Personal Finance

Whether retirement from your medical practice is a distant dream or just around the corner, 3 years of plunging interest rates and discouraging stock losses have probably put a dent in your financial armor.

Q Could you please explain the taxability of Social Security benefits?

Santa Ana, CA-Advanced Medical Optics Inc. (AMO) has completed its $450 million cash acquisition of Pfizer Ophthalmics' surgical business.

Monterey Park, CA-Latanoprost (Xalatan, Pfizer) may be an alternative treatment for blepharospasm. Ted C. Wei Jr., MD, reported that 75% of his patients had moderate to complete resolution of symptoms after latanoprost was prescribed.

Fort Worth, TX-The ophthalmic community can expect a seamless transition at Alcon Laboratories Inc. when Tim Sear retires Oct. 1 as president and chief executive officer. Sear announced his retirement from the eye-care company, based in Fort Worth, TX, on July 12.

Atlanta-An Australian medical device company will take over the Epi-LASIK surgical product line as part of CIBA Vision's divestiture of its surgical business (also see Page 1). Norwood Abbey Ltd., Melbourne, Australia, bought the Centurion SES system and EpiEdge epikeratome separator for $10 million. The company paid $1 million when it signed the agreement in May, and it signed a note with CIBA Vision for $9 million for the balance of the technology and inventory price.

Safilo marks 70 years in eyewear business

Q. Because of the diminished cash flow my retired parents are experiencing, they can not afford to do all the things they like, which they are healthy enough to enjoy. I have heard the term 'reverse mortgage.' Could youexplain how this strategy works?

Fort Lauderdale, FL-Intravitreal triamcinolone may enhance the efficacy of photodynamic therapy (PDT) with verteporfin (Visudyne, QLT Phototherapeutics/Novartis Ophthalmics) and decrease the number of re-treatments for eyes with choroidal neovascularization (CNV) associated with age-related macular degeneration (AMD), according to the preliminary results of an open-label study presented by Daniel B. Roth, MD, at the annual meeting of the Association for Research in Vision and Ophthalmology.

"(The merchant's) capital is continually going from him in some shape, and returning to him in another."

Among the 233 sessions dedicated to retina, almost 75 are free papersand symposia sessions. The Editorial Advisory Board of OphthalmologyTimes reviewed the retina abstracts to be presented at this year's meeting.Some of the board's selections are highlighted here.

Marriage does receive favorable treatment under the tax code after death. Generally, an estate may claim an unlimited deduction for the value of all property that passes from a decedent to the surviving spouse upon death. So, a basic "I love you" will, where all property is left to the spouse outright upon death,allows the estate to pay no tax.

Q. I am a 64-year-old ophthalmologist who is still working. Should I begin collecting my Social Security income at age 65, or wait until I retire at 70 and withdraw a larger monthly income?

Atlanta-As CIBA Vision Corp. finalizes the sale of its surgical business, a significant portion of the portfolio is being divided. Many of its products are either being sold to a French company, returned to their Israel-based developers, or still in negotiations.

Q I am getting close to retirement and I am confused as to how much income I should plan on taking from my investment portfolios. I fear that I will be running out of money too soon and have no idea as to which portfolio I should take income from. Could you please offer some suggestions as to how I might proceed?Attempting to calculate these seemingly unlimited variables is turning out to be one of the most frustrating and confusing ordeals of my career.

Patients considering refractive surgery are understandably nervous about undergoing procedures on their eyes. A physician who can listen to their concerns and address them all will gain their trust and their business.

As an ophthalmologist, you work too hard not to consider tax planning a priority. That is, of course, unless you like spending 40% to 50% of your time working for the IRS. Still, if you are like most physicians, you don't even dedicate 1 day per month to see how you could reduce your tax liability.

New Brunswick, NJ-Results of a retrospective study suggest that intravitreal triamcinolone acetonide may be a beneficial treatment for eyes with diabetic macular edema (DME), said Janet J. Chieh, MD.

North Dartmouth, MA-In today's competitive environment, optical dispensaries are under ever-increasing pressure to fill patients' prescriptions not only accurately, but quickly and cost-effectively. It may be time to think about taking the optical end of your practice to the next level, by adding a finishing laboratory, or possibly, even taking a larger jump and setting up a complete surfacing laboratory.

QCould you please explain how the new tax-reform law will affect my tax bracket and investments?

Boston-Genetic researchers are trying to identify the genetic causes of several conditions that seem to predispose individuals to secondary glaucomas, according to Janey Lee Wiggs, MD, PhD. She reviewed the current knowledge of the molecular genetics of the secondary glaucomas.

Plainville, MA-The Hilsinger Co., a supplier of eyewear and eye-care accessories in the United States and the United Kingdom, has been acquired by two private equity investment firms.

Q Should I consider making annual gifts to my grown children? If so, what amounts can I givewithout paying a gift tax?

Q My spouse is not a U.S. citizen. Could you please let me know if there are any tax consequences becauseof this fact?

Q With the repeal of the future estate tax, do you think it is still necessary for me to continue paying the permanent life insurance premiums on the policies that I originally purchased to pay federal estate taxes?

Iowa City, IA-Primary open-angle glaucoma (POAG) is a common ocular affliction, but because it is generally a late-onset disease, it is difficult to study molecularly, according to Wallace L.M. Alward, MD.

Q. Could you explain how a living trust works? Should I consider one as part of my estate planning?

Alameda, CA-InSite Vision Inc. has filed an investigational new drug application with the FDA for ISV-403, its treatment for ocular bacterial infections, under development with Bausch & Lomb.

Buffalo, NY-The former management team of Leica Microsystems Inc. and a private equity investment fund have purchased the Reichert Ophthalmic Instruments division and the analytical instrument business from Germany-based Leica to form Reichert Inc.

Atlanta-CIBA Vision Corp. executives have shuffled their roles as thecompany prepares for what manyin the industry expect to be another year of increased sales.