White Coat Investor Podcast

WCI #389: Estate Planning, Navigating Your First Attending Job and 529s

Oct 17, 2024

25:32

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A guest host delves into the intricacies of estate planning, highlighting a widow's challenges with trust decisions for her dependent son. The conversation shifts to cost segregation studies, revealing tax benefits for rental property owners and the importance of CPA consultations. New physicians receive guidance on transitioning to attending positions, focusing on job location and salary negotiation strategies. Finally, the discussion covers 529 plans, their qualified expenses, and new rollover options to Roth IRAs, emphasizing the need for thorough documentation.

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Quick takeaways

Navigating estate planning requires careful consideration to avoid perpetuating financial dependency and fostering family tension through improper trust setups.

Securing your first attending job necessitates clear priorities and leveraging personal networks while carefully evaluating contract terms to protect career flexibility.

Deep dives

Reevaluating Estate Planning Strategies

A discussion emphasizes the potential pitfalls of unequal inheritance, particularly when substantial resources are involved. The speaker critiques a mother’s proposal to set up a trust for her adult son, who is financially dependent, arguing it may perpetuate his dependence and lead to familial resentment. They suggest that such a strategy could lead to dysfunction, encouraging the questioner to adopt a mindset that assumes no inheritance may be forthcoming. Furthermore, it's advised that the mother consult a lawyer for proper estate planning, indicating that using a professional trustee would mitigate family tension.

Intro

2min

Navigating Estate Planning Challenges

6min

Understanding Cost Segregation Studies and Real Estate Tax Benefits

5min

Navigating the Transition to Attending Physician

8min

Understanding 529 Plans and Qualified Expenses

5min

Today our friend Margaret Curtis is taking on the role of host while Dr. Dahle is recovering. She is answering your questions off the speak pipe. She talks about a tough estate planning situation with a listener finding her self in an undesirable situation, then she answers a question about cost segregation studies and rental properties, how to navigate your first attending job and ends with a question about 529s.

Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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