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, ChFCNorth Star Professional Center2701 University Avenue SEMinneapolis, MN 55414office: 612.617.6119fax: 612.256.3119emal: mgifford@northstarfinancial.comwebsite: