Doctors, nurses and other types of care providers have high-stress and complicated careers, leaving little time to consider their potential future needs. Medical professionals in Texas are typically high-earning individuals, and they may have ownership interest in their practices. These are only a few of the reasons why estate planning is particularly important for these individuals.
Protecting their future and controlling their assets
As high-earning professionals, doctors may benefit from careful and strategic planning regarding what will happen with their wealth long-term. One important consideration is the potential tax implications for passing wealth and valuable assets to loved ones. It is also important to consider potential changes in estate tax laws, specifically gift tax exemptions and limits.
Estate planning ensures that assets pass to the right people in the right manner, allowing a medical professional to control his or her wealth well into the future. For doctors with an ownership share in their practice, estate planning allows for the opportunity to establish a succession plan. Long-term legal and financial planning allows medical professionals to ease the burden that loved ones may face settling an estate or making important medical decisions.
Where should one start?
Creating the optimal estate plan starts with an assessment of the individual case. A medical professional will benefit from speaking with an experienced estate planning attorney regarding how he or she can make decisions that will provide confidence in the future. An assessment of the individual estate, goals and needs can provide insight into creating a sustainable and thoughtful plan.