Will Koster, CFP®

Financial Planner for Physicians & Dentists across the U.S. @SDT_planning. Tweets are not advice.

[Will Koster, CFP® @SDT_WillKoster]

What's your "money story"? My stories come from losing my father as a teenager. From survivor benefits to paying for college, my passion for personal finance is rooted in my own experiences. https://t.co/9j9dytAKLn via @MichaelKitces

[Will Koster, CFP® @SDT_WillKoster]

An estate plan is not a static document but rather a dynamic reflection of your life. Whether it's the joyous occasions of marriage and childbirth or the challenges of divorce or health issues, life changes necessitate revisiting your estate plan.

https://t.co/O2LZPVACX4

[Will Koster, CFP® @SDT_WillKoster]

If you are part of a dual-doctor household, knowing if you should file joint or separate tax returns can be tricky.

It's not a one-size-fits-all solution. The biggest consideration is whether you or your spouse have student loans to pay back.

Learn more: https://t.co/Vepo15YSdP

[Will Koster, CFP® @SDT_WillKoster]

Considering investing in a surgery center? It's crucial to ask the right questions. Here are several to consider:
1. Who owns and makes decisions at the center?
2. What's the financial outlook?
3. How's the quality of care?
4. What's the plan for profits? https://t.co/EfNCzM0Qae

[Will Koster, CFP® @SDT_WillKoster]

To avoid common financial pitfalls early in your marriage, make sure you:
-Communicate openly about finances.
-Create a budget.
-Plan for the future.

Remember, a solid financial foundation is the key to a happy and prosperous marriage. https://t.co/FxTbsbUfSe

[Will Koster, CFP® @SDT_WillKoster]

Teaching kids about money isn’t always the most intuitive part of parenting.

Listen to a recent podcast episode featuring Dr. Michele Cho-Dorado, who authored a children’s book, Reach for the Stars, to help educate children about money. https://t.co/Asgib95it8

[Will Koster, CFP® @SDT_WillKoster]

Considering a construction loan?

Working closely with a qualified lender and builder with construction loan experience is essential to ensure a smooth and successful project — and to fully understand what you are taking on before signing anything. https://t.co/Q33y9hPUPM

[Will Koster, CFP® @SDT_WillKoster]

Several benefits of establishing a corporate trustee for your trust include:
1. Experience and Expertise
2. Objectivity
3. Continuity
4. 4. Efficiency in Administration
5. Legal and Regulatory Compliance https://t.co/zxpZalUOnc

[Will Koster, CFP® @SDT_WillKoster]

Have you ever felt the Roth IRA doors were closed due to high income?

Say hello to the Mega Backdoor Roth! It's not a secret handshake, but it can be a savvy strategy for boosting your retirement savings beyond the limits. #RothIRA #retirementplanning https://t.co/CAvvV87tkq

[Will Koster, CFP® @SDT_WillKoster]

In a relationship, secrecy can lead to hidden debts, unilateral decisions, and strained partnerships.

Signs include:
-New Credit Card Statements
-Unilateral Financial Decision-Making
-Unwillingness to Discuss Finances
-Change in Account Status https://t.co/l2nW9MhHby

[Will Koster, CFP® @SDT_WillKoster]

Curious about Opportunity Zones? These designated areas offer a unique chance to invest capital gains with preferential tax treatment.

Learn more about the advantages: https://t.co/m4uVMzELZ3

[Will Koster, CFP® @SDT_WillKoster]

There are four considerations before purchasing annuities:
1. Age
2. Risk tolerance
3. Fees
4. Tax implications
#retirement #annuities https://t.co/Qgw3N0jRU0

[Will Koster, CFP® @SDT_WillKoster]

What is considered a gift (meaning it can be taxed if it falls outside of the lifetime exclusion limit):
-Cash
-Securities (stocks and bonds)
-Real estate and vehicles
-Art

Learn more: https://t.co/S16wCuxjLZ

[Will Koster, CFP® @SDT_WillKoster]

What can you do to improve the progress of saving for the future and getting rid of that pesky debt? It's not a pill or an injection, but it is a step you can make that's easy, free, and consistently effective: the automatic transfer.

https://t.co/JIKP7lhVEc

[Will Koster, CFP® @SDT_WillKoster]

Navigating the life insurance process as a physician or dentist? It can feel overwhelming, but fear not!

Here’s a quick guide to help you anticipate what to expect:
https://t.co/pTyN3V4oSJ #lifeinsurance

[Will Koster, CFP® @SDT_WillKoster]

If you are sending a $20 bill with a birthday card, there is no need to sweat the federal gift tax. However, when dealing with larger sums, you will need to keep track of what you are giving, when you are giving it, and who receives it. #gifttax https://t.co/9fDFneMa3K

[Will Koster, CFP® @SDT_WillKoster]

A few reasons dual-doctor households may benefit from filing separate tax returns
1. Student Loan Repayment Benefits
2. Differential Income Considerations
3. Optimization of Medical Expenses
4. Mitigation of Avoiding Joint Liability
5. Adoption Tax Credit https://t.co/vFUpAE5ZHc

[Will Koster, CFP® @SDT_WillKoster]

Like other products, annuities can be a tool in your retirement planning strategy, offering reliable income and tax advantages. However, as with financial products, they have advantages and disadvantages.

Learn more: https://t.co/RtMe92UBXg #retirementplanning

[Will Koster, CFP® @SDT_WillKoster]

Unexpected financial challenges can happen to anyone, even doctors. By taking proactive steps and being prepared, you can work to minimize the impact of these difficulties on your medical or dental career. #financialplanning #financialwellness https://t.co/TTMWijyFpd

[Will Koster, CFP® @SDT_WillKoster]

Backdoor Roth IRAs are a game-changer for doctors and high-income earners planning retirement. However, they can be tricky. Therefore, reporting them properly on your tax return is essential to avoid unnecessary taxes. #RothIRA #taxplanning https://t.co/E65OB0ZI0Q

[Will Koster, CFP® @SDT_WillKoster]

There are 6 critical financial numbers that you should know whether or not they changed from last year to this one. #financialplanning https://t.co/GervZljxDr