PREPARING FOR YOUR FUTURE

by | Nov 20, 2019 | 0 comments

When you think about preparing for your future it should include being financially secure enough to enjoy your life in retirement.  Of course until you get to retirement, life includes a number of expensive “firsts” like purchasing a car, buying a house, and starting a family. With all of these big ticket items it’s hard to even think about the future.

Preparation starts with some key items to be addressed before graduation, and optimizing your employment contract. We will provide you a check list to complete prior to leaving residency or fellowship (i.e. letter to risk management, keeping contact info up to date), and dig into your contract with a fine tooth comb. There is a very specific art to negotiating contracts in the physician world which we have perfected over 20+ years and 7,000+ contracts nationwide.

We will sit down with you and discuss whether or not you should incorporate. If your income is W2 only, 1099, or you have the opportunity to moonlight, our goal is to make sure you save taxes at the highest level.

If you have student loans, here is the time to establish the most financially beneficial method for repayment without sacrificing your own planning.

Prior to graduation and soon thereafter, there is small a window of eligibility for purchasing disability insurance with a resident/fellowship discount. Some carriers also provide unisex rates which drastically and permanently reduce premiums for females. Our job is to design a policy specifically tailored to your specialty with the appropriate carrier and features. We take a legal approach to disability insurance, and dig into the specific contract language while consulting with attorneys who fight denied claims on a daily basis.

Throughout the planning process, we will review all accounts from banking, credit cards, investments, real estate, vehicles, and corporations to make sure they’re titled properly. If you are married, we will guide you as to the most advantageous way to title assets for asset protection with your spouse. This is something we will visit and revisit on a regular basis.

One of the largest areas of exposure for lawsuit is outside of the hospital. Always make sure you drive with caution and leave your white coat in the trunk. If at all possible, change out of your scrubs as well. That being said, we will review all insurances and make sure you have adequate coverage and an umbrella policy to keep your assets safe.

Research has shown that those who plan for the future end up more secure than those who do not. Successful people are goal oriented: they set goals and develop a plan to achieve them. No differently than you did prior, during, and after medical school. Our approach is to take the time to understand your goals and be your champion throughout your life in achieving them.

Remember, throughout our process we are accomplishing foundational necessities for physicians; a stellar employment situation, asset protection, tax savings, adequate insurances, and a consistent/reliable rate of return on savings and investments. Throughout your and your family’s life, our team of legal, financial, and tax experts are here to make sure you have the most successful medical career possible.  Allow Max and his team to strategize with you in preparing for your future

To schedule an appointment please call

The Medi-Law Firm

2151 S. Lejeune Road Suite 306

Coral Gables, FL 33134

Phone: 305-444-3484

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