Do MDs, other medical professionals, have singular planning needs?

Our blog and multiple other media outlets that seek to provide relevant and timely information to readers regarding estate planning considerations often point out the egalitarian nature surrounding that subject matter.

In other words: Truly, estate planning is something that properly concerns most people. That is, it is often just as important to new couples beginning to embark on a life journey with young children as it is for older and more financially established individuals and families.

And that’s because tailored and comprehensive planning cuts across far more than the mere execution of a will, as important as that customarily is. It also involves things like trust establishment, lawful tax avoidance, charitable giving, guardian/conservatorship matters, elder law concerns and myriad other matters. Some of those are widely applicable to most planners, regardless of age, wealth, occupation or some other distinguishing characteristic.

Having said that, though, some individuals do command personal traits and characteristics that can render them a bit singular when it comes to estate planning.

Medical professionals comprise such a group. For starters, and as we note on a relevant page of our website at the Tustin-based Newman Law Group in Orange County, doctors, dentists and other persons in the medical industry “are particularly vulnerable to lawsuits.” Moreover, many of them own businesses that entail “a number of regulatory and asset protection issues.”

In short, estate planning for a doctor, dentist or other medical professional can be quite different from the planning that suffices well for individuals and businesses outside the medical sphere.

Our attorneys often work closely with medical professionals. We note on the above-cited website that we help them combine “all the relevant aspects of estate planning, business planning, tax planning and asset protection.”

We welcome readers’ questions.

Archives

Contact Form

FindLaw Network