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Home > Services > Domestic Wealth Planning > Facing Retirement with Financial Strength > Analyzing Traditional Retirement Plans
While we discuss the mainstream, keep an open mind. There is no one size fits all solution or plan. Learn about the options that will fit your personal needs and do not jump on the first insurance policy or pension plan that the salesperson at work or in the neighborhood offers you. Finding the right solutions is a delicate balance of Asset Protection, long-term health care, reduced taxation, wealth accumulation and succession passing.
On another note, this analysis is not about ERISA except to say that ERISA qualified plans are generally protected from creditors and bankruptcy. However, ERISA is still going through many legal interpretations. Click here to read about ERISA.
Employer Provided Retirement Plans
Workers have shown a continual decline in confidence in Employer Provided Retirement Plans.
ERISA Qualified Plans
The IRS does not have a definition of what is considered "qualified." Here are the current qualified plans.
1) 401(k)
2) Profit Sharing Plan
3) Money Purchase Plan
4) New Comparability Plan
5) Defined Benefit Plan
6) 412(i) Defined Benefit Plan
If the plan falls out of qualification with ERISA laws, the courts and the IRS will be the eventual arbiters of disputes.
Non-ERISA Plans and IRAs
This becomes a state-by-state matter. Jere are examples of plans that do not qualify for ERISA protection.
1) Simplified Employee Pension Plans (SEPs)
2) Keogh Plans
3) IRAs
It should be noted that any protection method onshore is not fool proof in preventing Charging Orders or judgments against these assets.
Take the risk analysis to find out your exposure to creditors and litigators. Isn't it worth 5 minutes to find out how much risk you really safe?
One attitude that cannot be tolerated in medicine is a lack of care or apathy. We feel physicians should exercise the same standard of care toward their accumulation of assets, property and wealth.
Written by the foremost expert in the country!
Physicians and their Advisors Will Gain a Practical Guide in the Following Subject Areas
►Asset Protection
►Estate Planning
►Income Tax Reduction
►Financial Planning
►Office Management
►Corporate Structure and Protection Structures
Learn how to protect your personal and business assets from disgruntled patients, creditors and divorce through the use of domestic and offshore planning tools.
Estate Planning - Learn how to avoid the most common estate planning mistakes that could cost your heirs $500,000 - $3,000,000 or more and learn how to avoid the 70-83% tax trap.
Income Tax Reduction - Learn how to reduce your income taxes by $25,000 - $200,000 annually while avoiding the tax avoidance shams in the marketplace.
Financial Planning - Learn how to protect the principal of your investments while still giving yourself the opportunity for upside growth if the stock market performs well.
Office Management - Learn several practical and easy to implement solutions that will help you run a more efficient and financially sound medical practice.
Asset Protection Planning Part 3 concentrates on the protection of personal residence, business acco ...
Would you like to remove a dollar from your company, and even better, a tax deductable dollar and pu ...
Trustmakers Estate Tax planning provides advisor direction and guide information on protecting your estate.
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