For our Residents and Fellows who are finally finishing their training, a big change in their finances can be purchasing their first home. A question we get a lot is “Should I rent or buy a new home?” For most doctors, we suggest renting the first 1-2 years on the job.
Quick & Dirty Estate Planning for Doctors
Although most of our physicians are concerned about income taxes—estate taxes can be a much bigger burden. In fact, they can eat up almost 50% of an estate.
The good news: unlike income taxes, estate taxes are completely voluntary. There are things doctors can do to make sure your estate passes without any estate taxes.
For estate tax purposes, you may be richer than you think.
How Much Home Can a Resident or Fellow Afford?
The Physician’s Team of Experts and Financial Concierge
Have you ever wondered about all the experts who help Bill Gates, Jeff Bezos and even Donald Trump manage their money? They have an insurance guru to oversee the risk management, an investment team to make sure their assets are working as hard as possible, an attorney to keep them on the straight and narrow, along with a savvy accountant to help them reduce their taxes and a financial advisor to coordinate all these folks and prepare for their future. It probably costs the very wealthy thousands of dollars per hour to get this kind of experienced, coordinated advice!