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Are you a Pack Rat?

Are you a Pack Rat?

Recently, while contemplating the daunting task of gathering important documents in preparation for personal year-end stuff (oh joy), I began to wonder how much of this paperwork do I really have to keep?  It seems that we have boxes upon boxes of documents carefully organized and filed so we can get to them if needed.  How often do we really need to access them and how long should we keep them?  If you are like me space is not limitless the idea of shredding or burning some of this stuff to make room is actually exciting.  So, I decided to do a little research and here is what I found out. Lets start with what you musth never destroy: Life Insurance Policies of any sort (unless you replace or cancel) Disability and Long Term Care or other specialized types of coverage.  Marriage Licenses, Birth Certificate/s, Divorce Decrees, and Current Passports.  You will also need to keep deeds, mortgage contracts, titles, cemetary plot information and wills (unless they are changed or probated[...]
Doctors on a Mission are you covered?

Doctors on a Mission are you covered?

Ebola seems to be the current health crisis filling today’s news reports. Physicians need to plan according so that they have the right protection at the time they need it most. No, I do not mean from a medical standpoint in not contracting the infection but from a financial standpoint. Anytime something impacts the prime time news like Ebola, it has a rippling effect elsewhere.  One example is a young surgeon of ours who committed to a 2 year overseas mission, paid for and sponsored by the hospital, to Africa.  She felt she was doing a noble thing by giving back to society prior to establishing her practice stateside, to which there was no argument.  The problem was with the timeline of the events leading up to her commitment that had a negative impact. She had already agreed to the terms of this outreach project for the hospital prior to contacting me.  When she did her questions were about adding additional disability protection and acquiring life insurance protection while she i[...]
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Medical Practices: Where to Set up Shop

Have you ever stopped to think that after taxes (State and Federal) and land costs that there maybe some states that are less expensive places to live in, purchase goods and set up shop then others? If so, which states would those be? The Bureau Economic Analysis recently conducted a study on how far after tax dollars stretch on a state by state basis. Essentially the researchers at the foundation compared what the real purchasing power of $100 is per state.  The study gets into some finer details but I really would like to take a look at the illustration below created by the National Tax Foundation based on the study's data, as it relates to determining where the most economical places to live and practice are. If we take a look at the Map we can see that states such as California and New York have significantly less buying power then many of the other states.  The salary bases might be higher in these areas but what this study is showing is that the people who appear to be earning[...]
DUI

DUI

Fall is here and the holiday season upon us.  There a numerous reasons to be celebratory whether it be religious, sports related or my personal favorite Halloween.  It is important to remember that while celebrating with friends and family can be liberating that we keep our wits about us and remember not to drink and drive.  I recently came across a comical picture illustrating the arrest of a person in halloween costume for driving under the influence.  While my initial response was to laugh,  I quickly began to consider the reality that this person's life will be dramatically affected by their actions and the importance of understanding the seriousness of a DUI on a financial plan.   You might be thinking it will be a very expensive ticket and a mark on your drivers license. It's way more than that.  From the initial expense of having your car towed to the impound lot, to the lost wages or even your job, the cost can be astronomical. Lets consider for a moment that you are still i[...]
Should you buy short term disability protection?

Should you buy short term disability protection?

Disability protection for the short-term, otherwise known as STD, is a product offered by employers to provide income replacement for, as the name says it short periods of time, typically for 180 days or less.  Most minor injuries or illnesses that would not commonly qualify for a Long Term Disability, LTD, claim would then qualify.   When you consider that most of minor injuries or ailments that result in a claim are resolved in short periods of time, the out of pocket expense to own this policy is very costly. For medical professionals, this sort of protection is typically not needed because of employment agreements and usually your employer will continue to pay you from 90 to 180 days.  When you are self-employed going without this type of protection is fine if you know you have receivables coming in the door for up to 180 days. The one exception, to which I would recommend short-term disability income protection, is if you are a female professional and you intend to have chil[...]