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Practice Checklist

 Items physicians should consider as they enter practice


Automate 20% savings/debt reduction

  • Complete paperwork to establish money market
  • Set up AUTO DRAFTS each month
  • If to debt, apply extra via check each quarter

 

Increase Disability Insurance coverage to reflect new income (if you are able)

  • If you haven’t already picked up TRUE OWN OCCUPATION coverage, due so BEFORE you complete training to attain 15% discount
  • Complete & return paperwork with copy of pay stub
  • Once approved send check to bind coverage

 

Insure your “Human Life Value”.

  • Approach the limits of your HLV utilizing convertible term life insurance; ~ 15 times income


Purchase $1MM - $3MM of umbrella liability coverage (if you don’t already have it)

  • Talk to your homeowners/auto insurance agent- cost should be around $400 - $600/yr

 

Consolidate student loans (if not already completed)

  • Request consolidation kit from the company with your largest loan. 
  • Private and public cannot consolidate together 
  • Lock fixed rate and longest payback on public loans
  • Set up AUTO DRAFTS for minimum payment once deferral/forbearance runs out


Verify credentialing is completed PRIOR to entering practice

  • Typically should be completed 3 months in advance
  • Verify paperwork is correct and received

 

Prepare to enroll in your retirement plan

  • Typically a waiting period of 6-12 months exists
  • Maximize contributions when possible
  • Send us information for review and recommendation
  • If solo practice; Utilize SEP or SIMPLE plan
    • Initiate upon experiencing taxable income
    • Guarantees in the form of loans are typically not considered taxable so you need to wait for actual collections

 

Complete group benefits enrollment paperwork

  • Ask us for advice if you have questions

 

Have an attorney draft appropriate legal documents

  • Have LOCAL attorney review existing wills if done previously in another state 
  • Draft Medical Directives, ADR’s, Trusts, etc
  • Evaluate and implement various business structures

 

Review the asset protection laws in your state of practice

  • Remember laws vary state to state

 

 

Marshall W. Gifford , CLU, ChFC
North Star Professional Center
2701 University Avenue SE
Minneapolis, MN 55414

office: 612.617.6119
fax: 612.256.3119
emal: mgifford@northstarfinancial.com
website: www.northstarfinancial.com


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