The 2025 Tax Landscape: Insights on Changes and Planning Strategies, with CPAs Carole Foos & Greg Heimkreiter
Wealth Planning for the Modern Physician
Release Date: 02/05/2025
Summer Rewind 2025 #1: All Things Real Estate with Trisha Talbot
Wealth Planning for the Modern Physician
This summer, join host David Mandell as he revisits and highlights episodes from Season 3 of , in our 2025 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Listen in as chats with , real estate advisor and entrepreneur behind . Trisha begins by explaining what her training, certifications, and...
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Executive Summary: Highlights of Season 5 with Host, David Mandell
Wealth Planning for the Modern Physician
In this final episode of Season 5, host David Mandell recaps the season’s key themes and previews the upcoming Summer Rewind series, which will highlight standout episodes from Seasons 3 and 4. The podcast will continue on a biweekly schedule over the summer, with new introductions to previously released episodes, allowing listeners to revisit valuable content over the Summer. David reviews each of the 18 episodes of Season 5, including a quick recap and highlights. The goal of this episode is to help listeners catch up on missed episodes or revisit important insights they may have...
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ESOPs for Doctors: A Tax-Advantaged Exit Strategy for Medical Practices with Special Guest, Bob Goettling
Wealth Planning for the Modern Physician
In this episode, host David Mandell welcomes Bob Goettling, a seasoned investment banker and legal expert with over 30 years of experience in healthcare transactions, to discuss the emerging relevance of ESOPs (Employee Stock Ownership Plans) for physician practices. Goettling shares his professional journey, from early M&A work to helping physician groups explore monetization options, including ESOPs as a potentially powerful but underutilized tool. Bob breaks down the core structure and history of ESOPs, describing them as trust-based leveraged buyouts that allow physicians and...
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From Scalpel to Strategy: Empowering the Next Generation of Physicians with Dr. Mark Figgie and Dr. Joel Press
Wealth Planning for the Modern Physician
In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship. The...
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Locum Tenens Uncovered: Insights from Industry Expert Corey Kleinschmidt (Part 2)
Wealth Planning for the Modern Physician
In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space. The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the...
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Locum Tenens Uncovered: Insights from Industry Expert Cory Kleinschmidt (Part 1)
Wealth Planning for the Modern Physician
In this first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry. Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in...
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Maximizing Physician Success: Entrepreneurship, Efficiency, and Burnout Prevention with Dr. Jude Pierre
Wealth Planning for the Modern Physician
Host David Mandell welcomes Dr. Jude Pierre back to the podcast for an engaging discussion on physician entrepreneurship, financial pitfalls, and operational best practices. They begin by revisiting common mistakes doctors make when purchasing their first or second home, such as relying on 100% financing and overspending on a house before their career stabilizes. Dr. Pierre emphasizes the importance of financial prudence and warns about the risks associated with early-career real estate decisions. The conversation then shifts to the benefits of hiring a medical scribe, a strategy that...
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Compounding Controversies to Non-Compete & Practice Exit Challenges: 2025 Legal Trends with Attorneys Michael Byrd and Brad Adatto
Wealth Planning for the Modern Physician
Listen in as host David Mandell welcomes back to the Podcast healthcare attorneys Michael Byrd and Brad Adatto, both of whom joined David back in Season 1. Brad and Michael begin the discussion laying out the legal issues around the weight loss drugs that have become so popular today and what physicians prescribing such drugs need to be aware of – from patient consent issues, to compounding challenges and state-specific dispensing regulations, to marketing rules and more. The conversation then shifts to mergers and acquisitions concerning medical practices. Michael and Brad relate the shift...
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From West Point to Wine: Success in Career & Retirement, with Dr. Pat St. Pierre
Wealth Planning for the Modern Physician
Listen in as host David Mandell welcomes orthopedic surgeon Dr. Patrick St. Pierre. Pat begins by sharing his background in the military, where he served in the infantry and as an airborne ranger pathfinder and eventually transitioned to medical school and a path in orthopedics. He then tells David about his decisions around the first job he took outside of the military on the east coast and his eventual move to Palm Desert, CA to a growing orthopedic practice there. The conversation then shifts to Pat’s involvement with industry, including work on a Mako orthopedic robot for shoulder...
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From Practice to Personal Brand: Marketing Strategies for All Doctors, with Kristy LaGourgue and Rachel Varga
Wealth Planning for the Modern Physician
Listen in or watch as host David Mandell sits down with medical marketing consultant Kristy LaGourgue and aesthetic nurse Rachel Varga to discuss branding and marketing lessons that all doctors can benefit from, whether they own their own practice or not. David begins the discussion by asking Kristy and Rachel the most common mistakes medical practices make with marketing and how to avoid them. They then chat about the importance of marketing when offering new services or equipment or even bringing on new doctors. The discussion then turns to branding – how an individual doctor can...
info_outlineListen in as host David Mandell sits down with Carole Foos, CPA from OJM Group and Greg Heimkreiter, JD, CPA from Howard, Nunn & Bloom, Inc.
David asks both Carole and Greg to give their key insights on the tax landscape as we enter 2025 with a new party in control of both the White House and Congress. Carole begins with a discussion of potential changes to individual tax rates and Greg mentions the SALT limitations and dives into estate tax issues as well.
David then chats with Carole about retirement plan changes due to the Secure Act, new planning opportunities coming online in 2025, and the continued importance of tax diversification.
Greg then shifts the discussion to corporate taxation, including the possibility that C corporations may come back into more utility for medical practices and other small businesses.
Carole and David then discuss Qualified Opportunity Zone investments and how the deferred tax is going to be coming up for payment soon and what that means for 2025 tax planning.
David concludes asking both Carole and Greg for their input on the changes in the accounting industry and why so many physicians and practices are having difficulty finding good firms who want to provide tax return preparation services.
KEY POINTS
Tax Uncertainty in 2025: With potential changes to tax laws due to a new administration, tax planning remains a "wait and see" process, especially for individuals and businesses.
Expiring Tax Cuts: Key provisions of the 2017 tax reforms, including lower individual income tax rates and increased standard deductions, are set to expire at the end of 2025 unless extended.
Estate Tax Exemptions: Current estate tax exemptions of $13 million+/- per individual ($27 million for married couples) could be halved if laws revert in 2026, raising planning concerns.
SALT Deduction Limit: The $10,000 cap on state and local tax (SALT) deductions is a significant pain point, particularly for taxpayers in high-tax states like California and New York.
Retirement Plan Changes: The Secure Act 2.0 introduces supersized catch-up contributions for ages 60-63 in 2025 and expands options for Roth contributions, encouraging tax diversification.
Opportunity Zones: Taxes deferred through qualified opportunity zone investments will become due in 2026, requiring proactive liquidity planning for investors.
Inherited IRA Rules: New rules require most beneficiaries to withdraw inherited IRA funds within 10 years, potentially accelerating tax liability.
Business Tax Considerations: Proposed reductions in C corporation tax rates from 21% to 15% and changes in bonus depreciation rules could shift entity structuring decisions.
Qualified Business Income (QBI): The QBI deduction benefits pass-through entities but is not available to most high-income professionals, particularly medical practices.
Industry Shifts in Tax Preparation: A shortage of accountants and outsourcing trends have made finding quality tax preparation services more challenging for individuals and small businesses.
Roth IRAs and RMDs: Funding Roth accounts now can reduce future required minimum distributions (RMDs), offering long-term tax benefits.
Accelerated Depreciation: Businesses, including medical practices, may benefit from restored 100% bonus depreciation for assets like equipment.
Tax Diversification for Retirement: Balancing assets in different tax treatment "buckets" (e.g., Roth, traditional accounts) enhances flexibility and minimizes tax burdens in retirement.
Future of C Corporations: Lower corporate tax rates could make C corporations more attractive, but double taxation remains a potential downside.
Challenges in Accounting Industry: Many firms are shifting away from individual tax returns, emphasizing the importance of finding specialized services that align with clients' needs.
Learn more, including additional show notes, links, and more, by visiting physicianswealthpodcast.com.
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