MD Preferred Physician Services

An online resource center where you can find a

MD Preferred Physician Services

Free access to the nation's largest hospitals, community health centers, clinics and private medical practices with contact information for both physician and nursing in-house recruiters (where available).

MD Preferred Physician Services

An online resource center where you can find a
   FINANCIAL ADVISOR
 that understands the special needs of healthcare professionals

MD Preferred Physician Services
 

MD Preferred Physician Services

An online resource center where you can find a
   HEALTH CARE ATTORNEY
 that understands the special needs of healthcare professionals

MD Preferred Physician Services

Introducing January's

 FEATURED HEALTH CARE OPPORTUNITIES 

Contingent and retained search firm company for Physician Placement.Recruiting since 1989.  Additional services are physician marketing and business development plans and executiion

Rebecca Kaminsky Smith

ReKam Healthcare Solutions, LLC

307-851-4312 (phone)

615-858-7239 (fax)

rebecca.smith@rekamsolutions.com

DON'T WAIT TO PLAN YOUR ESTATE

By: Charlotte A. Dougherty, Lincoln Financial Advisors, 513-745-7007, charlotte@dougherty-Associates.com

Making excuses to delay estate planning is easy. In fact, maybe you've already thought: "I'll worry about it when I'm older." Or "My estate is too small to be affected." Or even, "I don't know what I'm going to do with my assets yet." However, if you are unprepared when incapacity or death strikes, your family's financial future may not be protected.  While there is no designated age for beginning to plan your estate, waiting too long may rob your beneficiaries of much of their inheritance. That's why it's important to take the time now - before you need an estate plan.

Start with the Basics

What if you were to die intestate - that is, without a will? As the foundation of your estate plan, a will provides for distribution of your assets, names a guardian for your minor children, and appoints an executor or personal representative to see that your wishes are carried out. If you die without a will, a court will make these decisions for you. Consequently, your estate may not be distributed as you would have wished. Failing to make a will means you relinquish control over what will happen to your assets - and perhaps your family's financial status - upon your death.

Minimize Estate-tax Consequences

It goes without saying that you probably don't want a large portion of your assets to go to the government in the form of estate taxes. But that's what could happen if you don't plan ahead. You may already know that, under the tax law's marital deduction, you can generally transfer all of your assets - regardless of the amount - to your spouse estate-tax free. So it may sound as if the government has already done some estate planning for you. But don't relax just yet.

When your spouse dies, any remaining property will be included in your spouse's estate. If the total exceeds the estate tax exclusion - 2.0 million in 2006 to 2008, 3.5 million in 2009 and repealed in 2010 before it was to return to 1 million in 2011 (a 2 year "patch" takes this to 5,000,000 for 2011 and 2012) - taxes on your spouse's estate could take a substantial part of the inheritance your children or other heirs would receive.

One way to minimize the estate taxes your beneficiaries will have to pay is to establish a trust that will distribute income to your spouse during his or her lifetime while sheltering assets for future heirs. Trusts can take many different forms, so consult with a professional financial advisor before making any decisions. 

Don't Neglect Business Succession Planning

If you own a business, what would happen to it if you were to die unexpectedly? Without proper planning, part or all of your business might have to be sold to pay estate taxes. In addition, your business could suffer unless a competent manager succeeds you and a well-structured plan for ownership transfer is in place. There are many methods you can use to accomplish these goals, including partnerships, buy-sell agreements, and stock transfers. Once you've developed a plan, lifetime gifts, trusts, and life insurance all may be used to ensure that your family remains financially stable.

Leave a Paper Trail

An estate plan isn't very useful if no one in your family knows what it is, so be sure to maintain clear records. Make a list of your assets, including securities, retirement plan accounts, savings accounts, real estate, life insurance policies, and so on, along with information to identify and locate the accounts. Make a second list of your liabilities, including loans, mortgages, and credit card obligations.

Personal information, such as your Social Security number, birth certificate, divorce decree, and similar documents, should be stored in a secure and accessible place. Include cemetery plot records and detailed funeral instructions. List the names, addresses, and phone numbers of your attorney, accountant, executor, and trustee, if applicable.  By letting your family know where your important records are kept, you'll help to ensure the timely transfer of your assets to your heirs.

The consequences of waiting too long to plan your estate can be financially and emotionally devastating for your family. If you haven't begun to plan your estate, a professional financial planner can help you get started and recommend strategies to help achieve your particular estate planning objectives.

MAKE YOUR NEW YEAR'S RESOLUTIONS

A FINANCIAL SUCCESS

By Ara Oghoorian, CFA, ACap Asset Management, aoghoorian@acapam.com

If you're like most Americans, ringing in the New Year also means resolving to change old habits, or start new ones. Year after year, getting one's personal finances in order consistently ranks as one of the top 5 New Years resolutions. As with any resolution, the hard part is not making the promise, but actually putting it into action - consistently. Many of us have suffered through overcrowded gyms in January, only to see attendance slowly wane in February and March. But, if you are like the majority of Americans who will commit to get your finances in order in 2011, here are five concrete steps you can take now to get you on the right track.

Check Your Credit

A good credit score is the single most important factor in getting a bank loan to buy a home or a car, among many other things. Therefore, it is crucial to check your credit report; one overlooked mistake can cause havoc when you least expect it. Under current laws, you are entitled to a free copy of your credit report each year. Put a reminder on your calendar to check your credit every January. And don't be fooled by those catchy commercials directing you to order your "free" credit report with their company; there is only one government (FTC) authorized website to order your truly free report - www.annualcreditreport.com.

Install and Use Quicken

There is an old adage - watch your pennies and the dollars will take care of themselves. Quicken is personal finance software that lets you track all your bank accounts, credit cards, mortgages, and investments. It's an excellent tool to begin managing your finances. Once you see where your money is going each month, you may be less inclined to visit the ATM or charge that new sweater. I recommend Quicken, as opposed to other software, because they are the industry leader and I've been a user for over 13 years.

Put Your Savings on Autopilot

If your employer has a 401k (403b, 457, etc.) plan, contribute the maximum amount while still maintaining a manageable lifestyle. If you have maxed out your 401k and can still save some more, open either a Roth IRA (if you qualify) or a non-deductible IRA and contribute any additional savings. While your current income is finite, your future needs are infinite. If you would like to save for your child's college education, only do so after you have saved for your own retirement. As I tell my clients, you can always borrow for college, but you can never borrow for retirement. 

Pay Off Credit Cards

If you carry a balance on one or more credit cards, select the one with the highest interest rate and begin aggressively paying down the balance. If you can only make the minimum payments on your credit cards, begin cutting non-essential monthly expenses to devote more funds to paying off the debt.   
  

Meet with a Fee-Only Financial Advisor

You don't need to be a millionaire to benefit from working with a competent financial advisor. A Fee-Only financial advisor can help you: identify or sharpen your financial goals; develop a detailed written plan to help keep you on track; identify an appropriate asset allocation that is commensurate with your circumstances; minimize your taxes; and most importantly, put your plan into action and provide you with detailed updates. A Fee-Only financial advisor is like a doctor for your finances.

Execute these five steps and you are certain to see tangible improvements in your financial health. May your 2011 be a prosperous and healthy year for you and your family.

THE SUITABLE FIDUCIARY

By Dennis K. O'Brien, Coastal Financial Advisors, Inc., www.coastalfa.com, 732-683-2330

The finance reform has created many questions regarding financial advisors.  This article discusses the differences between a fiduciary advisor and a suitability broker. 

A registered investment advisor (RIA) works under the Investment Advisor Act of 1940.  A broker-dealer works under the Securities Act. 

The Investment Advisor Act of 1940 requires the advisor to act as a fiduciary and therefore act in the best interest of the client.  Generally an ongoing relationship is developed when working with an RIA.  The RIA provides unbiased advice about the investments being managed and directs the investments based on the goals of the clients.

Brokers, under the title of Registered Rep, are commissioned sales people who typically work for a bank, insurance company or broker-dealer.  Brokers sell products that are "suitable" for their clients.  The suitability test is therefore managed by gathering some basic information such as age, risk tolerance and investment objectives.  This method of data collection provides a wide range of products to be sold and may or may not be in the best interest of the consumer.  The wide range is intended to provide a "pick-a-product" environment. 

To complicate matters the SEC has let brokers register as Registered Investment Advisors while working with or being associated with a broker-dealer.  This dually registered method is fraught with conflicts of interest.  It is not possible to sell a product and be a fiduciary at the same time.

An employee of a broker-dealer has a duty of loyalty to the company they work for.  Most bank employees, insurance sales people and stock brokers work for public companies.  As an employee of such company, they are required to work in the best interest of that company to maximize the profits of that company.  This enables the stock holders of that company to receive dividends based on the amount of profits and how well that company was managed. 

If the banker, insurance agent or stock broker is not working to sell the company's products, then the company's profits will fall short of expected returns.  The stockholders will see their investment suffer and stock price as well as dividends will decrease. 

Insurance agents are generally required to sell their company products.  In this regard, it is not possible to make an unbiased decision for a consumer.  The consumer is provided a product based on the agent's affiliated company and not on the needs of the consumer or whether it is the best product for the consumer.  Once again, they are not acting as a fiduciary. 

So how can one be part of a Registered Investment Advisor and be connected to a broker-dealer?  There currently are no restrictions with being affiliated with a broker-dealer as well as being registered as a RIA.  Unfortunately the consumer suffers and the cloud over the industry is not clear.  Which "hat" is the person wearing when working with a client?  Are they a salesperson or a fiduciary? 

Consumers need to be aware that not all financial advisors are providing the same unbiased advice.  They need to education themselves on these basic topics.  There are clear differences and a true RIA fiduciary is required to work in the client's best interest.