Practice Management Solutions
Where will your retirement money come from? If you’re like most people, qualified-retirement plans, Social Security, personal savings and investments are expected to play a role. Once you have estimated the amount of money you may need for retirement, a sound planning approach involves taking a close look at your potential retirement-income sources. We offer a FREE retirement planning analysis for medical and dental professionals.
Any amount you don’t have to pay to the IRS means more money you can put toward saving and investing for your future. We offer tax planning services to reduce Federal income tax, capital gain and estate tax.
Top Tax Savings for 2025-2026
The Secure Act 2.0 has extended the deadline for businesses to establish a tax qualified retirement plan to the tax-filing due date including extensions. If you haven’t filed for 2025 as yet, you may still implement a qualified retirement plan up to September 15, 2026 and secure a tax-deduction for 2025. Furthermore, the Secure Act 2.0 now permits an employer to replace a Simple Plan mid year with a Safe Harbor 401k, Defined Benefit or Cash Balance Plan. Prior to the Secure Act 2.0, employers who had adopted a Simple Plan were not permitted to change to a Defined Benefit Plan mid-year and thus were “squeezed out” of a larger contribution option for a retirement plan and, unfortunately, this resulted in more taxes being owed to Uncle Sam.
The combination and strategy of the 401k and a Defined Benefit Plan Maximizes Tax-Savings with the Largest IRS Approved Tax-Deduction and thereby increases wealth accumulation and retirement income.
Here are 9 Reasons Why High Income* Business Owners and Professionals should have a combination “401k” and a Defined Benefit Plan.
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- The Defined Benefit Plan offers the largest tax deduction allowed by the IRS and Department of Labor (DOL) to reduce current, future and past income tax liability. Deductions can be significant and permanently be as high as $450,000+ a year depending upon your salary, age, earnings and years to retirement.
- Assets within the Defined Benefit Plan are protected from lawsuits and the claims of creditors and litigants including: professional liability, spouses, and environmental liability.
- Investment money within the Defined Benefit Plan accumulates and compounds income tax-free.
- A Defined Benefit Plan can provide both a participant employee and spouse a guaranteed income for life.
- A Medical Expense Reimbursement provision can be included to cover post retirement hospitalization and other medical expenses. (IRC 401(h))
- A Defined Benefit Plan can provide pre and post-retirement death benefits. [Source: IRS section 401(a)(4)]
- A Defined Benefit Plan can provide the employer maximum control over employee costs because accrued benefits are not paid out when an employee terminates prior to retirement and employee vesting can be staggered over six (6) years.
- A Defined Benefit Plan can reduce future contribution costs due to employee turnover as the terminated employees non-vested retained balances can be used to offset future employee costs.
- Our Defined Benefit Plan meets all ERISA requirements and is DOL compliant with actuarial certifications.
If you would like to know how a combination 401k and or a Defined Benefit Plan can help reduce taxes, accumulate more money for retirement and preserve wealth contact us today for an initial complimentary consultation.
We adhere to principles and strategies that may enable you to put together an investment portfolio that reflects your risk tolerance, time horizon, and goals. Understanding these principles and strategies can help you avoid some of the pitfalls and market declines that can decimate investment portfolios. A new wealth management solution…imagine the possibilities
Imagine if… you could take all of your assets – even those spread among different advisors – and consolidate them in a single location where you could view your complete financial picture at one time… financial accounts, investments, stock options, estate plan, insurance coverage, real estate, retirement accounts, tax documents, legal documents, and specific goals and strategic plans.
Imagine if… this information were organized, kept up-to-date and accessible 24/7 in a secure Virtual Vault location anytime you wanted to see it.
GUARANTEED
LONG TERM DISABILITY INCOME
FOR PROFESSIONALS
Own Occupation
Specialty Coverage
Partial/Residual Included
No Exclusion for Substance Abuse, Nervous & Mental
Normal Pregnancy Covered as Any Other Illness
DESCRIPTION OF BENEFITS AND PROVISIONS
- LEVEL PREMIUMS CAN NEVER INCREASE.
- SPECIALTY COVERAGE INCLUDED.
- UNLIMITED NERVOUS/MENTAL DISORDER & SUBSTANCE ABUSE INCLUDED.
- RESIDUAL AND PARTIAL BENEFITS INCLUDED.
- PRESUMPTIVE DISABILITY INCLUDED.
- UP TO $100,000/MONTH AVAILABLE IN PARTICIPATION WITH GROUP COVERAGE AND OTHER COMPANIES.
- TRANSPLANT SURGERY INCLUDED.
- VARIOUS WAITING PERIODS AVAILABLE: 30, 60, 90, 180 DAYS.
- EMPLOYER SPONSORED MULTI-LIFE 15% DISCOUNT (3±PARTICIPANTS).
- GUARANTEED STANDARD ISSUE (10± MULTI-LIFE).
- STEP RATES FOR RESIDENTS, FELLOWS AND PRACTITIONERS UNDER AGE 45.
Plan Coordinator
THE SIGNIFICANCE TO YOU
One of your primary assets as a physician or dentist is your earning capacity. A sickness or injury that interrupts your career could result in tremendous financial losses to you. The hospital or medical expenses that you would incur could be compounded by the loss of income that would result from your inability to work.
SPECIALTY DEFINITION OF TOTAL DISABILITY – BOTH SENSIBLE & PRACTICAL
This is a disability plan that will pay you a monthly total disability benefit if due to a sickness or injury, you are unable to
perform the material and substantial duties of your occupation. “Your Speciality Occupation” means the occupation in which you are engaged when the disability begins.
RESIDUAL DISABILITY BENEFITS
If you return to work after disability, and your earnings have dropped to 85% or less of your pre-disability earnings, you will be paid a residual disability benefit.
TRANSPLANT SURGERY BENEFIT
After the policy is in force for 6 months, if the insured is a transplant donor, our companies will consider this a sickness.
The elimination period is waived. Without this provision, a transplant would not be covered as it is neither a sickness nor an
accident.
PRESUMPTIVE DISABILITY BENEFIT
The insured will be considered Totally Disabled and the Elimination Period will be waived if the insured suffers the
complete loss of use of both hands, both feet, one hand and one foot, sight of both eyes, hearing or the ability to speak.
PREMIUM DISCOUNTS
Multi-life discount (1): 15% permanent discount for employer-sponsored groups of three or more lives. Multi-life discount (2): 25% permanent discount for employer-sponsored groups of twenty or more lives. Multi-life discount (3): 35% permanent discount for employer-sponsored groups of 100 or more lives. The above discounts use unisex rates and are applicable to both Employer Paid and Employee Paid (individually billed, for use only with the 15% discount) business.
TAX-FREE BENEFITS
If you personally pay the premium with after tax dollars, the benefits you receive under this plan may be tax-free. If your
corporation pays the premiums, the benefits are taxable; but you may be able to deduct your premiums as a business
expense. Consult your tax advisor or legal counsel.
ELIGIBILITY
Physicians and dentists in practice, under age 70, who are working full time (at least 30 hours per week) at their profession, and not in military service, are eligible.
WHAT ARE THE EXCLUSIONS?
Benefits are not payable for disability caused by or resulting from war or military service; self-inflicted injuries (if
intentional); commission of a felony; engagement of an illegal occupation; regular maternity leave; however, normal pregnancy is treated as any other sickness after 90 days of elimination period, or longer; a condition excluded by a rider
attached to your policy. No benefits are payable during the waiting period you select.
FREE QUOTATION & POLICY ANALYSIS
Doctors Professional Care Group LLC, the plan coordinator, will provide a free quotation and existing policy analysis. In order to receive your free quotation, you must complete the Sign Up information and become a member of the Doctors Professional Care Group. Once you sign up to become a member just tell us in the Message Box what your specialty is, and how much monthly coverage you are interested in and your age. Nurses and Colleagues are also eligible for coverage and their policies are eligible for the multi-life premium discounts. Regardless of your needs, Doctors Professional Care Group will design and customize a disability income plan to meet your specific requirements. Sign Up and get a quote today or an existing policy analysis. It’s FREE and you are Under no obligation.