Here is a summary of the benefits you can enjoy by setting up a family trust. Maintain control. As the trustee, you have full control over the trust assets within the scope of the trust document. The trustee also controls the allocation of income … [Read more...]
Just for Dentists Newsletters
12
Nov, 2019 What separates the top 10% of dentists from the bottom 90%
November 12, 2019 by
The question of what separates the top 10% from the bottom 90% of dentists was put to top performers in dentistry. The answers are contained in the book “Titans of Dentistry: How the Top Performers Think and Act Differently” by Drs. Short and … [Read more...]
30
Oct, 2019 Income Splitting Tips
October 30, 2019 by
When you are in the 50% tax bracket, shifting income to a family member with a 20% tax rate, could generate a 30% tax saving. So, it would seem to make sense to transfer as much income as possible to your spouse and children. Of course, it isn’t that … [Read more...]
30
Oct, 2019 Turn Satisfied Patients Into Raving Fans
October 30, 2019 by
The average dental office has a patient retention rate of just 65%, according to research by the practice analyst Lee Bentz in an article for the California Dental Association. Why is that? According to a report from the consulting firm McKinsey and … [Read more...]
15
Oct, 2019 Election Countdown: Comparing Tax Proposals
October 15, 2019 by
Here is a comparison of the Federal Parties’ election platforms dealing with corporate and personal income tax. Depending which Party forms the next government on October 21, the proposed tax changes will have a big impact on the income tax you will … [Read more...]
2
Oct, 2019 3 Ways to Combat Patient Attrition
October 2, 2019 by
You keep track of the number of new patients coming through the front door, but you are likely not counting the patients leaving the practice through the back door. If you are getting 20 new patients monthly but your revenues stay flat, it is safe … [Read more...]
17
Sep, 2019 Meeting the Challenge of Building Wealth
September 17, 2019 by
Building wealth is not the result of making more or having a financial whiz on your team. It is the result of spending more of your time to reach your financial goals. If your most important goal is to pay off the mortgage, or save for retirement, … [Read more...]
4
Sep, 2019 Preparing Your Practice for Sale – Part 2
September 4, 2019 by
1. Upgrade your office and technology. Does your clinic have a worn-out look and old technology? You do not need to make any large capital expenditures such as purchasing new dental chairs or cabinetry. Remember the adage “you will never get a … [Read more...]
19
Aug, 2019 Preparing Your Practice for Sale – Part 1
August 19, 2019 by
If you want to maximize the sales proceeds from your dental practice, there are a number of steps you should take well in advance of the actual sale date. 1. Ensure you Qualify for the Lifetime Capital Gains Exemption. One of the first steps in … [Read more...]
6
Aug, 2019 Distributing Your Estate Assets Fairly
August 6, 2019 by
Most of us have a cavalier attitude about preparing our last will. We seldom set aside the time such an important document deserves to address the unique circumstances of our family, practice, and financial lives. Your lawyer may, as a reward for … [Read more...]
