In this episode of The Patient Physician, meet Physician's Resource Services' own Erin Anderson, a CPA with a unique background in agriculture, medicine, and business, to discuss the intertwining of her professional and personal life. Erin shares her journey from earning degrees in Agricultural Economics and Accounting to becoming a CPA, and her valuable experience in tax planning for medical professionals. Supported by her unique perspective as the spouse of an anesthesiology resident, Erin emphasizes the importance of tax planning rather than tax filing, offering invaluable advice on tax strategies for physicians. She also delves into the personal challenges and triumphs of balancing her career, supporting her husband through his medical training, and raising three children, offering a deeply personal look into the life of a physician's spouse.

This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Advisory services offered through PRS Investment Advisors, a Member of Advisory Services Network, LLC. Tax services and insurance products offered through Physician’s Resource Services. Advisory Services Network, LLC and Physician’s Resource Services are not affiliated. All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this podcast are solely those of the presenters and do not reflect the views/opinions held by Advisory Services Network, LLC.

MEET OUR GUEST: Erin Anderson, is a Certified Public Accountant with a unique background that bridges agriculture, business, and medicine. Erin earned her bachelor’s degree in Agricultural Economics and Accounting and her master’s degree in Agriculture from Oklahoma State University. She became a CPA in 2018 and has since built her career around tax planning and preparation, working in both industry and public accounting before joining PRS in December 2021. What makes Erin’s perspective especially valuable is her connection to the medical field — she’s married to a physician currently completing his residency, giving her firsthand insight into the financial challenges and opportunities that come with a career in medicine.

TIME STAMPS:

00:00 Introduction and Guest Background

02:40 Erin's Journey into Accounting

04:06 The Unique Perspective of a CPA Married to a Physician

08:35 Common Tax Mistakes Physicians Make

15:51 W2 vs. 1099: Tax Strategies for Physicians

26:58 The Importance of Tax Planning

31:18 Providing Value to Clients with Tax Strategies

32:06 The Importance of Proactive Meetings with CPAs

32:43 Navigating Life Changes and Financial Decisions

34:08 The Unique Challenges of Physician Spouses

36:11 Personal Stories and Sacrifices

39:39 Support Systems and Community

44:04 Looking Forward: Future Plans and Advice

54:37 Final Thoughts and Reflections

Please email questions or show ideas to info@physiciansrs.com.

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In this episode of 'The Patient Physician,' we delve into the nuances of disability insurance with Derek True, the brand & operations manager for The DI Center. The conversation explores medical underwriting, policy exclusions, and the importance of early claims reporting. Derek explains the significance of securing coverage early in a medical professional's career, the role of Guaranteed Standard Issue (GSI) offers, and how trends and technology are shaping the industry. The episode provides valuable insights for physicians seeking to understand the intricacies of disability insurance policies and best practices for ensuring timely and fair claim payments.

MEET OUR GUEST: Derek True, DIA, DHP is the Brand & Operations Manager for The DI Center, a Brokerage General Agency in Allen, Texas, that makes asset protection and income protection easier for producers nationwide.

Derek oversees brokerage marketing and underwriting processes with a knack for the competitive landscape. He has presented to audiences throughout the country on disability insurance, operational excellence, and sales. So we thought he’d be a great guest to tackle the disability insurance 101 questions that we field all of the time from our physician clients.

Derek has been an active member of the National Association of Insurance and Financial Advisors since joining The DI Center in 2011, shortly after graduating from Texas Tech University. He is the current NAIFA-Dallas President-Elect and has served on the NAIFA-Texas Membership Value and TLRT Committee since 2021. He is also a member of the Texas Leaders Round Table (TLRT) and the International DI Society (IDIS).

Derek is also a family man, active in his community, and leads within his church, and enjoys travel and sports.

TIME STAMPS:

00:00 Introduction and Greetings

00:46 Meet the Guest: Derek True

03:25 Derek's Career Journey

06:10 Understanding Disability Insurance

08:38 Mental Nervous Exclusions in Insurance

15:59 Spine and Other Common Exclusions

30:02 Guaranteed Insurability and Policy Increases

36:40 Understanding Variations in Insurance Underwriting

37:19 The Role of Underwriters and Market Dynamics

38:35 Shopping for Insurance: Informal Inquiries and MIB

40:44 The Impact of Technology on Underwriting

45:12 Accelerated Underwriting and COVID-19

47:31 The Importance of Full Disclosure in Underwriting

52:05 Group Coverage and Guaranteed Standard Issue (GSI)

01:05:39 The Claims Process: Best Practices and Common Pitfalls

01:13:45 Final Thoughts and Reflections

Please email questions or show ideas to info@physiciansrs.com.

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In this episode of 'The Patient Physician,' we explore the intricacies of home buying for physicians with Tony Kruse from First Horizon Bank. Tony shares valuable insights from his 31 years in mortgage lending, offering practical advice for new physicians on making informed financial decisions when buying a home. The discussion addresses common challenges physicians face, including dealing with high student debt, navigating job transitions, and planning for future financial stability. The episode emphasizes the importance of early preparation and consulting with financial advisors to ensure a smooth home-buying process.

MEET OUR GUEST: Tony Kruse is a Mortgage Loan Officer with First Horizon Bank in Dallas, TX who specializes in fixed rate and adjustable mortgages and refinancing home loans. Tony has worked in the financial services industry since 1995. Tony is passionate about getting physicians into the home of their dreams and working closely with Realtors to make the home buying process an enjoyable, hassle free experience for everyone involved. Email: tony.kruse@firsthorizon.com

TIME STAMPS:

00:00 Introduction and Greetings

00:51 Discussing Home Buying with Tony Cruz

02:15 Tony Cruz's Background in Mortgage Lending

06:30 Details of Physician Loan Programs

12:16 Adjustable vs Fixed Rate Mortgages

20:25 Regional Lending Limitations and Banking Crisis Impact

23:26 Navigating Interest Rates and Depository Balances

23:57 Changes in the Application Process

24:27 Debt-to-Income Ratios and Housing Costs

25:37 Texas Housing Market Trends

28:03 Physician Loan Benefits and Rates

31:24 Student Loans and Debt-to-Income Calculations

34:02 Tips for Prospective Homebuyers

35:52 Challenges and Solutions for Physician Loans

38:10 Advice for New Physicians on Home Buying

45:23 Concluding Thoughts and Final Advice

Please email questions or show ideas to info@physiciansrs.com.

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