Practice Structure
The Structure of a Successful Practice
A well-balanced financial plan hinges on determining the business structure that best suits your practice. Selecting the most appropriate structure allows doctors to effectively protect their assets, maximize allowable income tax deductions and create the most effective retirement plans.
Are you interested in deducting long-term care, disability or life insurance premiums? Then perhaps a "C" corporation structure is your best option. These and other considerations are measured by Greenbook to help you make the optimum business structure determination.
Structuring a Well-Defined Retirement Plan
Within this foundation of sound practice structure, our in-house staff of Pension Services specialists work to craft your customized retirement plan. Greenbook has meticulously assembled a group of pension professionals to help our clients with plan designs and qualification issues, counting on legal counsel with extensive ERISA experience and actuarial resources well versed in large and small defined benefit plans. Their expertise enables doctors to take full advantage of the tax law changes enacted in 2001 and 2003 under The Economic Growth and Tax Relief and Reconciliation Act, commonly known as EGTRRA, as well as the Pension Protection Act of 2006.
These changes can dramatically increase doctors' retirement savings opportunities and remove restrictions that previously reduced such accumulations contained within other qualified retirement plans. In our opinion, this important regulatory and policy shift has resulted in an unprecedented opportunity for doctors to boost pre-tax deductions to a qualified retirement plan-and Greenbook is poised to assist you in this regard.
How? Greenbook has the expertise to show qualifying doctors how to contribute up to $200,000 or more per year of tax-deductible net practice earnings to IRS-approved retirement plans. This translates into the ability to contribute tax-deductible dollars to build more than $2 million in pension plan assets.
Expertise On Call
Greenbook pension specialists are committed to ensuring that defined benefit plan presentations offer results that adhere to the rules of the Internal Revenue Code. On the defined contribution side, Integrated, New Compatibility and Traditional Plan designs are all explored to deliver the most appropriate recommendation for each individual client.
Greenbook can strategically help doctors optimize practice structure and discover opportunities the tax code offers to take control of your retirement by sponsoring a retirement plan through your practice, including convenient access to fidelity bond and fiduciary liability plans for ERISA-based qualified plans.
*Fidelity bonds and fiduciary liability plans are offered through Colonial Surety Company, a carrier duly licensed to underwrite the products offered. Greenbook is not licensed to provide these services directly. While Greenbook has reviewed the coverage provided through Colonial Surety, no representations are made by Greenbook regarding the appropriateness or terms of coverage provided. You must rely on the terms of coverage disclosed, including any exclusions or limitations disclosed by Colonial Surety.