Financial Planning for Physicians
Physicians are caregivers, trusted experts and entrepreneurs, all at the same time.
This can pose unique challenges and complications when it comes to finances and planning for the future. At The H Group, we help physicians at all stages of life understand and improve their financial picture.
Many physicians are self-employed and, in addition to the demands of day-to-day work, must navigate the challenges of being a small business owner. This includes financial planning, tax planning and planning for the future of the business once they enter retirement.
A common occurrence that we’ve helped our physician client families navigate is the structure of their buyout. The income earned during a business or building buyout can be significant and can bring with it a staggering tax bill. In partnership with a tax professional, we help physicians with tax planning and organization around buyouts to understand the most efficient strategy available. Not only does this deliver a better solution today, it can also help create years of financial certainty.
Physicians also have unique risk planning needs. They need to protect themselves, their business and their patients. We provide comprehensive guidance on risk planning that gives physicians confidence and a plan to focus on what matters most: caring for their patients.
As self-employed individuals, physicians must also navigate the financial challenges of paying themselves as well as managing their business. There can be tax complexities that must be examined as well as potential estate planning considerations to plan for a timely and efficient transition of business. Self-employed individuals also have specific needs when it comes to insurance of all types: life, disability, liability and health insurance. While we don’t sell insurance, we do help educate you on your options and connect you with professionals who can help. All of this needs to be considered as part of an overall financial picture.
Investing in a 401k is one way that physicians can make the most efficient use of their income. We help physicians navigate the complexities of their investments, working toward wise choices for every dollar and consideration for tax implications at year end.
There are a number of tools available for physicians to make the most of their unique business opportunity. When it comes to financial planning for physicians in Oregon and across the country, our team of CERTIFIED FINANCIAL PLANNER™ professionals use a holistic approach to build a custom solution.