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Patrick Hughes Quoted in AMA News
Partner Patrick J. Hughes is featured in the September 5 issue of AMNews, the newspaper of the American Medical Association. In –Orderly Succession: The Best Way to Plan,” Mr. Hughes comments on the need to prepare in advance of a physicianês retirement to ensure a smooth transition, both for the physician as well as his/her entire practice. He specifically addresses deferred compensation for paying physicians in retirement, explaining the benefits of spreading out that compensation, as opposed to paying it in a lump sum. Mr. Hughes says, –Spreading out the payment over time gives the group a safety net, so the practice doesn't get shouldered with the tremendous burden of paying out in one year.” Regardless of which financial plans a physician group institutes to manage retiring physicians, Hughes explains that careful planning À well before retirement À is key to a smooth changeover.
For additional information, please contact Patrick Hughes at 973-535-0500 or phughes@connellfoley.com.
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