6 Bare Minimum Tasks to Fix Your Finances
Some high-income professionals hate personal finance and investing. If that is you, this post is for you. If that isn't you, send this post to someone you care about.
Estate planning is the process to ensure that your assets go where you want after your death, that your desires are carried out after you can no longer make decisions, and that the estate taxes you pay to the government are minimal.
Some high-income professionals hate personal finance and investing. If that is you, this post is for you. If that isn't you, send this post to someone you care about.
While the higher estate tax exemption limits enacted in 2013 dramatically simplified estate planning for many people, wealthy professionals may still run into issues with an estate under $10M.
Got a pension? Should you take a lump sum or annuitize it upon retiring? Consider these issues prior to deciding.
By Dr. Jim Dahle, WCI Founder This post is all about CRATs, CRUTs, CLATs, and CLUTs. These acronyms all relate to "split-interest gifts" or "charitable trusts." In essence, these are a way to donate s...
What to do when you lose your spouse, from a financial perspective.
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Retire Secure, by CPA/JD James Lange, is the best financial book I have read in the last year. I recommend you buy it and read it. However, it is not the first financial book you should read. But afte...
By Dr. James M. Dahle, WCI Founder The vast majority of good information out there about FLPs is written by those who are paid to create them (asset protection and estate planning attorneys) so as you...
Families working together across the generations can be a true wealth-producing machine -- far more powerful than any other personal finance concept.
Sometimes, smart people simply aren't aware of the financial issues they need to take care of. New physicians either need to do their own financial planning, or pay someone else to assist them with i...
By Dr. Jim Dahle, WCI Founder Let's say you've done very well for yourself and you're going to have an estate tax problem. Your estate will be more than $5.34 Million ($10.68 Million if married) when...
A physician asks what legal steps she should take prior to marriage.
It's straightforward to get out of an investment in stocks but not so easy or straightforward when it comes to real estate. If you own real estate and REALLY need to get out, here are 7 ways to make it happen.
My last post discussed how I recently made partner and how this has given me additional income, expenses, risk, and personal financial complexity. In this post, we'll discuss the ways becoming a part...
As a general rule, annuities are an inferior investment vehicle. You ought to have a really good reason before you purchase one (and the usual one used to market these to physicians, tax avoidance, i...
A Qualified Personal Residence Trust (QPRT) is an estate-planning tool. It's purpose is to reduce your assets below the estate tax limit, currently $5 Million for single individuals and $10 Million f...
Medical school may not have taught you about money, but we will.
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