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.

Welcome to the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers some very time sensitive important information regarding the IDR Waiver for Student Loan Forgiveness, the June 30, 2024 deadline, and why doctors should potentially act now if they believe they can qualify. Lauren takes a deep dive into what the Income Driven Repayment (IDR) waiver is and how it could potentially help doctors who previously were not able to take advantage of loan forgiveness programs like Public Service Loan Forgiveness (PSLF).

“Doctors historically have had trouble qualifying for loan forgiveness because a lot of them don't have qualifying loans, and qualifying repayment plans often don't make sense for doctors. So what is the IDR waiver, and why are we talking about that today? The IDR waiver is a one -time adjustment that can be made to your loan account that is going to take all of your historical payments, whether or not they were qualifying payments at the time, and are going to count those as qualifying payments toward loan forgiveness… So this could be a game changer if all of a sudden all of these payments that did not qualify before now qualify for potential loan forgiveness.”

With other things to consider such as the potential benefits of consolidating loans, the process of submitting employment verification, and whether or not physicians should switch their current loans to an income-driven repayment plan are just a few of the topics covered in this podcast. Every individual is different so doctors are encouraged to not only act fast, but to get help from a qualified advisor for how to navigate their specific situation.

“Your paperwork, everything has to be submitted online by June 30th with dates before June 30th if anything had to be signed and dated. You don't actually have to have any of these things granted before June 30th. In fact, you probably won't. There's quite a backlog in the student loan system and so I would expect you won't hear anything for months after you get everything submitted.”

A lot of information has been shared in this podcast and Vestia Personal Wealth Advisors are here to help should you have any questions about the IDR Waiver or whether you could potentially take advantage of Student Loan Forgiveness. Send us an email at myteam@vestia.com, and one of our trusted expert Financial Advisors will be in touch. Also make sure to share this information with colleagues who may be eligible for the IDR waiver, particularly those working at non-profit hospitals or academic institutions.

#IDRWaiver #studentloanforgiveness #publicserviceloanforgiveness #pslf #doctor #physicianwealth #orthopedicsurgeons #doctor #financialadvisor #personalwealthmanagement #womenphysicians

Welcome to this week’s edition of the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers Part 2 on Spring Cleaning for your Finances. If you are tuning in to part 2 and you haven’t listened to part 1 yet, be sure to go back and listen there first so as to not miss some good tips on ways to declutter your financial life. In part 2, Lauren discusses reviewing beneficiary designations on accounts, and checking credit reports for accuracy and locking credit to prevent potential fraudulent account openings.

“First tip for today, review the beneficiaries on your accounts. Retirement accounts through work, IRA accounts, life insurance policies, these are all things that have beneficiaries on them. A beneficiary is the person who would get that account if something happened to you and you weren't around anymore to have the account.”

Another tip Lauren provides is to verify homeowner’s insurance coverage for rebuilding costs. This is very important in our current economic environment because home prices and the values of homes have been rising so fast as of recent. This has not only created a lot of equity for the home owner, but also created a gap in what home owner’s insurance will pay to rebuild the home compared to the cost of rebuilding it.

“There are a lot of policies out there. that actually cap what the replacement value of the home is based on the value or what it would have cost to rebuild that house when you initially got the policy. So if that was a while ago, and again, construction costs have all increased over the last few years, that may not be enough money to rebuild the same home today in 2024.”

There are many other great tips regarding spring cleaning for your finances in this episode, so 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 #physicianwealth #orthopedicsurgeons #doctor #financialadvisor #personalwealthmanagement #womenphysicians

Welcome to this week’s edition of the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers Part 1 of a 2 Part series on Spring Cleaning for your Finances. As Lauren mentions in the podcast, the idea of spring cleaning is a cleansing, de-stressing activity to allow you to move forward confidently with more focus. This is in relation to your home, however it can be a very similar feeling after doing some spring cleaning for your finances. A great example could be if you have multiple brokerage accounts with different companies or advisors. Many times physicians who don’t have a specified advisor will invest extra cash in different accounts because of a special being offered or because they heard good things about a certain company.

“Well, imagine how hard it is to keep track of four accounts. Number one, you have to remember they all exist. You have to have the credentials to actually get access to all of those accounts. You have to make sure you have four different tax forms to give to your accountant to report the same kind of activity, because again, it's the same type of account…”

The second tip Lauren shares for physicians looking to do some spring cleaning for their finances is to check the interest rates on savings accounts. As everyone knows the interest rates for getting a home loan have risen dramatically and it has impacted the real estate and lending industries. Something that many physicians have not considered is that the rates have also risen on savings accounts.

“Here's what I'm observing when I am meeting with doctors who are not currently working with an advisor or who haven't had time to look into this. They have money sitting in say their bank savings account where they're getting maybe 0 .1% interest.. According to the FDIC the national average on bank savings accounts or on savings accounts is 0.47%. So that's the national average. There are platforms where you can open up a high yield savings account. Often these are online platforms so you can set up an online savings account that is high interest.. Most of those are at like four to 5% interest.”

There are many other great tips regarding spring cleaning for your finances in this episode and even better than that, there is a part 2 that will release later this week, so be sure to follow, and subscribe where ever you find your favorite podcasts and check back soon for part 2. 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 #physicianwealth #orthopedicsurgeons #doctor #financialadvisor #personalwealthmanagement #womenphysicians

Welcome to a special Mother’s Day episode of the Doctor’s Eyes Only podcast brought to you by Vestia Personal Wealth Advisors! In this episode, Vestia Partner and CEO Lauren Oschman delivers an inspiring message about the diverse paths of motherhood, while sharing stories about the amazing moms that she has had the honor of becoming acquainted with.

“As I was thinking about the amazingness of moms, I was kind of reflecting on just the past few months, interactions that I've had with moms in just the course of my day -to -day doing the work that I do. And I was thinking about the mom who joined a Zoom meeting with me while doing a low -grade, low -intensity Peloton ride because she was like, if I don't combine these two things, the workout's not gonna happen today. I was thinking about the mom who recently launched her own medical practice because she wanted to be able to provide more personalized concierge care. She became a mom herself within the last few years and she realized that the kind of care that she wants for her own family was not the kind of care that was accessible in her area. And so she was like, I'm going to create this so that I can bring it to other families..”

Lauren also emphasizes how important it is to have role models for the next generation of women leaders as she she shares how her 5 year old daughter, who aspires to be a doctor, will have a different perspective on being a mother while balancing a medical career. Because Vestia works with the highest caliper of specialized physicians, Lauren is able to provide real life examples of exceptional women physicians who are also moms, to inspire her daughter.

“So today on Mother's Day.. Whatever your story looks like right now, however old your kids are, whatever stage you're in, whatever hats you're wearing, whatever's on your plate. You're inspiring. You're amazing and you are doing a great job! From all of us at Vestia.. We just want to say thank you.”

Happy Mother’s Day to all of the Amazing Moms!

#mothersday #momssupportingmoms #womenempowerment #womendoctors #womenphyisicians #professionalwomen #amazingmoms

Welcome to this week’s edition of the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman discusses the flexibility and limitations of 529 education savings plans that physicians can potentially take advantage of when saving for their children’s future education costs. Lauren explains what a 529 savings plan is, how it works, and the benefits of using this investment strategy for the potential of tax free growth and state tax deductions. With most anything that has a tax benefit, 529 plans have limits to contributions, and the money can only be used for a select number of qualified expenses, but as Lauren explains, there have been recent changes that allow for more potential flexibility in how the funds can be used. Lauren also covers some other important scenarios such as receiving college scholarships and options available if someone over saves. As always, the information in this podcast is a general over head view of the different options and limitations of a 529 plan, and we suggest meeting with your financial advisor and your accountant before making investment or tax decisions based on your specific situation. If this is something that your advisor hasn’t quite gotten the depth of, or maybe you don’t have a financial advisor, we at Vestia have a great team of advisors who help doctors with this and other investment decisions. You can reach out to us at myteam@vestia.com, and an advisor will be in touch to discuss your potential options. Thank you for listening and/ or watching and make sure you subscribe or follow so that you don't miss any future episodes.

#doctors #physicians #investing #529plan #educationsaving #collegesaving #wealththatmatters