Prior to entering law school, I had already personally experienced how our legal system was not at all a system of justice. I have always been a pragmatist and decided that the best way to combat our system's inequities was to use legal means to help people avoid being ensnared in its gossamer webs of cost, delays, and ironically, injustices.
I also strongly believe that the most important things in life are family, friends, and personal growth.
Asset Protection Guide for Florida Physicians
These ideals, especially justice and protecting family, are what the Kirwan Law Firm is all about. But this is only effectively accomplished through being meticulous in understanding each person's individual goals, objectives, situation, and risks, and then constructing a custom plan to ensure they are brought to fruition.
This is what the Kirwan Law Firm is committed to do for each of its clients. The Kirwan Law Firm focuses exclusively on a process they call Integrated Wealth Planning which effectively combines estate planning, business planning, tax planning, and asset protection planning. When we asked one young physician how he felt about his student loans with only a 1. Note: This issue is usually no longer a factor upon graduation as your income should be too high to deduct the student loan interest anyway.
To address the first issue, note that outside of divorce and lawsuits, little else can be as financially crippling to a physician as buying a home that is too expensive.
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Families in Phases I and II should avoid having a mortgage any larger than one to two times their annual income. However, this amount is considerably less than a lender will likely offer you for a mortgage. It goes back to the affordability issues described above. The only caveat is you might receive a lower interest rate by putting more money down. Going this route might make sense at times, but this issue has to be addressed on a case-by-case basis by evaluating these elements: cash flow, emergency reserves, asset protection issues, return on other investments, psychological attitude toward debt, other debts, propensity for risk, and other variables.
At the other end of the spectrum, many of our doctors are in a position where they could liquidate their investments and pay off their homes, if they so desired.
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They often ask what their best course of action is in this respect. Our answer: It is a function of three elements working closely together:. First, consider the economic component, as this is the easiest part. If you can earn a higher net return on your invested dollars than your mortgage is costing you on a net-of-tax basis , why pay off the mortgage? This is especially true if you can accomplish this with the market risk involved. However, in addition to economics, we realize that psychology is always involved with debt.
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No client has suggested that they love debt, and wish they had as much of it as possible. Even though the economic and protection factors may suggest that maintaining a mortgage makes the most sense, if it will cause you to lose sleep, we suggest you pay it off.
Finally, because people can become so emotionally attached to their homes, asset protection must be considered in the decision-making process. Some states, like Iowa and Florida, provide unlimited asset protection for home equity, which makes it very difficult to lose your home in a lawsuit or bankruptcy in these states.
Understanding how your state treats home equity, from an asset protection standpoint, is an important variable in choosing the best physician mortgage loans.
Census Web Site. Adam O. Creditor-Debtor State Exemption Chart. Asset Protection Book. Please consult the appropriate professional regarding your tax planning needs. The information provided is for informational purposes only and should not be construed as a recommendation or advice.
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Further, this is not an offer to buy or sell securities or other products and services of Larson Financial Group or its affiliates Please consult an appropriate investment professional regarding your specific needs. Get the monkey off your back! Consumer Debt When we refer to consumer debt, we are referring to loans outside of mortgages and student loans. Student Loans Most young physicians have substantial student loans. The latest federal repayment and forgiveness programs are only available for direct loans. If you have all direct loans, determine if consolidating is the best move.
Consolidating can simplify your portfolio and complement an income-driven repayment or loan forgiveness strategy. On the other hand, not consolidating gives you the ability to target which loans you want to pay off first.
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