Estate Planning for Physicians

Medical doctors are in the habit of assessing risk; they do it at every appointment with every patient, sometimes without even realizing it. Everyone needs an estate plan, but getting started on yours is an especially urgent matter if you fit into one of the major risk categories. Financial advisors quickly swoop down on anyone who has enough money to fight over and enough relatives who don’t get along that there is a strong possibility that they will fight about it. This includes anyone who has children with someone other than their current spouse. Likewise, people whose financial position is precarious urgently need an estate plan. For example, if you own your house but have no retirement income except Social Security, your best option is to buy long-term care insurance, but if you have missed your chance to buy it, the next best option is to establish a trust to protect your house from claims by Medicaid during probate if you eventually receive nursing home care as a Medicaid beneficiary. You might think that physicians would be in a low risk category, at least if they managed to avoid drama with serial marriages, but being a physician carries some risks that can haunt you in retirement. If you are a medical doctor and have reached the realization that you are no longer young enough not to have an estate plan, contact a Bronx estate planning lawyer.

No One Can Afford to Take Health and Wealth for Granted

People who have graduated from medical school are acutely aware that anyone’s health can tank without warning. You might be making bank at your hospital job or operating a successful private practice. Things might be going so well that thinking about how much money you will have saved by age 65 makes you smile. Of course, you should also know that there are no guarantees that you will be able to work until you are 65. No matter how healthy you are and how well your work is going, you can’t afford not to make an estate plan that accounts for the worst-case scenario.

The Little-Known Risks Awaiting Retired Physicians

Yes, you might have to retire earlier than planned because of your health, but that can happen to anyone. Physicians are at an elevated risk of burnout-related ill health, even though their risk of career-ending injury is not as high as that of people who work physically strenuous jobs. Legal expenses are another concern for physicians. Although most doctors carry risk management insurance, a malpractice complaint against you can be emotionally and financially devastating. You should establish a trust so that legal claims against you do not wipe out your retirement savings if you must pay an expensive settlement, or if a court orders you to pay damages.

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

An estate planning lawyer can help you make informed decisions about retirement after your medical career.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

ama-assn.org/practice-management/private-practices/taking-financial-challenges-physician-private-practice