Listen to the Audio Version
Download a free copy of “How to Become a Financial Beast” by Eric Miller at www.financialbeastbook.com.
What happens to your healthcare practice if you suddenly can’t work? Most practice owners never ask this question — until it’s too late.
In this episode, Eric Miller and Eric Gesrch break down the asset protection strategies every practice owner needs before disaster strikes:
- The real story of a $7.2M practice valuation that was pulled overnight — and how key person insurance would have prevented it
- Short-term vs. long-term disability insurance: what your policy actually covers (and what it doesn’t)
- Key person insurance explained — why your practice can’t survive without you, and how to insure against that risk
- Buy-sell agreements: the exit strategy you need before a partner’s death or disability forces a fire sale
- Why practice owners routinely overestimate their coverage and underestimate their exposure
Whether you’re a dentist, physician, or any healthcare practice owner, your practice is your biggest wealth-building asset. Protect it like one.
CHAPTERS
00:00 Roth Conversion Warning for Practice Owners
01:30 Introduction
03:50 Understanding Roth Conversions
06:13The 3 Types of Tax Treatment
06:55 Taxable Investment Accounts Explained
08:55 Tax Deferred Accounts Explained
11:33 Tax Advantaged Accounts Explained
13:20 What Happens During a Roth Conversion
14:45 The Hidden Tax Bill
17:59 When Roth Conversions Make Sense
20:10 Selling Your Practice and Tax Opportunities
22:31 Avoiding Required Minimum Distributions
24:10 Why Most People Don’t Convert
25:25 Retirement Income vs Tax Brackets
26:22 Why Retirees Often Feel Wealthier
26:48 Final Takeaways
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