Coordinating Professionals

Financial Planning for the Dental Practice

neon_light-213x213.jpgWhen working with Dentists who are also practice owners, financial planning involves consulting onpersonal as well as practice finances. By understanding the connection a dentist has to the practice, and the impact the practice can have on the family, we’re able to plan in a way that works in the unique life of a dental practice owner.

Financial planning is very important; it helps people understand where they are, and creates a vision to work toward. Financial check-ups help assess investments, insurance, taxes, saving and spending, and identify action items and to-dos. Mission Financial Planning also provides monitoring and accountability, and helps clients stay on track.

Communication- Crucial To Your Bottom Line

team.jpgYou just lost another patient. C’est la vie, right? Say that too many times and your office may become a little lonely.

Health Savings Accounts: Do they make sense for me?

health-savings-account-213x213.jpgHSA plans have been available since 2004, with few changes.  Think of this as a medical IRA.  You own it and control it, and it follows you from employer to employer.  

There are three parts to a HSA.  The health insurance policy that is approved for HSA plans, a savings account that you can choose to fund or not, and an administrator for processing claims and deposits through the savings fund.



Time to Evaluate Discretionary 401(k) Contributions

MFP_401k_Services-213x213.jpgThis is the time of year that small business owners are reviewing their options for making extra 401(k) contributions and evaluating discretionary matches or profit sharing contributions based on last year’s numbers.   They are to be congratulated for having a 401(k) plan, and for planning well enough to have the funds to consider going the “extra mile” with contributions.

For the owner who wants to maximize the benefits of having a 401(k)/profit sharing plan, the first thing to fund is his own (and if applicable, a spouse’s) salary deferrals.  Maximizing one’s salary deferrals does not change the staff expense of having a 401(k) (for the purposes of this article a Safe Harbor plan is assumed), so deferrals are the most cost effective of contributions.

The Need for Estate Planning

estate_planning-213x213.jpgAn important part of financial planning is determining a plan for distributing one’s estate and getting it in writing.  Without a plan in place, an estate is divided based on state law, and every state has different laws for “intestate succession”.  While succession starts with close family members, percentages and priorities are not always what you might have assumed or preferred.

Without estate documents in place, the person in charge of administering and distributing your estate would also be determined by state law, or chosen by the courts.

Most people have some preferences about how they would like their life’s work and accumulations distributed or cared for, but many have avoided facing the sobering task of putting their preferences on paper.

Jumping in Tandem

jumping-in-tandem-213x181.jpgA client e-mailed me about the market, worried that he needed a parachute for that day’s free-fall.

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