Q & A Library

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• Education Planning: Family Entities (FLP/LLC)
• If the dental equipment in a family limited partnership has been depreciated and the note paid off, and if the equipment is still being used, then how do you determine the fair market value in setting the new lease agreement when an S corporation dental partnership is involved?

• Education Planning: Saving/Paying for College
• My child has been accepted to college. With the volatility in the markets and the annual increases in tuition, should I go ahead and prepay their tuition for the next 4 years?

• Education Planning: Family Entities (FLP/LLC)
• The family limited partnership (FLP) we set up years ago worked well when our 3 children were younger and we were able to distribute over $20,000/year to the kids to use for their private education. Now our kids are in their 20's and working. We still need the $20,000 that we are paying into the FLP, and we are creating tax consequences for our kids by "running this money" through them. Can we freeze or change the FLP in a way that would work better for our current situation?

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• Insurance: Health
• Are family members considered employees for the purpose of calculating the new health insurance tax credit?

• Insurance: Health
• Should I set up a HSA if I operate as a C Corporation where all of my medical expenses are paid through the C Corporation?

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• Investments: General/Other
• How much should I be paying my investment advisor?

• Investments: General/Other
• How often should I be speaking with my investment advisor?

• Investments: Annuities
• Should insurance products, such as variable annuities, fixed annuities, whole life and universal life, be a part of my investment portfolio?

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• Marketing: Marketing Strategies
• What are the most effective ways to market my practice?

• Marketing: Marketing Strategies
• What is meant by the marketing suggestion “sponsor consultants for hygiene programs in your area”?

• Marketing: General/Other
• What is the common percentage a practice should use for its marketing budget? And would that include the marketing salaries?

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• Personal Finances: Budgeting, Spending, Saving
• How should I prioritize my savings?

• Personal Finances: Estate Planning
• I pay a bank to act as trustee of an irrevocable life insurance trust. They charge $500 a year to basically send two letters and pay the premium. Is this customary? Who would you recommend as trustee?

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• Practice Management: Budget, Fees, Overhead
• As an orthodontist, should I classify my treatment coordinators as "clinical" or "clerical" when breaking down staff salary expenses?

• Practice Management: Personnel - Compensation
• Do you have examples of a performance-based bonus system for orthodontic staff?

• Practice Management: Budget, Fees, Overhead
• How much does the average practice invest in new technology each year?

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• Retirement Plans: 401(k), Cash Balance, Defined Benefit
• Can I make a contribution to a Defined Benefit Plan in stock (i.e. AAPL, MSFT or some other stock traded on an exchange, such as the NYSE or NASDAQ)?

• Retirement Plans: IRAs (Roth, SEP, SIMPLE, etc.)
• Can my employees roll an existing Roth IRA to an existing Roth 401(k) Plan?

• Retirement Plans: IRAs (Roth, SEP, SIMPLE, etc.)
• How can I convert my after-tax non-deductible IRA contributions to a Roth IRA without incurring significant tax consequences?

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• Tax: Practice/Corporation
• Are items such as cassettes, pliers, or a watch, all of which are personal items also used in the practice, tax deductible? If so, how should I go about doing that?

• Tax: Practice/Corporation
• As an owner doctor of my own S corporation, what items should I include on my W-2 for fringe benefits?

• Tax: Practice/Corporation
• How are meals and entertainment tax deductible?

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• Transitions: Associateships
• Employee or independent contractor?

• Transitions: Buying/Selling and Mergers
• I am considering buying/selling a dental practice in an asset sale transaction. A tentative price and payment terms have been agreed upon. Is there anything else related to the purchase price that needs to be addressed?

• Transitions: Buying/Selling and Mergers
• I am going to sell my practice. I lease (do not own) the office real estate, and will assign my current lease to the buyer. Are there any problems with that?

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