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Financial Planning for Dentists
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Managing Your Finances as a Dentist for Guaranteed Lifetime Financial Security
At Life Care Insurance, we help dentists make their years of studying through medical school, graduating, and becoming a practicing owner worth it after retirement. We are experts at offering strategic financial planning opportunities to dentists as they go about saving the world one human tooth at a time. Our team of advisors is knowledgeable at offering useful insights in asset accumulations, tax planning, real estate, children’s finances.
Life Care Insurance offers customized financial planning solutions for experts in the dentistry space.
We know and understand the industry inside-out with years of advising practice owners at the various phases of their dentistry careers as professionals. Our advanced financial analytical solutions help us to evaluate our client’s current financial position – as we draft out the best plan to achieve financial security for a lifetime.
Why Choose Life Care Insurance?
We are a team of financial planning experts with above-average expertise in executing achievable plans to set you financially secured for life. Life Care Insurance treats every client’s case differently as we offer customized financial objective review, impartial advice, and full-time advisory services all the way. We only give quotes on value-priced fees to keep you ahead and in charge of your cash flow, assets, and investments.
Life Care Insurance provides market research data on highly lucrative investment products to get into with reduced risks. Our structural financing mandate drives the team to provide adequately structured financial goals and plans that guarantee financial security for a lifetime. Dentists benefit from partnering with a team of experts that offers lower cost, effective client-advisor communication, and air-tight financial management results.
The Evolutionary Stages of Financial Planning for a Dentist
Phase I: Newly Graduated Dentists
- Get assistance with debt minimization
- Prioritize decisions involving health insurance
- Initiate investment plans for RRSP
- Start a savings plan for home purchase
- Decide to buy or lease a car
- Take tax return preparations and tax planning management seriously
- Start financial planning for a future investment involving your practice
- Cash flow budgeting
Phase II: New Dental Practice Owner
- Managing income tax installments and cash flow
- Review your tax returns and tax planning books
- Choose to use family trust and medical licensed corporations for legal and tax protection
- Make plans to expand estate financing for a larger home
- Plan to split income among spouse and children
- Get RESP for children
- Draft or review your will and estate documents
- Have an experienced creditor review assets to reduce financial risks in the case of a lawsuit
- Annual cash flow review with a financial expert
- Draft cash flow forecast in preparatory of retirement living for the next twenty years
- Get proper analysis for a full life and/or disability financing
- Opt into an effective investment program to build a larger percentage of your prime wealth
- Finance new practice investment and make arrangements for dentist incorporation
Phase III: Established Dentists Mid-career
- Buy a cottage or business real estate
- Pair with a highly competent financial manager for money management issues including spending, savings, investments, and clearing of debt
- Review and upgrade life and disability insurance coverage to add more to your net worth
- Prioritize reviewing retirement cash flow analysis to make savings and investment targets achievable annually
- Switch from retail investing to highly lucrative investment options like bonds, ETFs, and stocks
- Update or liquidate a portion of real estate to assist aging parents
- Proper management of cash flow to cater for the children’s educational costs and trust
- Subscribe to the use of specialty products like holding companies, private ventures, real estate, trusts, and so on
- Scale-up your practice valuation with proper tax return preparation
- Purchase vacation home and business real estate assets if you can
Phase IV: Practice Selling Dentist
- Covert wealth to sources of long-term income generation for the next 20-30 years
- Utilize tax-smart cash flow products that help to incorporate personal wealth, practice income, and categorize governmental benefits
- Incorporate personal investments including bonds, stocks, and indexing
- Draft and constantly review an exit strategy from practicing dental medicine
- Revisit insurance coverage and policies for a decision to commit or liquidate. Consider more permanent insurance policies for estate planning if needed
- Discuss and analyze the financial benefits of part-time associates at your business during your semi-retirement phase
- Take advantage of new income-generating and tax-minimizing opportunities beneficial to your family
- Decide on the annual budget allocated to assisting your children and how long it’d last
- Retirement income design
- Plan for family-related matters like parent’s death, children’s marriages, or divorce financing if possible
Phase V: Retired Dentists
- Review general cash flow annually to determine the ratio of spending against income after taxes
- Tax minimization with investments
- Plan to convert all RRSPs to RRIF to enable you to integrate cash flow
- Welcome the idea of joint ownership and trusts to enjoy estate benefits
- Downsizing of your estate portfolio; determine what, how, and how much
- Asset transition to the current or surviving spouse from the death of a first or previous spouse
- Will updates to include active and new family relatives
- Make financial preparations to include grandchildren
- Give more to charity and create trusts and foundation
- Health insurance for retirement trips and out-of-the-country medical expenses
- Look into your CPP pension details to decide when and how to receive the funds
- Reduce old age security clawback
Additional Specialized Services
Life Care Insurance also specializes in divorce financial planning to help our dentists determine their net worth, assets allocation, and appropriate levels of payment
We also work on child financial planning which covers Will preparation, creation of RESPs, setting up life insurance coverage, as well as financing during maternity leave.
Our team of experts also offers services on marriage financial planning to help our clients coordinate their net worth, creation and review of Wills and insurance for couples, and legal income tax breaks.
We work on death financial planning which enables our clients to make adequate preparation on tax returns, get financial advisory on net worth liquidation, and general financial guidance to create a lucrative retirement portfolio.