It is certainly not unusual to note that doctors, dentists and many other medical professionals have multiple and distinct planning needs that are flatly dissimilar from individuals in other career fields.
In fact, it is logical that they do, given the singularity of their industry and the unique training that qualifies them for practicing within it.
Airplane pilots have distinct estate planning concerns and needs. So, too, do actors, musicians, academicians, business tycoons, parents with special needs children, elderly people with pressing health concerns and myriad other individuals.
What is key regarding many health care professionals is that they timely work with a proven attorney who knows through practical experience what often matters most to doctors and other medical specialists as they seek to craft a meaningful and tightly tailored estate plan.
It is immediately notable that many physicians, dentists and other medical specialists own a piece or all of a professional business. That enterprise obviously needs to be purposefully dealt with in estate planning, especially with regard to sheltering it from liability concerns and unwanted dissolution.
As we duly note on a website page at the Orange County Newman Law Group addressing the distinct estate planning needs of medical professionals, many such persons also have additional personal assets “that have been earned through a lifetime of study and hard time.”
Those, too, must obviously be focused upon and appropriately managed through strategies spotlighting asset preservation, lawful tax avoidance, provisions for future family generations, charitable considerations, family legacy issues and more.
With doctors and other health care practitioners, a combination of planning tools often work together in an interrelated and seamless manner to optimally promote estate administration objectives. An attorney who routinely works with medical professionals can provide further information.