Evan P. Welch, CFP

Many academic programs spare no expense in training their MDs. Private practices, however, are driven by both excellence in clinical care and profitability. Here are some tips to ensure you get top compensation when negotiating pay and benefits with a new practice.

Putting a tax strategy in place is essential for physicians given the massive federal deficits and an administration determined to repeal the Bush era tax cuts. Three specific tax strategies pertinent to doctors include redeeming stock in a medical practice, Roth IRA conversions, and charitable remainder trusts.

Most Americans believe all doctors are wealthy. Combining this perception with a litigious society -- and a mentality of passing the blame -- and physicians are a prime target for lawsuits. These asset-protection strategies can shield a physician's hard-earned wealth.