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Your Guide to Estate Planning for Doctors

As a doctor, you’ve worked hard to build a rewarding career, accumulate wealth, and perhaps establish a medical practice. However, safeguarding your legacy and providing for your family requires thoughtful estate planning. Estate planning ensures your assets are distributed according to your wishes and offers peace of mind for the future. In this guide, we’ll explore why estate planning for doctors is essential, its key elements, and how professional guidance can make the process seamless.

What Is Estate Planning and Why Is It Essential for Doctors?

Estate planning involves creating a comprehensive strategy to manage your assets during your lifetime and distribute them after your passing. It typically includes drafting a will, establishing trusts, and making provisions for potential incapacitation. Estate planning for doctors is even more crucial because of their unique financial circumstances, such as higher incomes, significant student debt, and ownership of medical practices.

Without an estate plan, your loved ones may face unnecessary legal hurdles, tax burdens, or conflicts over asset distribution. A well-structured estate plan ensures your wealth is preserved, your wishes are respected, and your professional and personal legacies remain intact.

Key Elements of Estate Planning for Doctors

Estate planning for doctors involves several essential components to protect assets, minimize taxes, and provide for loved ones. Each element contributes to a holistic approach that reflects both personal and professional priorities.

Start Early

Starting early is one of the most important steps in estate planning for doctors. The earlier you begin, the more time you have to grow your wealth, account for unforeseen circumstances, and refine your strategy. Doctors in the early stages of their careers should prioritize building an emergency fund, understanding asset protection, and learning about the estate planning process.

Even small, incremental steps—such as creating a basic will or setting up a power of attorney—can provide a solid foundation. Over time, these steps can evolve into a comprehensive plan as your financial and professional circumstances change.

Establish a Will

A will is the cornerstone of any estate plan. It outlines how your assets will be distributed and who will care for your dependents, if applicable. For doctors, a will provides clarity and ensures that your wealth is allocated according to your wishes.

Failing to establish a will can lead to state-mandated decisions that may not align with your intentions. By drafting a clear, legally binding will, you can prevent unnecessary disputes among family members and ensure your legacy is protected.

Consider a Trust

Trusts offer an additional layer of control and security over your assets. Unlike a will, which becomes public upon death, a trust remains private and can be structured to bypass the probate process.

Doctors may benefit from trusts to manage high-value assets, protect wealth for future generations, or provide for loved ones with special needs. Trusts can also ensure the smooth transition of your medical practice to designated successors, preserving its value and continuity.

Plan for Incapacity

Incapacity planning ensures that your financial and medical decisions are managed according to your preferences if you’re unable to make them. For doctors, this step is particularly vital to maintain the operation of their practice and protect personal assets.

Incapacity planning often includes setting up durable powers of attorney for finances and healthcare. These documents designate trusted individuals to make decisions on your behalf, ensuring that your wishes are honored and your affairs remain in order.

At PRS, we understand just how important it is to plan for every possible outcome regarding your estate. Learn how we can support your legacy through our experienced planning solutions. 

Estate Planning Services

Minimize Estate Taxes

High-income professionals, including doctors, may face significant estate tax liabilities. Proper planning can help minimize these taxes, preserving more wealth for your heirs. Strategies to reduce estate taxes include gifting assets, establishing charitable trusts, and leveraging tax-advantaged accounts.

Doctors should work with professionals to identify the best tax-reduction strategies based on their specific financial situations. Taking proactive measures can save substantial sums and make a meaningful difference in the inheritance your loved ones receive.

Protect Your Medical Practice

If you own a medical practice, incorporating it into your estate plan is essential. A well-crafted plan ensures the practice transitions smoothly to a successor or is sold under favorable terms.

 Buy-sell agreements, succession plans, and insurance policies are common tools for protecting the value of your practice. These measures not only secure the financial stability of your practice but also provide for your family in the event of an unexpected loss.

Ensure Adequate Insurance Coverage

Life and disability insurance play a critical role in estate planning for doctors. These policies provide financial security for your family and cover potential debts or obligations in your absence.

Doctors should review their insurance coverage regularly to ensure it aligns with their current financial situation and future goals. Adequate insurance coverage is a safety net that protects against unexpected disruptions and ensures your family’s needs are met.

Communicate Your Wishes

Estate planning for doctors is not just about drafting documents—it’s also about communicating your intentions clearly to those involved. By discussing your plans with family members and beneficiaries, you can prevent confusion or disputes down the road.

Doctors should schedule family meetings or write a letter of intent to explain the reasoning behind their decisions. Transparency fosters understanding and reduces the likelihood of legal conflicts or strained relationships.

The Role of a Professional Financial Advisor in Estate Planning for Doctors

Navigating the complexities of estate planning can be overwhelming, especially for doctors with demanding schedules and unique financial considerations. A professional financial advisor can provide tailored guidance, ensuring that your plan addresses every aspect of your personal and professional life.

From minimizing estate taxes to safeguarding your medical practice, a financial advisor can help you optimize your estate plan for long-term success. Their extensive knowledge simplifies the process, giving you confidence that your wishes will be honored and your legacy preserved.

Find an Estate Planning Solution With PRS

Physician’s Resource Services is proud to offer personalized estate planning services for doctors that help you simplify the process and get the most out of your benefits. Reach out to our team today to learn more about how our team can help you build a comprehensive estate plan that helps protect your wealth and legacy.

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Robin Bales – AGENT

Robin has owned a Commercial Leasing Company providing financing to doctors and other operators for their equipment beginning in 2007. After the global crash of 2008, she went to work for NYL and spent 3 years there working with other entrepreneurs securing their retirement future and safeguarding their personal asset risks. Robin opened her own agency in 2017 Legacy by Design and has run a national firm coast to coast with 50-70 agents. Today the agency is much smaller serving 5 agents who share the same vision and passion for our clients focusing on health insurance, Medicare, and annuities.

Robin is most connected to ethos of PRS mission to improve the lives of doctors and their families. Supporting those who run the leading infrastructure of our country.

Robin has been married for 22 years to her husband Steven. Together they have 3 girls and have built a family with strong values and commitment to each others successes. Robin’s family are home bodies by nature and enjoy their 3 dogs hanging in living room or kitchen.

Kevin Burris – PARAPLANNER

Kevin received his BA and MBA from Indiana University, earned the Certified Financial Planner (CFP) designation from the University of Georgia, and Retirement Income Certified Professional (RICP) designation from the American College. Kevin is looking forward to helping physicians live their best life. Kevin enjoys spending time on the lake with his wife, playing golf, and watching Indiana University sports.

Michael Kohles – AGENT

Michael attended Lake Michigan College and Siena Heights University, graduating magna cum lade with a Bachelor of Business Administration, with a major in Finance and minor in Marketing. Michael has been in the financial services industry since 2015 and has experience with multiple insurance verticals. Michael is excited to help physicians achieve their financial goals by providing insurance solutions. Michael is married to Erin and has 4 children. Michael also enjoys reading, golfing, playing poker, learning, and traveling.

Erin Kohles – UNDERWRITING PROCESSOR

Erin supports our advisors and clients during the insurance underwriting process in multiple ways. On a given day, she helps by processing applications, tracking and following up on open cases, and answering client questions. She appreciates the part she plays in helping clients prepare for the future, and she strives to make the process as simple and efficient as possible.

Erin has been in the insurance industry for two years and brings with her six and eight years of experience in accounting and quality control, respectively. She graduated from Ball State University and has her life & health and property & casualty insurance licenses. In her free time, she enjoys cheering on her two boys who play basketball, soccer, and baseball; traveling with her husband; and playing with their Yorkie, Mingo.

Gabriela Chavez – ANALYST

At Physicians Resource Service Gabby plays a pivotal role in Paul’s advisory team, staying in close contact with clients, driving business development, and lending a hand in daily operational tasks. Additionally, she collaborates with CPA Erin Anderson to prepare tax returns, conduct withholding reviews and undertake various tasks across the division.

Gabby is currently double-majoring in accounting and finance at the University of the Incarnate World in San Antonio, and she plans to sit for her Certified Financial Planning exam in the fall of 2022. Before transferring to UIW, she attended the University of Texas Rio Grande Valley in Edinburg, Texas. Gabby was born in Germany and is Mexican American. She loves to travel and has visited 11 different countries. She has a five-year-old pug named Penny.

Erin Anderson – CERTIFIED PUBLIC ACCOUNTANT

As a certified public accountant, Erin is a valuable part of our tax division at PRS. She enjoys working with our advisors to develop tax-efficient strategies, and she strives to provide clarity for every client she serves. Erin started her career as an accountant after graduating from Oklahoma State University in 2012 with a master’s degree. She earned her CPA license in 2018. Erin and her husband have two little boys, and they love spending time outdoors as a family and watching OSU football.

Alex Simmons – BUSINESS DEVELOPMENT

Alex oversees Business Development at Physician’s Resource Services. She works with each department to assist in continually improving PRS so we remain a leading competitor in the industry. Alex graduated from Texas Tech University with a Bachelor of Business Administration in Energy Commerce. She is a Texas native who loves to spend her free time traveling and taking her pup, Teddi, to the dog park.

Karli Allen – HEAD OF WEALTH MANAGEMENT

Karli is a graduate of The Master’s University in Santa Clarita, CA, and has a business degree with emphases in accounting, finance, and management. Karli has been in the financial services industry since 2014 and joined the PRS team in 2018.

Karli oversees investment and financial planning operations and assists with the onboarding and service of the firm’s advisory clients.  Karli was a key part of our firm’s custodial transition to Fidelity in 2019 as part of our decision to become an independent investment advisory firm.  Before joining PRS, Karli worked in personal financial planning in Orange County, California.  She also holds a FINRA Series 65 license. Karli is grateful to be a part of such an amazing team.

Outside of work, Karli enjoys traveling, playing golf, and spending time with her husband and their goldendoodle.

Jennifer Khan- UNDERWRITING SPECIALIST

Jennifer is an Underwriting Specialist at Physician’s Resource Services, with an extensive background in customer service and administration. Jennifer grew up in Texas, graduated from Southeast Missouri State University with a BFA in Theatre, and spent six years in Chicago performing sketch and improv. She is a graduate of the Conservatory Program at The Second City and iO Chicago. Jennifer and her husband, Qamar, moved to Texas with their dachshund mix, Dobby, to be closer to family, sunshine, and good BBQ.

Cheryl Breeden – OFFICE MANAGER

Cheryl is the Business Manager for the firm and a licensed service assistant. She graduated from the University of Texas at Austin with a Bachelor’s Degree in Business Administration. She has years of experience in the areas of process management, customer service, benefits, and insurance. Cheryl has three girls — Ashley, Hannah, & Olivia. She brings this experience to our firm where she manages the underwriting and service process. She also manages the business operations for the firm.

John C. Jackson IV – ASSOCIATE FINANCIAL CONSULTANT

John is an agent from Austin, TX, a graduate of Westlake High School and The University of Texas at Austin, with a Bachelor’s Degree in Economics and a Minor in Business Administration. While at UT, John was a 2-Time Captain and 4-Time All-Conference performer for the men’s lacrosse team. While away from the office, John coaches with the Westlake Youth Lacrosse program and volunteers with Austin’s Young Men’s Business League, and Austin Sunshine Camps.

Chris Fullbright – FINANCIAL ADVISOR

Chris brings experience in financial services and the perspective of a successful entrepreneur who has launched several businesses. With over a decade in the industry, he has served as both an advisor and in a management role coaching new advisors. Chris attended the University of Georgia and Texas State University and graduated with a Bachelor of Applied Arts and Sciences.

He currently holds many financial services licenses and designations including FINRA Group One, Series 6, Series 63, Series 65, Series 7, ARPC, and Certification in Long Term Care (CLTC). In his free time he enjoys being involved in the local community through organizations such as Comfort Crew for Military Kids. Chris is also an active member of Austin Christian Fellowship Church, and enjoys spending time there as well as reading, fishing, and going to sporting events. He is happily married to Monique with two wonderful sons. In addition to serving physicians, Chris specializes in working with special needs families.

Paul Smith, CFP® ChFC® MSFS – FINANCIAL ADVISOR

Paul has helped his clients in financial, business, and estate planning for over 10 years. Paul is a graduate of Texas State University, with a Bachelor’s Degree in Psychology. He has also completed the extensive studies necessary to earn the Certified Financial Planners (CFP®) and Chartered Financial Consultant (ChFC®) designations. Paul is actively involved in the community through his volunteer work and service on Community Action Board for the Helping Hand Home for Children. Paul is married to Heather and they have two children, Nyla and Hazel.

Richard Cunningham – MANAGING DIRECTOR

For 30 years, Richard has been helping clients reach their financial goals with sincerity and integrity. He works with GME program administrators, individual physicians and their families to help doctors achieve financial security. Richard is a graduate of the University of Texas at Austin, with a Bachelor’s Degree in Economics. He studied in Paris at the Sorbonne. Richard supports numerous charitable organizations, is actively involved in Austin Recovery, and he participates in the Leukemia Lymphoma Society as a survivor of CML. Richard is married to Adrienne with two children, Raven and Coates.