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WEALTH MANAGEMENT FOR PHYSICIANS

TAX MITIGATION

Many physicians earn enough income that they fall into the highest tax brackets. Looking for ways to optimize your taxes could have a significant impact on your bottom line. While we are not tax advisors, we can help you assemble a team of experienced accountants, actuaries, and third-party administrators to help you achieve success and potentially lower your tax bill.

SECOND OPINION

We offer physicians a complimentary fiduciary analysis – a “second opinion” so to speak – to determine your overall financial wellness and retirement preparedness.

We’d be happy to evaluate your specific scenario and identify what’s working and what could be improved.

WHITE GLOVE SERVICE

You work hard, and you want to enjoy life too. Our goal is to understand your goals, earn your trust, and serve as an important resource to you for decades to come. We can help take one thing off your plate – giving you more time to focus on what truly matters.

SELF-EMPLOYED PHYSICIANS SHOULD CONSIDER A DEFINED BENEFIT PLAN

A defined benefit plan is a sophisticated strategy that could potentially help lower your taxes and accelerate your wealth accumulation. Whether you can take advantage of a defined benefit plan depends on many factors. In general, though, these plans work best for

  • Business owners

  • With high income

  • Where the income is stable year-to-year

  • And when there are no employees or only a few employees.

A defined benefit plan could allow you to defer income tax on $100k, $200k, or more annually. If you’re able to contribute these sums to a retirement plan on an annual basis, the potential tax savings could be significant.

Here are three example scenarios where a defined benefit plan could make sense:

SCENARIO 1
  • An orthopedic surgeon

  • Age 55

  • Practice is owned by the surgeon

  • Earning $1,000,000 annually

  • 7 non-owner employees

  • Taxes are prepared as married filing jointly

  • $250,000 is contributed annually into a defined benefit plan

  • $92,500 in annual tax savings could be realized.

SCENARIO 2
  • A cardiologist

  • Age 45

  • Practices as an independent contractor

  • Earning $750,000 annually

  • No employees

  • Taxes are prepared as married filing jointly

  • $150,000 is contributed annually into a defined benefit plan

  • $54,543 in annual tax savings could be realized.

SCENARIO 3
  • A dentist

  • Age 60

  • Practice is owned by the dentist

  • Earning $500,000 annually

  • 4 non-owner employees

  • Single tax filer

  • $100,000 is contributed annually into a defined benefit plan

  • $35,000 in annual tax savings could be realized.

For illustrative purposes only.

DISCOVER IF A DEFINED BENEFIT PLAN IS RIGHT FOR YOU

HTLV George Bonn Image

The federal government is never going to do us any huge favors. But, enrolling in my defined benefit plan through Hightower Las Vegas was the absolute best way possible for me to save a lot of money on taxes, grow my retirement savings and provide my employees with retirement benefits. Ned Evans and the rest of the folks at Hightower have had my back for over 20 years, and with their expertise helped me to retire a little early.


GEORGE BONN

Oral Surgeon (Retired) - George E. Bonn LTD

*Disclosure: George Bonn is a current client of Hightower Las Vegas.

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FAQ

We don’t have a fixed minimum investment level. That being said, our team puts a lot of work into creating customized wealth strategies for each of our clients. If asset levels are too low, our costs might not make sense for you. We typically work with clients with investable assets in excess of $1 million, but we also work with many younger investors with high incomes and aggressive savings goals.

Our cost is structured as a percentage of assets under management, charged in arrears on a quarterly basis. The cost schedule is variable based on the level of assets and the scope of our work. We believe in full transparency. As a result, you clearly see what we are being paid for the value we provide. We do not receive any hidden fees or other forms of compensation. Finally, there are no lock-ups or penalties if you decide to go in a different direction.

The account opening process is handled by our skilled client service team who does all the heavy lifting. Onboarding occurs after we’ve gone through the financial planning process, mutually determined that we are a fit, and have agreed on your wealth strategy.

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Hightower Advisors, LLC is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Some investment professionals may also be registered with Hightower Securities, LLC and offer securities through Hightower Securities, LLC, member FINRA/SIPC. You can check the background of our firm and investment professionals on brokercheck.finra.org. Unless otherwise indicated relative to a specific award or ranking, Hightower Advisors, LLC does not pay a fee to be considered for any ranking or recognition, but may have paid to publicize rankings obtained and disseminated prior to 11.4.2022. All awards / rankings / ratings obtained and distributed on or after 11.4.2022 will be accompanied by specific disclosure as applicable.

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