If you have friends who are physicians, you are no doubt familiar with this lament: “business issues take up way too much of my time.” Financial planners David B. Mandell, JD, MBA and Keith L. Mohn, CLU, CHFC (www.benefitsolutionsgroup.biz) report that this is the most frequent complaint from their professional clients. “Most physicians go into the profession to help people who are sick, “ says Mohn, ”only to find themselves deep into a business that they are not trained to run and with more paperwork that patients.” Mohn sees his role as helping physicians get smarter about taxes, money management and business strategies so they can focus on patients, yet live well and retire with dignity.
David B. Mandell, JD, MBA and Keith L. Mohn, CLU, CHFC (www.benefitsolutionsgroup.biz) are nationally known financial planners who focus on the special asset management needs of physicians. For over a decade, they have worked with thousands of doctors to help them reduce taxes and have more money available for retirement. The two advisors like to ask their clients if they plan on leaving any dollars in their pension, 401(k) or IRA to children or grandchildren? “Most of my clients,” says Keith Mohn, “are surprised to learn that in spite of sophisticated money management tools, the vast majority in such funds end up with state and federal tax agencies -- not with the physician’s family.” Imagine! Would you believe that after paying taxes for a lifetime of work – your “tax qualified” plan could be taxed at rates between 70-90%? On hearing this, Keith Mohn’s clients are shocked, appalled and want to know what they can do about it. Before a solution is recommended, Mohn believes it is important for everyone to understand how these taxes are levied. “The first step in better asset management,” says Mohn, “is to learn what an “IRD” is.”
he Mona Lisa is quite possibly the most famous portrait in the history of art. For five centuries, Mona Lisa's cryptic expression has intrigued art lovers inspiring reproductions, parodies, literature, film, crimes and countless theories.
With a worldwide network of approximately 500 locations in 44 countries and as North America's largest installer of aftermarket accessories, Ziebart International is considered the world leader in car care solutions. But a 2004 Judgment against the Troy-based company forced Ziebart to change its business practices as well as pay a considerable Arbitration Award. Norman Yatooma & Associates (NYA) in Birmingham, MI, represented the 27 Ziebart franchisee owners covering nine states. This month, Ziebart honored its final payment of the award.