Services for Physicians

Insurance

Running a medical practice comes with the risk of lawsuits and property damage. One potential solution is to invest in professional liability insurance that will guard against errors and omissions, in addition to other insurance options that can deflect negative consequences to your reputation and practice. With the help of adequate policies, you will have greater resources available to cover a claim without jeopardizing your practice or your bank account. We have experience with most types of insurance coverages:

  • Life Insurance
  • Disability Insurance
  • Long-Term Care Insurance
  • Business Overhead Insurance

Retirement Planning

Retirement planning for physicians requires unique strategies due to the length of their medical training and the debt load incurred. As a physician, you likely didn't start working and saving in a 401(k) or Roth IRA until your 30s. This means you missed out on 10 years of potential retirement savings that you’ll need to recover. We can help you build a solid plan that can help enable you to catch up and preserve your nest egg while maintaining your existing lifestyle.

Tax Planning*

Tax planning is an essential element of any wealth management strategy. Our professionals will help you devise strategies designed to maximize tax efficiencies.

Debt Management

Many young doctors start their careers deeply in debt and are anticipating loan payments that will last for decades. At Physicians Resource Services, we can assist you with a strategic approach to managing your loans and eliminating medical school debt as quickly as possible.

Asset Protection

It’s not what you earn, it’s what you keep that determines your wealth. In addition to taxes, this wisdom can be easily applied to anything from liability claims and lawsuits to bankruptcy and divorce, so it is essential for a physician to have a strong asset protection plan in place. There are many financial strategies that can be employed to protect your assets from lawsuits. Asset protection is only one component of your long-term financial planning, but it is an important building block for lasting wealth. We can help you protect your wealth, savings, and investments, as well as your future income.

Estate Planning*

Estate planning for physicians is a complex endeavor that requires shielding assets and maximizing income growth and tax benefits. We understand these challenges and present our clients with innovative solutions that are applicable to their unique challenges and circumstances. Our team will help you evaluate how beneficiaries will be affected by your decisions, and strategize how to best preserve wealth and transfer your assets to future generations.

Charitable Planning

Our comprehensive legacy planning and charitable gifting services make it simple to support the organizations and causes that are important to you. We will work with you to help you design and implement the right planning strategy to meet your charitable funding goals that will enable you to catch up and preserve your nest egg while maintaining your existing lifestyle.

Employee Benefits

Offering a highly competitive compensation package enables you attract and retain the best staff and adds enormous value to your practice. Solid plans strengthen employee loyalty and are key to ensuring both you and your employees meet your financial goals. We can help you coordinate your benefits to best meet everyone’s needs. This leads to a longer working-life span of your staff, with employees who remain loyal to you for many years. We can help you with a variety of benefit options including:

  • 401(k)
  • Employer Paid Benefits and Voluntary Benefits
  • Short-and Long-Term Disability
  • Life insurance
  • Long-Term Care Insurance

*Neither New York Life Insurance Company nor any of its affiliates or agents provide tax or legal advice.  Clients should consult with their own qualified professional(s) to evaluate their individual circumstances.