Keego Harbor, Michigan -- (ReleaseWire) -- 02/14/2007 -- If you have friends who are physicians, you are no doubt familiar with this lament: "business issues take up way too much of my time." Financial planners David B. Mandell, JD, MBA and Keith L. Mohn, CLU, CHFC (www.benefitsolutionsgroup.biz) report that this is the most frequent complaint from their professional clients. "Most physicians go into the profession to help people who are sick, " says Mohn, "only to find themselves deep into a business that they are not trained to run and with more paperwork that patients." Mohn sees his role as helping physicians get smarter about taxes, money management and business strategies so they can focus on patients, yet live well and retire with dignity.

As authors of two books on financial planning, including one specifically for physicians, Mohn and Mandell have worked with thousands of doctors of all ages over the past decade. They believe that the level of business savvy physicians have is in direct relation to their life style and professional satisfaction. "Two doctors of the same specialty with similar incomes," says Mohn, "can have two very different income levels in retirement. Why? We see three big reasons. First is whether or not a devastating incident has occurred—like a lost lawsuit or a divorce. The second factor is poor investing such as an ill-conceived or poorly implemented limited partnership. medical center or real estate endeavor. Lastly is a lack of attention to taxes."

A book co-written by Mohn and Mandell, Wealth Protection, M.D. addresses points number one and two. It is designed to help physicians protect themselves from lawsuits and divorce and prescribes many strategies for asset protection. The book is offered at a 40% discount to physicians visiting Mohn's Website www.benefitsolutionsgroup.biz. His hope is that once physicians know how to protect themselves from lawsuits, they can address point number 3 --reducing taxes. And the Mohn / Mandell team have a wealth of information and good advice to share on this extremely important subject.

Taxes and Your Retirement
Though most physicians have a retirement plan of some kind (IRA, profit sharing plan, money purchase plan, 401(k), etc.), the vast majority of doctors fail to avail themselves of a variety of far more advantageous nontraditional tax reduction strategies. In states like New York and California, almost 50% of a physician's income may go to taxes. When investing after tax earnings, one pays taxes on realized gains, interest payments and dividends. When you consider that up to one-half of earnings goes to taxes and then twenty to fifty percent of investment gains are taken by the IRS, it's no wonder that even high earners like doctors find it hard to save enough for retirement.

What Can a Physician Do?
Mohn and Mandell tell their physician clients that if they want to significantly increase the amount of money available in retirement, they must consider strategies that accomplish three things

• Reduce income taxes
• Grow investments on a tax-deferred basis
• Make earnings accessible on a tax-free basis.

"Catching-up" is allowed in a Non-traditional Qualified Plan
Something that most physicians don't realize is that the IRS actually allows doctors to "Catch-Up" on retirement savings. It doesn't matter if his or her retirement plan balance is low because of a lawsuit, divorce, poor investment decisions, or because one started saving late in a career.

If you are a physician over the age of 45 and you are behind, you may be able to make a significant tax-deductible contribution to a defined benefit plan. These plans can allow for contributions of $75,000 to $100,000 for doctors under age 50 and can be over $400,000 for 60-year-old physicians who qualify. At these very high contribution limits, you can catch up fast.

Nonqualified (NQ) Plans provide Flexibility in Compensation for Employees
Many doctors want to save for their retirement, but balk at paying too much for employees who must be covered in a "qualified" plan. Because NQ plans are not subject to the same qualified plan rules, NQ plans provide flexibility in structuring compensation strategies. Some explicitly compensation plans provide long-term retirement benefits and present tax reduction benefits to key employee(s). Others are aimed primarily at a goal other than compensation.

Why NQ Plans Are So Attractive
The salient benefit of NQ plans over qualified plans is that NQ plans need not be offered to employees. The plans are for only the doctors who want to participate, making the costs of relatively inexpensive for the physician-owners. Other benefits include the absence of penalties for withdrawals prior to 59 and the lack of burdensome compliance requirements.

Some popular Nonqualified (NQ) Plans
While there are many good NQ plans to consider, here are some of the most popular. If the reader believes an NQ might play a role in an overall asset management strategy, please delve into the subject more deeply with a competent and knowledgeable financial planner. Or visit www.benefitsolutionsgroup.biz.

1. Compliant Split Dollar Plans
Split dollar plans have been the primary type of NQ plans in the corporate work place for the last 40 years. In fact, nearly all Fortune 1000 companies have compensated their key executives with some type of split dollar plan. In the last two years, however, the IRS has changed the rules significantly regarding split dollar plans. Unfortunately, many advisors who do not practice in this area on a daily basis operate under the misconception that split dollar plans are now "dead". "Nothing could be further from the truth," says Mr. Mohn.

"Under the new tax scheme, it is certainly more difficult to implement a split dollar plan for public companies," he states. But, for private businesses, including all medical practices, split dollar plans are still a viable option. In fact, given the low interest rate environment that we currently enjoy, now is a perfect time to implement a split dollar plan for a medical practice. Physicians can take advantage of this low interest rate (which affects the tax treatment of the structure) and enjoy significant retirement wealth accumulation without offering it to any employees. Mohn and Mandell actually highly recommend that physicians look into the option of compliant split dollar plan, now, before the interest rate environment changes.

2. Asset Protection NQ Plans
In many circumstances, the main goal of an NQ plan may be asset protection for the practice assets. Nonetheless, the retirement tax benefits accrued for key physicians are substantial. Most popular here are the plans that asset-protect a practice's accounts receivable (AR).

In these plans, the AR is typically leveraged (in some cases sold). If leveraged, tax benefits include potential tax deduction of the interest on the loan, plus the creation of an NQ investment fund with loan proceeds for the benefit of each participating physician. This way, the accounts receivables can be "leveraged" to provide a further retirement benefit for each participating physician, and perhaps to fund a buy-out for physicians when they retire. However, in this type of NQ plan it is crucial that both asset protection and tax issues be properly negotiated. According to Mohn and Mandell, there are significant pitfalls lurking in 90% of the plans they have reviewed. If a physician is interested in this type of plan, Mohn urges a call to his office or a visit to www.benefitsolutionsgroup.biz.

3. NQ Plans Involving Outside Vendors
While NQ plans involving outside vendors do exist they are the most rare type of NQ plan. Mohn cites one in which the vendor may purchase AR (as above), provide medical consulting services to the practice, and may even provide business lending. These transactions must be independently evaluated by the physicians and are often extremely beneficial to the medical practice regardless of any NQ plan that may attach to it. In other words, a practice engages an outside firm to provide one of the above services, and as an incentive to do so, the firm will institute a NQ plan for the physician client. While the details of such NQ plans are beyond the scope of a brief article, in the right circumstances, these plans can be a double win for the physicians in the practice – first, getting the service needed to run the practice, and secondly, nailing down a significant NQ retirement benefit.

Conclusion
Mohn and Mandell believe that nearly every successful physician should consider a NQ plan. Qualified Plans give a maximum benefit of $40,000 per year and must include virtually all employees. This often makes qualified plans extremely expensive and does not allow for significant retirement wealth accumulation. NQ plans do not require employee participation and, therefore, are relatively inexpensive to implement. If building retirement wealth is an important goal, financial planners Mohn and Mandell highly recommend investigating NQ plans.

For a 40% discount on the advisors' book Wealth Protection M.D., or for an audio CD on Asset Protection call (800) 554-7233 or email info@wealthprotectionalliance.com.

David B. Mandell, JD, MBA is an attorney, lecturer and author of Wealth Protection, MD. He is co-founder of The Wealth Protection Alliance (WPA) – a nationwide network of elite independent financial advisory firms whose goal is to help clients build and preserve wealth.

Keith L. Mohn, CLU, CHFC is a financial consultant and lecturer and President of Benefits Solutions Group, LLC, in Keego Harbor, Michigan, a full service financial consulting and planning firm specializing in high net worth individuals, business owners and medical professionals. Mr. Mohn has been serving the financial needs of medical professionals since 1983, and is a member of The Wealth Protection Alliance. He can be reached at 248-681-9320.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

How IRAs. 401(k)s, and Pensions "catch" Highly-compensated Physicians

Keego Harbor, MI -- (ReleaseWire) -- 02/13/2007 -- David B. Mandell, JD, MBA and Keith L. Mohn, CLU, CHFC (www.benefitsolutionsgroup.biz) are nationally known financial planners who focus on the special asset management needs of physicians. For over a decade, they have worked with thousands of doctors to help them reduce taxes and have more money available for retirement. The two advisors like to ask their clients if they plan on leaving any dollars in their pension, 401(k) or IRA to children or grandchildren? "Most of my clients," says Keith Mohn, "are surprised to learn that in spite of sophisticated money management tools, the vast majority in such funds end up with state and federal tax agencies -- not with the physician's family." Imagine! Would you believe that after paying taxes for a lifetime of work – your "tax qualified" plan could be taxed at rates between 70-90%? On hearing this, Keith Mohn's clients are shocked, appalled and want to know what they can do about it. Before a solution is recommended, Mohn believes it is important for everyone to understand how these taxes are levied. "The first step in better asset management," says Mohn, "is to learn what an "IRD" is."

The Basics of IRD
IRD means "income in respect of a decedent" (a deceased person). This is income which would have been taxable to the decedent physician, had he or she lived long enough to receive it. Now that the physician is dead, whoever receives these items of IRD must report them as gross income and pay any income taxes in the year the items are actually received – typically, the year of the death, in addition to any federal estate (death) taxes and state estate/inheritance taxes.

As federal taxes can reach nearly 40% (even without a state income tax), and estate tax is assessed between 37% and 50% (assume 50% here), one can see how quickly the combined tax rate escalates. Although the rules provide for a partial income tax credit for estate taxes paid, the total tax on assets characterized as IRD assets can be over 90% in some cases.

What types of assets qualify for the dreaded IRD treatment? Income earned by a decedent but not yet paid, like bonuses or commissions, qualify as IRD. Once they are paid to the estate, they are hit with income taxes and estate taxes under IRD rules. The most important IRD asset? Retirement plan--like pensions, 401(k)s, and IRAs (to the extent contributions were originally tax deductible).

How IRD Eats Up a Retirement Plan
Take this example of Jim, a single physician, whose other assets exceed the current estate tax exemption. He received what he thought was good asset management counsel, but his IRA is fully taxable – as it was funded entirely with tax-deductible contributions. (The same illustration could be made for a married couple, but the estate tax wouldn't be due until the second spouse dies if he/she were the beneficiary, due to the unlimited marital deduction).

Assuming Jim's fully taxable estate of $1,000,000 is held in the IRA, Jim's estate (or heirs) would first pay $500,000 in estate taxes upon Jim's death and then pay another $248,000+ in federal income taxes (i.e., 40% of the remaining amount after giving a deduction for federal estate taxes paid). Thus, only $250,000 or so is left from the IRA for Jim's beneficiaries – about 25%!

The bottom line is, Jim's IRD IRA is taxed up to 75%!!

Some advanced asset management options to consider…

#1. Better--Same retirement plan, but Jim liquidates it himself!
With the same retirement plan as described above, if Jim liquidated his IRA today, fewer taxes would be due. In this scenario, assume Jim paid the income taxes on the $1,000,000 liquidation himself and his estate paid the estate taxes the next day. While these transactions were only one day apart, his heirs would better off. Why? Because there was no IRD…no "income in respect of a decedent," because no one had died yet! This quirk exists because the federal tax rules do not allow an income tax credit for state estate taxes paid, only for federal taxes paid.

In illustration #1 the heirs benefit by receiving only an extra $48,000 thanks to early liquidation. But wait…there are even better strategies than liquidation. And these can potentially save 70% or more of the IRD taxes.

#2. Best.

How To Avoid The Tax Trap
If you have already built up a large plan balance – and now realize that you don't need most or all of the funds in retirement--there is a way to avoid the tax trap for your heirs. Mr. Mohn repeats for emphasis, "If you don't want 70% or more of these funds to go to state and federal taxes, you must do something beyond traditional money management … and the earlier the better." This can involve the use of advanced estate planning techniques, often requiring a rollover--creation of a special purpose qualified plan -- and a combination of legal and financial disciplines. While the details of such techniques are beyond the scope of one article, Mohn says with advanced planning, the threat of significant IRD can be eliminated from a physician's estate plan.

For a 40% discount on Jarvis & Mandell's new book, Wealth Protection M.D., or for an audio CD on Asset Protection please call (800) 554-7233 or email info@wealthprotectionalliance.com.

David B. Mandell, JD, MBA is an attorney, lecturer, and author of Wealth Protection, MD. He is also a co-founder of The Wealth Protection Alliance (WPA) – a nationwide network of elite independent financial advisory firms whose goal is to help clients build and preserve their wealth with advanced asset management tools and compensation strategies.

Keith L. Mohn, CLU, CHFC is a financial consultant and lecturer,and President of Benefits Solutions Group, LLC, in Keego Harbor, Michigan, a full service financial consulting and planning firm specializing in money management strategies for high net worth individuals, business owners and physicians. Mr. Mohn has been providing advanced compensation strategies and asset management counsel for medical professionals since 1983 and is a member of The Wealth Protection Alliance. Mr. Mohn can be reached at 248-681-9320.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Website Invites You to Break The Code of Da Vinci’s Most Famous Painting

Southfield, MI -- (ReleaseWire) -- 05/26/2006 -- The Mona Lisa is quite possibly the most famous portrait in the history of art. For five centuries, Mona Lisa's cryptic expression has intrigued art lovers inspiring reproductions, parodies, literature, film, crimes and countless theories. Armchair enthusiasts, art historians, scientists and general theorists have pondered Leonardo da Vinci's intentions in painting the Mona Lisa. Some of these theories are gleaned from Da Vinci's biography and his work as it applied to the painting. Other theories paint Mona Lisa as mysterious seductress or femme fatale.

The website www.MonaLisaMania.com has become a global destination for Mona Lisa theories. Visitors, who consist of art aficionados, arm chair detectives, scholars and the genuinely curious are invited to study the painting and create a theory about her smile, her countenance, or something that may have gone unnoticed.

www.MonaLisaMania.com has broken the theories down into two categories, Scholarly Theories and Good Guesses. In addition to theory sharing, Mona Lisa Mania truly lives up to its name featuring a potpourri of both common and uncommonly known information about the world's most famous portrait and the most comprehensive selection around of Mona Lisa and Leonardo da Vinci inspired paraphernalia in its online store.

For further information visit www.MonaLisaMania.com

Media Contact: Adrienne Lenhoff Wise - Shazaaam! – Office 248-366-0388, Cell 313-580-5349, email alenhoff@shazaaam.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

ZIEBART INTERNATIONAL CORP. MUST CHANGE BUSINESS PRACTICES AND PAY HEFTY ARBITRATION AWARD

Birgmingham, MI -- (ReleaseWire) -- 05/17/2006 -- BIRMINGHAM, Mich., May XX, 2006 -- With a worldwide network of approximately 500 locations in 44 countries and as North America's largest installer of aftermarket accessories, Ziebart International is considered the world leader in car care solutions. But a 2004 Judgment against the Troy-based company forced Ziebart to change its business practices as well as pay a considerable Arbitration Award. Norman Yatooma & Associates (NYA) in Birmingham, MI, represented the 27 Ziebart franchisee owners covering nine states. This month, Ziebart honored its final payment of the award.

"Although the franchisees were quite happy with the seven figure award, they were even more pleased with the equitable relief and the various positive opportunities that it provides them," explained Yatooma. These opportunities include:

Changing Ziebart's current pricing policy. Ziebart must now dramatically lower their prices on the rustproofing chemicals sold to Ziebart franchisees. Franchisees are now also able to set their own prices for their retail products, requiring that Ziebart Corporate stores also observe such prices so that they may fairly compete on Ziebart's products.

Allowing all Ziebart franchisees who were terminated as a result of this lawsuit to be reinstated, if they wish.

Providing franchisees the freedom to terminate their license agreement with Ziebart without any penalty. In fact, they are able to take their business name, telephone number, customer list and compete directly with Ziebart.

Contracting directly with Rhino Linings, Inc., with an exemption from Ziebart's contractual prohibition with Rhino otherwise prohibiting such a business relationship. Rhino Linings is the worldwide leader in sprayed-on polyurethane linings for truck beds, trailers, boats and RV's.

After obtaining the $1.5 million dollar Arbitration Award, 27 of Ziebart's current and former franchisees entered a Judgment based on the Arbitration Award. In addition, the franchisees successfully fended off Ziebart's extraordinary efforts to avoid the binding effects of the Arbitration Award. This included Ziebart's attempt to exclude prior existing franchisee debts and their counsel's effort to vacate and appeal the Arbitration Award. But the Arbitrator and the Wayne County Circuit Court agreed with the franchises that all prior existing debt of the franchisees was to be included in the Arbitration Award, thereby eliminating such debt. This elimination of debt increased the value of the Arbitration Award by approximately $350,000 totaling a nearly $2 million victory for the franchisees, plus the equitable relief.

After initial failure to willingly pay off the Judgment, NYA secured a writ of execution against Ziebart and seized the company's property at its Troy, Mich. headquarters. Along with five court officers, three movers and two moving trucks, Yatooma entered Ziebart's headquarters to empty the facility. To stave off the closing of its headquarters, Ziebart's CEO Tom Wolfe remained over night with the court officers at the headquarters and accompanied them to his bank the next morning where he withdrew $200,000 of his funds.

Accordingly, Ziebart agreed to make monthly payments ranging between $50,000 to $70,000 plus interest, with such payment automatically doubling if Ziebart is one day late.

"The receipt of the final payment of this judgment and the judgment itself is a significant victory for the Ziebart franchisees as well as consumers who will enjoy lower prices," stated Yatooma. "

Birmingham, Michigan-based Norman Yatooma & Associates, P.C. (www.normanyatooma.com) is a full-service law firm offering expertise in civil and criminal cases in its Oakland, Macomb and Emmett County offices. While the Firm has a wide range of practice groups and areas, it specializes in commercial litigation sounding in complex theories of contract and tort liability including franchise, class action, business and real estate law.
###

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm