The Doctor s Wealth Preservation Guide Table of Contents. Chapter One Asset Protection

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1 (Due to the fact that many physicians are too busy to read this entire book cover to cover, I have bolded the sections of the book that I believe are the most important to read first.) Forward... viii Acknowledgements... xiv Total Financial Independence (TFI)*... xv Chapter One Asset Protection Introduction Page Why a Physician Should Protect his/her Assets? What Assets Should a Physician Protect Asset Protection Planning Fraudulent Transfers Existing Laws Help Protect Your Assets Retirement Plans (ERISA Governed Plans) Non-ERISA Plans and IRAs (the use of the MAXI-IRA) Typical Asset Protection Solutions (that do not always work) Types of Co-Ownership i

2 Corporate Entities Sole Proprietorships and Partnerships Corporations (C and S) Types of Creditors (inside and outside creditors) Director and Officer Liability Trustee/Fiduciary Duties Limited Liability Companies (LLCs); Family Limited Liability Companies (FLLCs); and Family Limited Partnerships (FLPs) The Charging Order Where to Incorporate Trusts as Asset Protection Tools Section 9 Offshore Asset Protection Strategies Offshore Limited Liability Companies (LLCs) Offshore Trusts Contempt of Court Closely Held Insurance Companies (CICs) Protecting the Personal/Marital Residence Qualified Personal Residence Trust (QPRT) LLCs or FLPs Equity Stripping Accounts Receivable (Asset Protection)* Conclusion/Summary on Asset Protection Chapter Two Estate Planning Introduction Wills Durable Powers of Attorney ii

3 A&B, Marital, or Living Trusts Life Insurance (different types and the ones that are right for you) Term Life Insurance Return of Premium Term Life Insurance* Whole Life Insurance Variable Life Insurance Universal Life Life Insurance Policy Loans (also known as Tax-Free Income) Variable Loans Equity Indexed Universal Life Insurance Policy (EIUL) Irrevocable Life Insurance Trusts (ILIT) Leveraged Life Life Settlements Disability Insurance (What You Need to Know Before You Buy) How to Purchase More than $15,000 a Month in Coverage* Section 9 Divorce Protection Generation Skipping Tax Charitable Planning Charitable Gift Annuities* Long Term Care Insurance (LTCI) Family Limited Liability Companies to Lower Estate Taxes iii

4 4 Other Estate Planning Tools Grantor Retained Annuity Trust (GRAT) Intentionally Defective Grantor Trust (IDGT) Qualified Personal Residence Trusts (QPRT) Mitigating the 70-80% Tax Trap Chapter Three Income Tax Reduction Introduction and Traditional Solutions (k) Plan Profit Sharing Plan Money Purchase Plan New Comparability Plan Defined Benefit Plan IRA Simplified Employee Pension (SEP-IRA) Savings Incentive Match Plan for Employees IRA (SIMPLE-IRA) Solo 401(k) Next Level Profit Sharing Plan DASH 401(k) The New Roth 401(k) Plan Accounts Receivable (A/R) Leveraging Defined Benefit Plans (e)3-The Perfect Retirement Plan Legally Discriminate with Carve Out Planning Cash Balance Plans (h) Plans (tax-deductible, tax-free growth, tax-free withdrawals). 200 Funding Qualified Retirement Plans vs. Cash Value Life Insurance Plan Closely Held Insurance Companies (CIC) iv

5 Long Term Care Insurance (LTCI) Free LTCI Welfare Benefit Plans (419A(f)6 and 419E Plans); Voluntary Employee Benefit Plans (VEBAs) (Post 2007 IRS Notices) Summary and Thoughts on Income Tax Reduction Chapter Four Personal Finances (Understanding Your Investments and if there are Better Options Available) Introduction Plans Life Insurance Annuities Fixed Annuity Variable Annuity Fixed Indexed Annuities (FIAs)* Guaranteed Income Benefits (GIB) Rider for FIAs % GIB rider, added bonus, 10+ year roll up FIA Tactically Managed Investment Strategies Equity Harvesting (One of the Most Powerful Ways to Build Wealth) Private Placement Life Insurance (PPLI) v

6 vi Chapter Five Medical Office Management (Ways to Run a More Efficient and Financially Sound Medical Practice) Introduction Choice of Entity (Should your office be a C or S Corp or LLC or P.C.?) The Perfect Medical Office Corporate Structure Health Insurance Why Costs are Rising COBRA Health Insurance Strategies Fully Insured Plans Partially Self-Funded Plans Health Savings Accounts (HSAs) Professional Employer Organizations (PEO) Malpractice Insurance -A Necessary Evil to Protect Your Assets Avoid the Bull s Eye on your Back Do you have the right type of malpractice insurance? (Occurrence Coverage vs. Claims Made Coverage) Secondary Malpractice Insurance Market Captive Insurance Company (CIC) Qualified Retirement Plans Does your Office have the Right Pension Plan? Defined Benefit Plan Pitfalls to Avoid When Funding Your 401(k) or Profit Sharing Plan (e)3 Defined Benefit Plans Collections (with forms) How to collect more money quicker from your patients; how to protect yourself from non-payment after a letter of protection is signed by a patient being represented by a personal injury attorney

7 Office Supply Purchasing (Save Money and Time by Outsourcing) Section 9 Employee Handbooks Does Your Office Need a Full-Time Office Manager? Chapter Six Reaching Total Financial Independence (TFI) Examples of what your asset protection, estate plan, and income tax reduction plan should look like if you are a: 1) Physician just leaving residency ) Physician who has been in practice for five years ) Physician who has been in practice for fifteen years ) Physician that is sixty years old Help from the Author Help from the Author Loss Test (how much you are losing in taxes by not planning correctly) Client Questionnaire vii