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What Should Busy Doctors Consider with an Asset Protection Plan?

October 22, 2019

Filed under: Estate Planning — Laura Pennington @ 9:15 am

Having the best financial practices in place is important for new and experienced physicians. Doctors are unique due to the significant amount of time they spend in undergraduate college and medical school, and residency.

It can be difficult to keep up with all of the various aspects of running a business as a doctor and taking care of patients. It is very important for physicians, in particular, to consider how their assets will be distributed at their death, as well as who is given authority to make financial and medical decisions on their behalf in the event of incapacity.

Doctors are unfortunately exposed to a higher than usual rate lawsuit risk, meaning that it is imperative to take into account opportunities with asset protection planning, tax planning, lifestyle planning, planning for long-term care, retirement planning, investment planning, and insurance planning should also be incorporated into the bigger picture for a physician looking to accomplish estate planning and similar goals.

It can be difficult to figure out the first steps to take if you find yourself in this position. A team of experienced and dedicated estate planners can help you to sort what is most appropriate for you and how to proceed with obtaining the necessary documents and putting these strategies into place.       

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