MDNews - Minnesota

better understand the intricacies of the estate planning documents and to make sure they are still consistent with the client's objectives." From beneficiary designations and account titling, to funding trusts and tax planning, both professionals play a role. "Handling complex financial details for hard-working physicians can be chal- lenging," Bill says. "In both Christopher's practice and mine, our work has life- long implications." "Serving as advisers for our clients, we take the trust and confidence they place in us very seriously," adds Christopher. Physician Groups Can Benefit from Financial and Succession Planning Another way the financial adviser/estate planning attorney team can add great value is by working with groups of independent physicians. Physician groups need to make decisions on qualified and non-qualified retirement plans, benefits, insurance, deferred compensation, and tax planning. "Physician groups almost always need advanced planning in order to leverage profits and minimize tax implications inherent in a successful practice," says Bill. "Physicians today need to run their practices as businesses to best manage risk and maximize revenue for the practice and its partners." When talking about the financial manage- ment of physician-owned practices, it is also important to acknowledge the need for a top-notch accountant. "It is common for us to serve as the quarterback for our clients, coordinating the efforts of other advisers, including estate planning lawyers and accountants," Bill says. "This approach truly benefits our clients versus expecting them to work with advisers who don't talk to one another about their mutual client." Top Five Financial and Estate Planning Priorities for Physicians We asked Bill and Christopher to provide their "top five priorities" for physicians. From an estate-planning perspective, attorney Christopher Burns suggests the following: + Don't procrastinate. + Think about what you want your legacy to be. + Hire an attorney who focuses his or her practice on this area of law. + Follow your attorney and financial advisers' advice on the titling of your assets and the coordination of your beneficiary designations. + Plan for the changing nature of state and federal estate tax laws as well as other changes to the law. From a wealth management standpoint, Bill Strand's top priorities for his physician clients include: + Begin the wealth management pro- cess as soon as possible. + Meet w ith your wea lth ma nager reg u la rly to ma ke su re you a re engaged with all of the aspects of your financial situation. + Review your estate and financial planning documents on a regular basis. Don't shelve them for years without looking at them. + Ma ke sure there is a strong col- laborative relationship among your wealth manager, your attorney and your accountant. + Take a proactive role in portfolio planning and management. Here's to Health and Wealth Just as most patients benefit from the care of a diversified team of healthcare providers over the course of their life- times, so too will physicians who seek the guidance and oversight of a cohe- sive team of advisers to help manage their financial health. Establishing a long-term relationship with a trusted financial adviser and estate planning attorney who know each other and work seamlessly together will ensure that the assets you've worked hard to earn and accumulate will be in good hands for generations to come. Bill Strand, Founder and Principal, has more than 30 years of experience in the f inancial ser vices industr y and founded Paradigm: Strategies in Wealth Management LLC in 1995. He has par- ticular expertise working with physicians, not only helping them achieve financial success but devising creative strategies to preserve the wealth they have worked so hard to build for themselves and their families. He meets a lot of physicians who are e x t re mel y bu s y prac t ic ing medicine but have no investment plan for financial independence. Find out more at planparadigm.com or by contacting St rand at 763-201-1025 or bst rand@ planparadigm.com. Christopher Burns is a Shareholder and Chair of the Estate Planning, Trust and Probate Group at the Minneapolis law firm of Henson & Ef ron. As an active speaker and educator on all aspects of estate planning, he works closely with other financial service providers to share his knowledge and understanding of the complexities involved in creating sound strategies for protecting and preser ving wealth. He is a f requent guest in the local media as well. His expertise and leadership extend to the public sector, where he is a member of the City Council for Woodbury. To discuss your estate planning goals with Burns, contact him at 612-252-2833 or cburns@hensonef ron.com. ■ M D N E W S . CO M ■ MD NEWS Minnesota | 1 9

• Cover