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The article focuses on how doctors can contribute to a Roth individual retirement account (IRA). It discusses the taxation challenges for Roth IRA accounts during a conversion without rolling it into 401(k) retirement plan, how tax-free conversions can be achieved through monitoring record of nondeductible IRA contributions needed by tax laws.

A list of strategies on health savings accounts (HSAs) maximization is presented including making of catch-up contribution by doctors, making of HSA contribution for children, and investments in HSA proceeds.

The article presents strategies on how doctors can protect their children's inheritance without considering a prenuptial or premarital agreement. Strategies include establishing a family limited partnership (FLP) to control access to family money, increasing the required ages of children who will gain access to a portion of the trust property, and considering an arrangement in favor of grandchildren.

The article discusses how to save taxes with year-end contributions. It suggests that doctors should consider gifting their highly valued stocks to their favorite charities in place of writing a check. It adds that charitable contributions of after-tax cash can be a loss of deduction, as the total itemized deductions, including the gifted amounts, fail to exceed the standard deduction.

The article offers information on strategies for saving big on last-minute educational funding. It mentions that doctor is required to take out student loans for a child, interest rates on those loans are typically very high. It states that doctors can use these tax-free proceeds to meet educational and other personal living expenses.

The article presents tips and suggestions for the physicians regarding protection of their asset. Adoption of the insurance policy by the doctors, choosing of protected retirement plans, and how to obtain share of an individual in partnership with a creditor in a limited liability company (LLC) is also discussed.