M Advisor Podcast: Financial Clarity for Physicians

When you figure out you need an LLC, the question always looms: "What do I name the LLC?" Also, find out how to see what names are available and what names are already taken. This episode explores what kinds of LLCs and what uses of LLCs might be appropriate for what kind of LLC names.

Time horizon is generally defined as the period of time for which a specific investment account will stay invested before being utilized. Many times, an investment isn't allowed to enjoy its full time horizon due to our own behavior with our money. Adjusting your view for a much larger time horizon, and adjusting it for all of your assets might provide a different perspective on your life and lega...

With the springtime weather upon us, thunderstorms can intrude on our finances by damaging our houses. During storm season, it's important to understand how our homeowner's insurance policy works if our house gets hit by a storm. The wind & hail deductible is included in all our homeowner's policies, and it is often misunderstood.

When the market declines, what are some good investment responses? How do market fundamentals work in a down market? What should we do with our investments when the market declines?

When the market goes down, what financial planning tasks help with the bigger picture? Knowing your budget, cash needs, and making sure you have the right amount of insurance are all critical components of a financial plan that's experiencing a reduction in asset valuation. Additional Resources: https://www.m-advisor.com/blog/financial-planning-for-savers-in-a-down-market-image

The memories we give our kids and grandkids provide them with the lens they'll use to view their inheritance - or any gift, for that matter. Vacations are just one of many ways to create memories that shape our lives. Let's explore the impact of taking time for vacations and how this shapes our legacy.

How are hobbies connected to your financial plan? Are they actually that important?

Learn what "per Stirpes" means, and how it can have a lasting impact on your beneficiaries.

Establishing a family trust or a revocable trust is an important step in a financial plan, but unless the trust is funded properly, it can be a near worthless endeavor. Learn the importance of funding a trust and how to do it.

Understanding how the concept of sunk costs impacts your decision-making can be a valuable tool for improving your life. Identifying this concept can be effective, not only in your financial life, but in nearly every aspect of your well-being.

Tax planning with W-2 income is simple, yet important. Understanding how income sources do and don't interact with one another is important to planning your next decision from a tax perspective. I also describe a calculator I use from the IRS to estimate tax withholdings. Here is a link to that calculator. Enjoy! https://www.irs.gov/individuals/tax-withholding-estimator

What are some common New Year resolutions for your finances? How can you improve your finances?

In financial planning, figuring out what we want can be a difficult task. Deciding what we like may feel like we limit our possibilities. If we choose one path and lean in to that path, we may close the door on other opportunities.

While tax planning with W-2 income is limited, there are still steps you can take to maximize your tax deductions. For those who take the standard deduction most years, but almost get enough expenses to itemize, here's a quick way to plan ahead to get the most out of your charitable contributions.

If a tree falls in the forest, but no one hears it, does it make a sound? If plans are created, and no one knows about them, do the plans exist? Here, we chat about what aspects of a financial plan should be discussed and how to discuss them.

What is a buy/sell agreement and when does it become important? If you own a business or run a practice with other owner/partners, a buy/sell agreement can protect your practice against unwanted changes of ownership. Additionally, if you own your own practice, you may be responsible for buying shares in a practice when a partner unexpectedly cannot work any longer due to death, disability, bankrup...

First of all, what is an LLC? Do physicians need an LLC or a PLLC? Learn why a physician might want to create an LLC or a PLLC (and what's the difference?), and how would an LLC be beneficial?

Our financial lives can be as simple or complex as we make them; however, there is a balance of the simple and the complicated that might make our financial plan more effective. Is there a planning opportunity we're missing by being too simplistic? If our financial plan is too complicated, is it sustainable? Utilizing professional guidance from financial advisors, attorneys, and accountants may en...

Money can undoubtedly stir emotions. Your initial memories and experiences with money can create a lasting impression on your money habits, which ultimately can play a part on determining your legacy. Were your first money experiences good or bad? Was money a sore subject in your youth? Uncovering and labeling these experiences may help you understand why money is emotional to you.

Many physicians receive a bonus when signing employment contracts. These bonuses can be nice additions to a new job; however, where there is income, taxes exist. Learn about the most popular forms of physician signing bonuses and how they impact your income tax. You may not be able to change your signing bonus, but you can plan for it!

Too often the conversations about life insurance are geared toward how much insurance to purchase. This conversation focuses on when to consider life insurance purchases and changes. What do you look for when you look at your own policies? Easy ways to make sure your insurance policies are up to date.

What are gift taxes? What are estate taxes? These taxes are uniquely positioned to work together, yet they are distinct taxes. Learn the basics of how these taxes work. Understanding the basics of these taxes might help you plan for your kids.

We are all saving for someone else, even if we're saving for ourselves. As time passes, are we taking care of our future selves? How can we be aware of what we will need as we get older.

The summer often provides a bit slower routine, which allows us time and capacity to consider what's important in our lives. In financial planning, understanding the kind of life you want to live is a great accomplishment. With some self-awareness, you can prioritize meaningful planning objectives and filter those that aren't.

How do you go about combining finances after you get married? Here are some talking points, fundamentals, and things to consider when combining finances.