Estate planning centers around a plan for your assets upon cognitive decline, disability, or death. It is a written plan to formalize your wishes in advance. At the heart of it, estate planning is about protecting you and your loved ones.
Basic Estate Planning for Doctors
All doctors need an estate plan, but in our experience very few have them. Most state it’s because they don’t know where to start or what all an estate plan should include. At a minimum, doctors should look to get a basic estate plan when they initially have children. Estate planning can get complex. This quick article is meant to outline what to look for in that first basic estate plan.
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.