are commonly known as Required Minimum Distributions (RMDs). Many physicians worry about the impact RMDs will have on their taxes in future years. With recent

Read More »

Bridging the Income Gap

Many individuals and couples retire before they want to start collecting Social Security. They would rather wait to maximize their Social Security benefit. To do this, they need to find ways to fund their lifestyle while they wait to reach age 70 when their Social Security benefit is maxed out. There are many ways you

Read More »

Modern Portfolio Theory Remains the Preferred Investment Strategy

Over time, economic and political climates change, causing investors to question their current investment philosophy. We are certainly in one of those environments right now. Investors are asking themselves if the investment strategy they’ve been using is truly the right one for them. Physicians, like all investors, constantly strive to achieve attractive returns in their

Read More »

How the CARES Act May Impact You

In an effort to support U.S. businesses and families, on March 27th President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill was extensive and wide reaching. Here are the most important aspects of the Act seniors should know: – Payments of $1,200 (single/head of household) and $2,400 (joint

Read More »

Year End-Planning Checklist

We are now in the final three months of what has been a difficult 2020 for many. Every year we like to present a list of year-end tasks everyone should cross off their checklist. This time of year presents the perfect opportunity to review and possibly adjust your financial planning strategies. You should update your

Read More »

Investing During Volatile Markets

The markets have certainly been a roller coaster lately. At the end of February the Dow experienced its “first” largest single day drop, down 1191 points, then posted its largest single day gain of 1293 points a couple of days later. On March 10th the Dow beat its single day loss record again by posting

Read More »

Reserve Funds: The Basics

A Whitepaper for Nonprofits

What is a Reserve Fund? The common conception of what exactly “reserves” means can vary across the industry. Sometimes reserves are viewed as an organization’s assets over its liabilities. Other times they are considered an organization’s liquid net assets in their definition of reserves. These definitions can be challenging because, despite liquidity’s importance in a

Read More »