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Strazzeri Mancini LLP
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“Borrow” Lower Tax Rates
In the last chapter, you learned that by creating income opportunities for family members you increase the family’s total capacity for tax-deductible retirement plan contributions. This reduces a family’s total income tax burden. By shifting the ownership of income-producing assets to family members in lower marginal income tax brackets, you can also reduce total family income taxes even further.

How FLPs And LLCs Reduce Taxes
In the asset protection Lesson (#6), you learned that family limited partnerships (FLPs) and limited liability companies (LLCs) are effective asset protection tools when exempt (+5) assets will not suffice. In addition, if used properly in the right situations, FLPs and LLCs can also save tens of thousands of dollars in income taxes each year.
By gifting interests of the FLP or LLC to family members who are in lower marginal income tax brackets, the parents are effectively “income sharing.” A percentage of the income generated within the FLP will be taxed at the lower rates of the partners who are in lower marginal tax brackets. Typically, these are children or grandchildren. As long as the child is over 18 years old (or 24 if a full-time student), the child’s share of the income will be taxed at a rate that is presumably lower than that of the working parents. (For more detailed information on this topic, revisit Lesson #5). Let’s see how this works by reading the case study of Danny and Rina... Keep Reading

☆ Thanks again Greg and Alex for presenting last week. ☆
Today, Joe Strazzeri will be pinch-hitting for Brooke and Scott (who will be in court today) and he will be presenting:
◦ How to Avoid Conflict Before Estate Settlement ◦
You can join in person or tune in on the webinar!

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This is a massive resource that we have put together for you to browse. It covers #Asset Protection, it is mainly geared towards doctors and people in the #Healthcare industry, but will address tons in the realm of general asset protection and strategies associated.
...Enjoy it

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Download and listen to our weekly conferences - Thursday Insight's - We have #Advisors  of all types come and share their knowledge with our highly collaborative network. We record the presentations and offer them for free on our website. Click the link below to go to last week's presentation.

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This is a massive resource that we have put together for you to browse. It covers #Asset  Protection, it is mainly geared towards doctors and people in the #Healthcare  industry, but will address tons in the realm of general asset protection and strategies associated.
...Enjoy it

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Asset Protection For The Healthcare Professional

This article took a really long time to construct, as it is a huge piece of content. Please feel free to let us know if you find anything that needs to be addressed. We feel confident that it is a very valuable resource for #AssetProtection  in general, although it was written specifically for #doctors  setting up their practice/financial lives.

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Work “On” Your Practice, Not “In” Your Practice
In medicine, patients come to physicians when their bodies are unable to heal themselves. Patients who delay seeking medical treatment are missing out on the power of modern medicine and failing to take advantage of an opportunity to dramatically improve their health. Similarly, the financial and legal ailments impacting your medical practice cannot be healed without professional care. Simply working harder and hoping that your practice’s problems will solve themselves is just as foolish as the patient who places hope on his body healing itself. In addition, you may not see any “problems” yourself, but you will not be working at maximum efficiency without consulting an expert.
In this Lesson, we will delve further into this concept. We will examine the concept of Leverage in an attempt to help you shift away from -just seeing more patients” as a cure-all for your practice and personal financial challenges.
We will also discuss the demographics of the Average American, the demographics of the American Doctor, and compare the planning challenges and financial goals of both groups. We will also discuss how Doctors who look for information in magazines and websites can be dangerously misled. We will conclude with a discussion of how the information in this book is unique for Doctors and can be used to help Doctors meet their asset protection and wealth accumulation goals.

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How Medicine Has Changed
David Mandell comes from a family of physicians. David’s brother is a cardiologist. His father is a #radiologist close to #retirement age, and his grandfather was a general practitioner from the 1930s to the 1970s. The grandfather worked only for cash—except during the Great Depression, when he accepted food from patients who were unable to pay. He made house calls and knew all of his patients by name. Not once did he utter the words “#managedcare,” “malpractice crisis,” or “HCFA audit.”
David’s father, Charlie, spent nearly 30 years in a lucrative radiology practice. He saw reimbursements increase for many years and enjoyed an over-funded pension. He took advantage of numerous tax laws (since legislated away) during his career that swelled his after-tax #income beyond what he had ever expected to earn when he began his career in the 1960s. The idea of “going bare” (having no medical malpractice insurance) never occurred to him. Premiums were always reasonable and personal liability was never a major concern.
As you well know, the “business of medicine” has changed dramatically through these three generations. The young cardiologist—David’s brother Ken—began his career dealing with a #medical #malpractice crisis (in his state, many #Doctors chose to go without medical malpractice coverage because of its outrageous costs), increased time demands for administration and paperwork, shrinking reimbursements, and increasing regulatory concerns. He thinks about terms like “practice buy-in,” “malpractice premiums,” and “debt repayment.” He wonders if he’ll ever reap the #financial rewards his father did in medicine or if the landscape has just changed too much for him to ever be able to enjoy the fruits of his labor.
Where do you fit within these generations? Perhaps you are between the radiologist and the #cardiologist and are in the prime of your career or you are in its second half. If so, the issues on your mind are likely #retirement (not only when, but if), asset protection, #tax reduction, and even partner buy-out. It is a lot to consider, by any measure.

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Envision Your Ideal Career In Medicine
When you chose to be a physician, you made a decision to rely on your medical practice to provide you with the things you value in life: control over your time, financial security, reduced stress, a good life for your #family, among other things. Think back to before your medical practice, residency, and medical school to your college days. What was your vision of life as a successful physician? What was your vision when you were toiling in medical school or during all-night calls during residency or fellowship? Did you #envision your eventual career as a pay-off for all the years of #hardwork, training and sacrifice?
Now, after considering what the ideal vision of your career looked like to you during different stages of your education and career, take a moment to examine your present practice and personal financial situation. How close are you to your ideal vision? Is there room for improvement? Is it as stress-free, lucrative, and secure as your ideal vision? If not, is it worth devoting a small fraction of your time to working toward this ideal? The answer to these questions for the majority of physicians with whom we speak is obvious.
In times past, the medical business environment was so easy that physicians could almost totally ignore the #business and financial issues described above and achieve their life goals rather easily. Even if Doctors made financial mistakes every day, it did not matter. Doctors simply rode the wave of the financial #profitability with minimal regulation. It was truly the “golden age” of medicine for U.S. physicians.
Today’s #physicians, however, operate in a dramatically different environment. You do not have the luxury to make such financial mistakes. It is still possible to enjoy your own “golden age” of benefits, but to do so you must be as effective and efficient as possible. You must be both a #skilled physician and an attentive #businessperson or you will suffer the consequences of today’s more challenging #medical business environment.
Avoid the trap of inertia. Be #confident enough to envision your ideal situation and use this article and the #advisors who contributed to it to help you achieve your goals. You have worked hard in medicine to get to where you are today. Now, work on (the #business of) #medicine to take you where you want to go.
For More #Click The Link
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