Personal Finance

Fee schedule will apply endoscopic reduction rules to cystoscopy andother CPT codes

Understanding various index components can help you evaluate your investmentperformance

Q. What is the impact of a divorce on my practice's retirement plan?

Optional for 2002, the finalized rules reduce the minimum required distributionQ I've heard that the IRS has made some changes to the rules impactingrequired IRA distributions. What do I need to know?

Unknown deductibles, correction of human error, and value reassessmentcan all add upNow might be a good time for every urologist to take a look at the often-neglectedproperty or real estate tax on all the property owned by your practice.

Q I will be retiring from my practice in 2 years at the age of 65,and I am trying to understand the decisions I have to make relative to mySocial Security benefits. What do I need to know?

Alternative 401(k) accrues greater benefit while conforming to IRS guidelinesQ It has been recommended that my practice adopt a "safe harbor"retirement plan. Does this make sense?

Q Is now a good time to be investing in real estate?A With the U.S. stock market's historic rise, as well as its volatility,many investors are seeking other potentially profitable investment vehicles.One area attracting considerable attention is investment real estate. Whilereal estate combines the advantages of potential appreciation with rentalincome, the problem with buying investment property is that you become thelandlord. You are responsible if the plumbing breaks down or the heat doesnot work.

Physicians are a privileged group entrusted with an unshrouded view ofour patients' minds and bodies and the relatively autonomous capabilityof prescribing various managements, medicines, and procedures. For example, patients often willingly accept our recommendation for choiceof competing treatments based on their confidence in our medical opinion.This profound trust is granted to us by society because of an educationgained in part by their generosity (as tax payers, benefactors, and trainingsubjects during our learning curve) and thus requires a high level of responsibilityto prescribe management choices that are intrinsically best for each individualpatient without regard to our own financial interest.

Building a portfolio with staggered maturities offers greater protectionQ Does it make sense to add bonds to a portfolio to reduce overallrisk?

Plan offers tax-free buildup and withdrawal and limited control overthe funds investedQ How are the new Section 529 education plans impacted by annual giftinglimits, and are they protected in the event that I am sued?

Knowing topics ahead of a meeting with your attorney will eliminate wastedtimeQ I have finally made an appointment with my attorney for estate planning.Since his fees are billed hourly, what can I do to be better prepared forour meeting?

In a second marriage, the 'new' spouse would inherit the full value ofan IRAQ I have recently remarried and have adult children from my firstmarriage. Are there any tax benefits to naming my wife as beneficiary ofmy retirement plan, as opposed to my children?

According to the Internal Revenue Service, failure to file tax returnsand fraud are increasing. At the same time, the number of tax returns examinedhas declined dramatically in recent years. So why worry about documentingthe expenses of your urology practice?

Q Can you please clarify the tax ramifications associated with long-termcare insurance?

Under Section 529, assets may be transferred to another child in familywithout penaltyQ I've heard there is now an alternative to custodial accounts forcollege savings that offer better tax advantages. What type of account isthis, and where is it available?

About 42% of physicians currently work in practices that have a web site.Patients who connect with their physicians through the Internet commenton the ability to feel more connected to the practice and more in controlof their care.

Q. I am very concerned about the stock market, and I am consideringselling all of my holdings. Does it make sense to sell now before the marketgoes much lower?

The disappearing surplus makes it unlikely that Congress will pass any significant tax cuts, especially tax cuts for businesses, before 2002. Surprisingly, the tax bill passed early in 2001 and "hyped" as being primarily for individual taxpayers, offers relief for many urologists and their practices.

Q. I have heard the term "Modern Portfolio Theory" used in explaining how to balance a portfolio of investments. What is Modern Portfolio Theory?

Our bankruptcy laws have long provided a safe harbor for troubled medicalpractices and businesses to reorganize, refinance, and begin the turnaroundto profitability free from pressure by their creditors. Now, new bankruptcylaws loom on the horizon that will severely reduce that safe harbor while,at the same time, make it more difficult for both practices and businessesto deal with suppliers and patients/customers who are in, or about to enterinto, bankruptcy.

Q Is it true that, in addition to changes in estate and income taxreductions, the new tax law also allows for a greater amount of retirementplan contributions?

Q. I am confused about the new tax law and its impact on people with higher incomes and large estates. Is it really as positive as it appears?

Baltimore-For the first time, urologists and gynecologists have the basis for a unified approach to the management of male infertility in a series of four practice policies jointly produced by AUA and the American Society for Reproductive Medicine.

Q. I often hear about the importance of titling assets properly and how it impacts probate. What is the best ownership option?

Many prostate cancer researchers were delighted last fall by two significant developments. First, Myriad Genetics, a Salt Lake City-based biopharmaceutical company, announced on October 4 that its research team had cloned a prostate cancer susceptibility gene (HPC2), also known as ELAC2. That same month, an independent research team at the University of Pennsylvania published its findings that the variant allele (copy) of the gene was found to be more common in men with prostate cancer than in healthy matched controls.

Q My group practice pays the premium for my medical malpractice insurancepolicy. What can I do to protect my assets if I'm either sued beyond themalpractice maximum or for reasons other than the practice of urology?