Wealth Management for Doctors

While you spend your life caring for the needs of others, we'll be taking care of you.

As a medical professional, you carry a great responsibility. People depend on you to make the right decisions for them. That's what you've studied for and been trained to do. We applaud your efforts and have come to understand your daily struggles.

With the changing tide of the health care industry, continual pressures to reduce costs while increasing services, the constant threat of lawsuits and the overwhelming burden of the current tax structure, it's no wonder people like you are not fully satisfied with their financial situation. In fact, of all doctors surveyed in a recent study by CEG Worldwide, all expressed some level of dissatisfaction and more than half said they were highly dissatisfied with their financial situation.

Bell Wealth Management can help you preserve the wealth you've accumulated and keep more of the income you will earn in the future. We will also establish a plan that will allow you to transfer your wealth and assets without fear of unfair taxation.

WEALTH PROTECTION
Bell Wealth Management will develop strategies tailored to your specific needs of income growth and protection. Our goal is to make sure you have the finances to do what you want to do now and through retirement. That it isn't unjustly taken by creditors, litigants, ex-spouses or poor planning.

Retirement Income Plan
People can retire when they have saved "enough" money and they stay retired as long as they don't run out of money. Retirement Income Planning is imperative to Wealth Protection. We will build a specific plan that identifies how much money you will need to retire along with an income withdrawal plan to meet essential and discretionary expenses.

Forms of Ownership
Real and personal property can be held in many ownership structures that put the assets out of reach of creditors or in an unattractive form. One example is property owned by married couples in tenancy by the entirety. Translation: A creditor would need a judgment against both husband and wife to get at the assets.

Business Entities
Setting up shop as a limited liability partnership or corporation can avoid personal liability.

State Law Exemptions
Some state laws contain exemptions that will let you protect your wealth from creditors' claims. These exemptions might include the cash value of life insurance, an annuity contract, a retirement plan or disability insurance.

Gifting
Gifting assets or cash to a spouse, children or grand- children can do a lot to protect assets, especially if gifts are made when there are no issues with creditors. In addition, advanced gifting strategies such as charitable trusts and installment sales can protect wealth while also reducing or eliminating gift taxes.

WEALTH TRANSFER
An equally important aspect of your wealth management plan is transferring your estate. There are many different strategies available. We have found these in particular to be very successful depending on the specific circumstances.

Life Insurance Planning
Not usually thought of as a vehicle for wealth transfer, life insurance can provide liquidity for estates with assets that are tied up in real estate, art, etc. Policies should be owned in trusts, such as an irrevocable life insurance trust, because assets in these trusts are not included in the taxable estate.

Revocable Trusts
To ensure maximum protection against creditors, we can use a revocable trust, keeping your assets in those trusts for as long as possible. The trusts also should authorize an "absolute discretion" standard for distributions to gain maximum creditor protection.

Qualified Personal Residence Trusts
We often use these trusts to pass a residence or vacation home to heirs tax-efficiently by removing it from your estate.

I have been married to a medical professional for nearly 20 years and specialized in financial planning for physicians for 7 years. I know first-hand the risks and challenges you face. Let me help you preserve the wealth you deserve.

Contact me directly at 1-800-549-7044 or email me at pspillane@bellwealth.com

Philip Spillane, MBA, CFP®
Principal,
Bell Wealth Management