Welcome to the Doctor’s Eyes Only Podcast!

In today's episode, Vestia Partner and CEO Lauren Oschman delves into strategies for doctors to maximize tax benefits through charitable giving. Lauren will guide you through:

• Understanding Deductions: Learn the difference between standard and itemized deductions, and discover why itemizing can unlock greater tax benefits from your charitable donations.
• Leveraging Donor-Advised Funds: Find out how donor-advised funds can help you consolidate multiple years of charitable donations into one, potentially allowing you to itemize and gain a significant tax advantage.
• Donating Stock Instead of Cash: Explore the benefits of donating stock directly to a charity, avoiding capital gains tax and still receiving a full charitable deduction.

“So here's strategy number one that you could consider. If you are in the situation where you don't have enough in the itemized column to be able to get additional tax benefit from your charitable giving, you could consider using what's called a donor advised fund. You fund this account and it's essentially the charitable version of you. So if I set up a donor advised fund, I have the Lauren Oschman charitable fund, I actually give that money to charity from the IRS's perspective when I put it in the donor advised fund.”

• Donating Stock Instead of Cash: Explore the benefits of donating stock directly to a charity, avoiding capital gains tax and still receiving a full charitable deduction.

“We transfer the stock to the charity's investment account. The charity sells the stock, they're a nonprofit, so they don't have to pay tax when they sell the stock. I still get the benefit of that additional deduction on my itemized deduction column, plus I saved the capital gains tax that I otherwise would have had to pay at some point in my life when I decided I was going to spend out of that stock account.”

Join us as Lauren Oschman shares practical and impactful strategies to make your charitable giving more tax-efficient. Be sure to follow and subscribe where ever you find your favorite podcasts. As always, the information in this podcast is a general over head view, and we suggest meeting with your financial advisor and your accountant before making investment or tax decisions based on your specific situation. If you do not have an advisor or would like a second opinion, you can reach out to us at myteam@vestia.com, and an advisor will be in touch soon!

#doctor #podcast #charitablegiving #wealththatmatters #physicians #financialplanning

Welcome to a special Wealth That Matters® edition of the Doctor’s Eyes Only Podcast where Partner and Advisor Cameron Heasley interviews Dr. Lee and Lori Wilbur, the founders of the nonprofit, Divine Mercy Health Center. Lee is an emergency medicine physician, Lori is the family CFO and COO, and they both share a passion for serving others through their nonprofit. Divine Mercy Health Center was inspired by the ways the Wilburs found the healthcare system to lack accessibility to marginalized communities. They discovered that social determinations of health such as transportation, housing and education were key reasons that some didn’t get proper healthcare, and as a way to join their proffessional, personal, and faith lives, the Wilburs set out to bring health care to those communities. In providing free healthcare services, Divine Mercy Health Center allows patients to go through various stations such as biometrics, consultation with a physician, and motivational interviews where they are empowered to set goals for better health. In this amazing podcast episode, listeners are able to learn about a non profit mission that is fueled by faith, and powered by church populations in the communities they serve, an idea that came about from the challenge of starting in a Hispanic community and not being bilingual, as Lori talks about in the episode. Because of the success they have had in the communities they have served, Dr. Lee and Lori currently have plans to open a clinic that will offer primary care, mental health services, and substance abuse counseling to Southwest Little Rock Arkansas. To fund the clinic’s construction, hire staff, and establish an endowment for future growth and expansion, a capital campaign has been launched called ‘Have Mercy Give Health’. Through this campaign Dr. Lee and Lori Wilbur have goals to reach communities in marginalized areas throughout the entire state of Arkansas. As is said in the podcast episode, any help is appreciated whether it be a financial donation, volunteerism, or consulting in areas such as business or marketing. To find ways to get involved be sure to visit the website below. The Doctor’s Eyes Podcast would like to thank Dr. Lee and Lori for sharing their Wealth That Matters® with our audience and we can’t wait to check back with them in the future to hear more about their progress and success.

https://divinemercyhealthcenter.org/

#doctor #nonprofit #wealththatmatters #community #physician

Welcome to the Doctor’s Eyes Only podcast, and today Vestia Partner and CEO Lauren Oschman talks about ways that doctors can minimize a potential tax burden for their heirs when transferring wealth. At the time of this recording, the threshold that needs to be met to qualify for estate taxes is so high that many physicians don’t consider taxes when doing estate planning. There are some things to consider in relation to the type of accounts that house your retirement funds, and the tax benefit you received while accumulating assets could cause a potential tax implication for the heirs who inherit those assets.

“We talk about how these assets are probably your highest tax burden in retirement just because there's so much accumulating that no one's ever paid taxes on and all of it’s taxed as income tax when you retire. What happens when you pass those assets onto your heirs? It actually gets even worse. So if you are to leave an IRA, a 401k, things like that to your kids, under current tax law, your kids have to withdraw those funds within 10 years of receiving them and they're all taxed as income when they pull those out because none of that has ever been taxed before.”

At a recent conference, and something that helped inspire the message delivered in this episode, a speaker said to think about leaving taxable things to tax free people or entities, and tax-free things to taxable people or entities. One of the ways to do this is by considering your charitable interests when electing beneficiaries on your IRA or 403B. Non-profit charities don’t pay income taxes, so what could cause a tax implication for your kids, would potentially not be taxable to your favorite charity. There are things to avoid, and as Lauren explains in the podcast, just because it is stated in your will that you want a certain amount of money to be paid to your favorite charity, does not mean that those funds will come from your IRA.

“The other thing to think about here, and I see this in estate plans with physicians quite a bit. I’ll have charitably inclined physicians, and what they'll do is they'll put in their will or in their trust document that at their passing, they'd like either a certain dollar amount or a certain percentage of their estate left to a charity or a number of charities. So this is actually decently common for me to see with physicians. When you do that, that's automatically coming out of those step up and basis assets. Why is that? Because the IRAs and 401Ks have a beneficiary on the accounts. They pass outside of your will, and they're often not owned in your trust.”

A lot of information has been shared in this podcast and Vestia Personal Wealth Advisors are here to help should you have any questions. Send us an email at myteam@vestia.com, and one of our trusted expert Financial Advisors will be in touch. Thank you for tuning in!

#wealthtransfer #taxes #IRA #401K #403B #doctor #physicianwealth #orthopedicsurgeons #doctor #financialadvisor #personalwealthmanagement #womenphysicians

Investment advisory services offered through Vestia Personal Wealth Advisors, Vestia Retirement Plan Consultants, and Vestia Advisors, LLC. Securities offered through Ausdal Financial Partners, Inc., 5187 Utica Ridge Rd, Davenport, IA. 52807 (563)326-2064. Member FINRA/SIPC. Vestia Personal Wealth Advisors, Vestia Retirement Plan Consultants, Vestia Advisors, LLC, and Ausdal Financial Partners, Inc. are independently owned and operated.

This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor. This information is not an offer or a solicitation to buy or sell securities. The information contained may have been compiled from third-party sources and is believed to be reliable.