Financial Management

The Consolidated Appropriations Act of 2023, enacted on Dec. 29, 2022, includes the Secure 2.0 Act of 2022, which contains many provisions designed to expand retirement coverage, increase retirement savings and clarify retirement rules.

Qualified retirement plans are a growing area for liability among all businesses, including medical practices, experts said.

As we kick off 2023, we plan to use the February column to provide a high-level update on new developments in tax and asset protection planning, and hope these updates prompt some orthopedists to look into these areas early in the year.

Most medical practices nationwide sponsor some type of qualified retirement plan (QRP), including 401(k)s, profit-sharing plans, defined benefit plans and hybrid plans. Most physicians do not realize that a growing area of liability for all businesses, including medical practices, relates to QRPs and how they are managed.

In the latest edition of Residency to Retirement, experts offered advice and provided updates on recent developments in tax and asset protection planning.

As we are in early 2023, we plan to use this column to provide a high-level update on new developments in tax and asset protection planning, and hope these updates prompt some physicians to look into these areas early in the year.

KOLOA, Hawaii — In this video from Orthopedics Today Hawaii, Andrew Taylor spoke about early retirement planning for physicians.

Since 1991, the rate of cancer mortality has declined by 33% in the United States, which translates to an estimated 3.8 million fewer cancer deaths over the past 30 years, according to a report from the American Cancer Society.

In other articles for Orthopedics Today referenced at the end of this article, we explained that permanent life insurance, also called cash value life insurance, has tremendous tax, wealth accumulation, asset protection and estate planning benefits.

Patients in Iran reported negative outcomes, such as financial burdens, and doubtful factors, like long wait times, as reasons for not switching from peritoneal dialysis to transplantation, according to data published in a study.