In this questions from listeners episode we take on three big topics that come up often!

Questions Michael, CFP®, EA & Jacqueline discuss:

💭 Could doctors write off scrubs, stethoscopes, and other medical essentials if they form an LLC?

💭 Can parents set up and fund Roth IRAs for their kids before the kids are official adults?

💭 They look at how taxes shift depending on whether a doctor is a W2 employee, a contractor, or someone who moonlights and owns part of a practice. That difference changes almost everything when it comes to business expenses.

💭 They'll also get into the rules around hiring your kids for potential tax strategies

💭 When should you get a will?

If you like straight answers with a few stories along the way, this one is a good time.

Stay curious.

Chapters:

00:00 Introduction to Listener Questions

00:42 Can Doctors Set Up an LLC & Get Work Write Offs?

01:39 Self-Employed Doctors Get Expense Deductions?

05:18 Setting Up Roth IRAs for Minor Children

09:10 Don't Forget the Standard Deduction

10:06 Kid Receives the Assets at Adult Age

11:22 UGMA/UTMA Accounts

12:24 When Should I Get a Will?

𝐖𝐡𝐲 𝐰𝐞'𝐫𝐞 𝐡𝐞𝐫𝐞?

We’re here to make retirement planning feel less intimidating by helping people think through their strategies and plans through clear relatable financial topics!

💬 Questions or Want to Connect?

🌐 𝐖𝐞𝐛𝐬𝐢𝐭𝐞: www.custerfinancialadvisors.com

📧 𝐄𝐦𝐚𝐢𝐥: custerfinancialadvisors@lpl.com

Disclosures:

Harborfront Financial Group is a Registered Investment Advisor registered with the Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

The information contained in this material is intended to provide general information about Harborfront Financial Group and its services. It is not intended to offer investment advice. Investment advice will only be given after a client engages our services by executing the appropriate investment services agreement. Information regarding investment products and services are provided solely to read about our investment philosophy and our strategies. You should not rely on any information provided on our web site in making investment decisions.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Harborfront Financial Group, a Registered Investment Advisor. Harborfront Financial Group and Custer Financial Advisors are separate entities from LPL Financial.

This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing. All investing involves risk including loss of principal. No strategy assures success or protects against loss.