DEntists

You Know Dentistry, We Know Dentists

As dentists you know what it takes to excel at the highest level.

You’ve put in the hard work and the results are personally satisfying and financially rewarding. The path you’ve chosen has challenges and you alone know the energy you’ve put into achieving your professional goal. The ultimate satisfaction? Knowing that you have the power to protect not just the people in the community who depend on you, but also everything you’ve worked so hard for.

Your profession is more than a job, it’s a calling to help others insure their health and wellbeing. When you go to work your clients depend on you to make their lives better. Now it’s time to do the same for yourself and the staff who go the extra mile for you. Your practice is more than a daily routine, it’s a reliable resource your community depends upon.

Our team is dedicated to contributing to your financial success. We find solutions to help you achieve your financial plans and goals while recognizing the changes that life can bring.

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Are you getting back as much as you give?

Safeguarding your practice is important for your financial wellbeing—do you have the time needed to ensure this happens? Your job is to protect your patient’s health, our job is to help you protect your financial health. Taxes and excessive portfolio management fees can take more from your financial base than you want. No matter what stage of the journey you’re at—building your practice, watching it thrive, or planning to retire, our tailored financial plans for dentists will either help you validate your financial strategy or reveal gaps that need to be addressed. Our advisor-client relationship is based on tax efficiency and wealth management at its apex. You put your patients first. At Rosen Group Private Wealth Management, we put clients like you first.

We’ll work with you and your team of professionals to create, implement and manage a plan focused on the needs of your practice as well as your personal goals and dreams.

For Dentists Planning Ahead: Winding Down Your Corporation

Dentist Financial Checklist: Financial Security & Wealth Building

As a dentist your focus is on taking care of your patients. At Rosen Group Private Wealth Management our focus is making sure you have the information and the tools needed to take care of your financial portfolio.

Invest in yourself. your future.

For Dentists Planning Ahead: Winding Down Your Corporation

As a dentist you are a valued member of the community. Your patients and your staff depend on you to make the right decisions. When it is time to shut one door in order to open another, there are several key steps to take. Winding down a dental practice is a huge undertaking and governmental regulations can complicate the process. If you are thinking of winding down a practice, here are some key issues to consider.

1. Do you want to sell your practice or wind it down?

You have the choice of dissolving a corporation versus converting it to a holding company. In general, the former option comes with more tax advantages. Conversely, the latter option allows for a gradual income draw plan for tax-effective distributions to heirs or charities.

2. Consult your insurance carrier

Your malpractice insurance provider will provide guidance about notifying your patients. They can also advise about tail end coverage, tell you how long to retain patient records, where the electronic medical record (EMR) will be kept and who responds to requests.

3. Notify your staff

Be sure to tell your staff as much information as is practical so that they can also make transition plans. This includes telling them if you are ending your business or selling the practice to another dentist. You will also need to address relevant employment law matters such as benefit plans, retirement funds, etc.

4. Inform your patients

Draft a written letter to patients notifying them of your intent and let them know where their records will be kept and who to contact for copies.

5. Plan for the inevitable emotional transition

Saying goodbye to a practice you have invested your heart and soul into will bring alternating feelings of happiness, anxiety, and sadness. This is normal and to be expected.

6. Plan the next steps

Your financial picture will be different after winding down your practice and Rosen Group Private Wealth Management is here to help you reassess your new wealth management goals.

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Dentist Financial Checklist: Financial Security and Wealth Building

Here are 5 powerful financial care tips curated with you in mind:

1. Review Insurance Coverage

Things have changed exponentially in the last two years. Staying on top of life’s changes is key to managing your financial future. Now is the time to review your life insurance, auto insurance, home insurance, personal liability insurance, business insurance and malpractice insurance to ensure you have the right level of coverage.

2. Recheck Your Retirement Plan Contributions

Are you on track to retire when you want to? If you plan to retire early, you need to build a retirement fund sooner, not later. The longer you wait to invest the greater the amount you will have to save at a higher rate of return.

3. Maximize Registered Plans

You want to take advantage of tax shelters that allow you to avoid paying immediate taxes on your capital gains. These include RRSP, TFSA and other registered plans—your Rosen Group Private Wealth Management advisor can explain the benefits of each.

4. Tax Advantage of an IPP or CIRP

An Individual Pension Plan (IPP) is a form of retirement account that can be set up by incorporated professionals, such as dentists. While it is similar to an RRSP, there are some significant differences.

There are a number of mechanisms available for individuals to save in a tax-efficient manner for their retirement – but, for incorporated professionals, retirement benefits can be tied into their business, therefore the corporate insured retirement program (CIRP) can be an effective strategy for practice owners/shareholders to receive retirement benefits through their corporately owned permanent life insurance policy.

5. Create a Will

Creating a will ensures that your assets, including personal belongings and investments, go to the beneficiaries of your choosing. Once you create a will, you can adjust this document as your needs and/or preferences change.

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DEntists

You Know Dentistry, We Know Dentists

As dentists you know what it takes to excel at the highest level.

Are you getting back as much as you give?

For Dentists Planning Ahead: Winding Down Your Corporation

Dentist Financial Checklist: Financial Security & Wealth Building

Invest in yourself. your future.

Montreal

Pointe-Claire Office

Toronto

Yorkville Office

For Dentists Planning Ahead: Winding Down Your Corporation

1. Do you want to sell your practice or wind it down?

2. Consult your insurance carrier

3. Notify your staff

4. Inform your patients

5. Plan for the inevitable emotional transition

6. Plan the next steps

Dentist Financial Checklist: Financial Security and Wealth Building

Here are 5 powerful financial care tips curated with you in mind:

1. Review Insurance Coverage

2. Recheck Your Retirement Plan Contributions

3. Maximize Registered Plans

4. Tax Advantage of an IPP or CIRP

5. Create a Will