The Safe Money — Medical Identity Theft — Teleconference & CEU Credits

We try to take as many continuing education courses as we can in areas related to physicians & dentists, but obviously can’t take all of them. Given current economic conditions we are seeing spikes in these kinds of crimes and this may be an ideal seminar for you and/or your practice manager to participate. As with HIPPA, there are substantial liabilities for your practice.

Yours, Ike

TELECONFERENCE HIGHLIGHTS

Did you know that medical identity theft is one of the more difficult forms of identity theft to resolve and may put more than just your client’s finances at risk? This crime is a growing threat and can take years to recover from. Gain the skills you’ll need to design a mitigation plan and understand the impact the new FTC Red Flag regulations will have. Register today!

Learn More & Register Today!

CFO Focus — A time to “do well by doing good”

AN IRA GIFT CAN REDUCE YOUR TAXES
The IRA charitable rollover is back for 2008 and 2009.

A time to “do well by doing good.” If you dislike taking Required Minimum Distributions (RMDs) from your IRA or want to improve your tax situation, you might want to explore an IRA charitable rollover. It is back, as a bonus of the Emergency Economic Stabilization Act of 2008. The IRS officially calls it a Qualified Charitable Distribution (QCD).

CFO Commentary — Mortgage Help on Way & New Wrinkle in TARP

Weekly Economic Update for the Week of November 17, 2008

Quote of the week.“Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity.” – Gen. George S. Patton

CFO Focus — Let’s Talk About Capital Gains

LET’S TALK ABOUT CAPITAL GAINS
In a down market, things are a little different – and some investors might qualify for a tax break.
Provided by J. Michael Stolp

For seasoned investors, the end of the year equals loss-harvesting time. The classic tactic works like this:

1. You sell some losers to offset some winners, i.e., you sell some securities that are worth less than what you originally paid to counterbalance capital gains you accumulated earlier in the year.
2. With your net gains at $0, you can then harvest up to another $3,000 of capital losses to offset up to $3,000 worth of ordinary taxable income.
3. Beyond that, you can carry over additional capital losses to the following tax year.¹

Well in 2008, we have a different situation on our hands. You might have little or no capital gains this year. Should you sell your losers even when you don’t have many winners?

CFO Focus — So, just how will you pay for long term care?

HOW LTC INSURANCE CAN HELP PROTECT YOUR ASSETS
Create a pool of healthcare dollars that will grow in any market.
Provided by J. Michael Stolp

How will you pay for long term care? The sad fact is that most people don’t know the answer to that question. But a solution is available.

As baby boomers leave their careers behind, long term care insurance will become very important in their financial strategies. The reasons to get an LTC policy after age 50 are very compelling.

CFO Focus — Can you withdraw money from your 401(k) while you are still employed?

IN-SERVICE 401(k) WITHDRAWALS & INCOME PLANNING
An option you can use to develop your retirement income plan while you work.
Provided by J. Michael Stolp

Can you withdraw money from your 401(k) while you are still employed? Not everyone should; not everyone can. However, if you can, it may mean that you can effectively implement part of your retirement income plan before you retire.

CFO Commentary — U.S. unemployment hit its highest level since 1994

Weekly Economic Update for the Week of November 10, 2008

Quote of the week. “Committing a great truth to memory is admirable; committing it to life is wisdom.” – William Arthur Ward

Jobless rate: 6.5%. U.S. unemployment hit its highest level since 1994 in October; 10.08 million Americans were jobless, the most in a quarter-century. The rise from September’s 6.1% figure may inspire yet another interest rate cut. Some economists think the Federal Reserve will make a quarter-point or half-point cut at or before its December 16 policy meeting.¹

CFO Focus — Why You Should Keep Contributing to Your 401(k)

WHY YOU SHOULD KEEP CONTRIBUTING TO YOUR 401(k)
A down market is no time to pull your money out or cut contributions.
Provided by J. Michael Stolp

With the way the market is behaving, you may be tempted to pull money out of your 401(k) right now or greatly reduce your contributions. If you’re considering such a move, please reconsider it.

Orthopaedic Practice Management — Innovative financial strategy protects accounts receivable from legal judgments

Orthopaedic Practice Management published an article in their November 2008 issue featuring Partner Benjamin Renzo and ARLIS™ titled “Innovative financial strategy protects accounts receivable from legal judgments”.

“No matter how tough economic conditions may seem inside a medical practice, orthopaedic surgeons expect their medical liability carriers to pay claims in the event of a legal judgement.  But with the financial industry battered by losses, that’s no longer a given…”

Read full article

CFO Client Service Announcement — Allianz Life offers new consumer website

Did you know you can access all of your account information online? Through a simple registration process, you will gain immediate access to your account details and best yet, you can get it whenever, wherever you want, 24/7.

Registration & Login

CFO Focus — Is an Election Year Good for Stocks?

PRESIDENTIAL ELECTIONS AND STOCKS
How has the market reacted to elections and new administrations; Some interesting statistics from election years past and present.
Provided by J. Michael Stolp

Is an election year good for stocks? Well, let’s look at some data. Keep in mind, it’s only data – and as the old saying goes, past performance is no indication of future results. But the statistics concerning the Dow Jones Industrial Average sure are interesting. It is time to compare and contrast.

The Lighter Side — Budget Cuts

Due to recent budget cuts and the rising cost of electricity, gas and oil —

The Light at the End of the Tunnel has been turned off.

We apologize for the inconvenience.

Please suggest “Green” solutions.

Management

The Lighter Side — The New Proposed Tax System

THE USGA WOULD LIKE TO INFORM ALL GOLFERS

There is a possibility of MAJOR rule changes to the game of golf, this may occur sometime after November 4.  This is only a preview as the complete rule book is being written now.  Here are a couple of basic changes:

The Lighter Side — Our Tax System Explained: Bar Stool Economics

Our Tax System Explained: Bar Stool Economics

CFO Perspective — Civic Mindedness & Helping One’s Profession

We encourage CFO folks to make contributions of time, talent and resources to the profession and to the community.

For example, one of my recent projects is to contribute occasional articles and consulting to the Arizona Society of CPA’s Weblog.  The effort not only enchances the profession but also provides a fun format to contribute.

Here are links to three social networking sites for the ASCPA.

— J. Michael Stolp
— My Info
— See Disclaimer

The Safe Money — The Asset Protection Basics Every Business Needs

PLANNING ESSENTIALS CHECKLIST

The following is a basic “must have” checklist (in no order) that most of our business owner and physician clients find to be indispensable.

The Safe Money — Understanding Liability Insurance and Its Limits – Asset Protection Update

ISSUE: WHAT ABOUT LIABILITY INSURANCE? WHY CAN’T WE SIMPLY INSURE OUR WAY TO SAFETY?

This is a reasonable and common question we get from clients and advisors alike. In the most egregious cases of arm-chair quarterback misinformation, we actually see uninformed advisors telling their clients that the only Asset Protection they need is a good umbrella policy – THIS IS FLAT OUT WRONG for the kind of successful people we protect. Why? Because they are successful, visible and typically have assets above and beyond just the insurance policy itself, they are good targets from a net-worth perspective.

CFO Provides Parallel Feeds for Doctors

CFO X-ray$ Weblog and CFO-Doctors’ Newswire provide dual tracks of interest to Doctors and their advisers.

Both services are integrated one with the other, and complement one another.

CFO X-ray$ Weblog provides Snapshots & Perspectives of economic issues facing Doctors and their advisers.

CFO-Doctors’ Newswire provides a newsfeed from the general and financial media of articles of financial and economic interest to Doctors

— J. Michael Stolp
— My Info
— See Disclaimer

CFO Commentary — Great Week Ends Bad Month

Weekly Economic Update for the Week of November 3, 2008
By J. Michael Stolp

Quote of the week.“The functions of intellect are insufficient without courage, love, friendship, compassion and empathy.” – Dean Koontz

WSJ — The Father of Portfolio Theory on the Crisis

The Father of Portfolio Theory on the Crisis
Harry Markowitz says valuation is the critical step.
By L. Gordon Crovitz — November 3, 2008

Read article at CFO-Doctors Newswire