Tax Update & The Billionaire's Tax Tactic You Can Use

Wealth Planning for the Modern Physician

This episode focuses the timely topic of taxes, as it is released on April 14. OJM Group partner and CPA Carole Foos joins David to talk taxes.

David starts by turning the mic over to Carole for an overview of the latest developments in tax proposals from the Biden Administration, which recently released its 2023 budget proposal. Carole covers the latest on C corporations, S corporations SALT limitations, capital gains and income tax rates.

David then examines one element of the Biden proposal – the “Billionaire’s tax” – and explains how the super-wealthy use one tax strategy to avoid capital gains taxes on appreciated assets. He shares a few examples and quotes from articles, and then explains the strategy: Buy, Borrow, Die.

David then outlines four ways physicians can use “Buy Borrow Die” in their own planning, including ways he has implemented the strategy for himself.

Carole and David then conclude by encouraging all listeners to focus on their 2022 tax planning early in the calendar year.

You can find show notes and more information by visiting www.physicianswealthpodcast.com.