Hot Topics in Tax & Asset Protection Planning with Carole C. Foos, CPA

Wealth Planning for the Modern Physician

This episode focuses on tax and asset protection planning – as OJM Group partner and CPA Carole Foos joins David to highlight tax planning opportunities as we welcome in 2023. David then drills down into a few important developments in asset protection planning.

Carole begins with some highlights on new tax developments and opportunities, including energy-efficient home and business credits and clean vehicle credits. Carole discusses the new increased IRS interest rate effective January 1, 2023, and how that should impact physicians when it comes to estimated tax payments. Finally, Carole covers the importance of managing investment gains and losses and why this is not just a 4th quarter activity.

David then covers the trend of state exemption statutes improving protections, focusing on the California homestead exemption. He turns his attention to some important legal cases for asset protection planning. The first case involves a Delaware LLC, which many physicians have utilized for decades. David explains why this case puts some risk around relying on LLCs in Delaware for protection and contrasts the problematic Delaware case with two cases involving Ohio LLCs, which strengthen the protections Ohio provides.

David concludes with the details of an IRS-related LLC case involving a business leasing its real estate from a related LLC, and explains how that case demonstrates demonstrating the importance of following legal formalities.

Learn more about our guest, including additional show notes and more, by visiting www.physicianswealthpodcast.com.