Estate Planning for Physicians
Estate planning is a broad wealth management subject with major implications for doctors and their families, both in their lifetime and following their death.
All practicing physicians need active financial planning. The healthcare field is unpredictable. Between life’s daily trials and the possibility of a medical malpractice claim, many factors could dramatically impact your financial standing and assets.
Physician’s Resource Services provides the consultation services you need to ensure the safety of your most treasured assets. We collaborate with you to evaluate your estate and arrange for your assets to pass to your family members in the most tax-effective way possible. We understand that estate planning for physicians is complicated and unique, which is why our innovative solutions are designed to maximize your income growth and deliver peace of mind.
If you die without a will, you have died intestate. There are many consequences of dying without estate planning documents. Your family members and beneficiaries will need to go through the probate process, during which they prove who they are and determine how assets will be distributed.
Most state laws are stringent regarding intestate asset distribution. In many cases, only your closest relatives receive any of your real estate or inheritance. They also receive no more than what the state allows, which may leave your children or spouse in an uncomfortable situation, especially if your family members choose to contest the division of intestate assets.
PRS’s estate planning consultation services provide all the documents you need to ensure your family’s well-being. We help you build a strategy that shields your assets, and our specialists evaluate how this strategy will affect your beneficiaries. Our goal is to provide you with resources to help preserve your wealth for future generations.
PRS’s estate planning consultation services prepare you for every circumstance. Planning for situations where you’re incapacitated and incapable of making a decision is vital to successful wealth management. If you don’t designate someone to make financial and medical care decisions on your behalf, the choice may rest with healthcare providers instead of family members.
Physician’s Resource Services establishes important estate planning documents that dictate how to address a situation in which you’re unable to make a decision and who makes the decision. These documents include:
Estate planning is a delicate process that requires a sensitive touch. Physician’s Resource Services has helped thousands of physicians across 49 states get their assets in order.
Creating a will is critical to wealth management. It spares your family members undue hardship and ensures the efficient transfer of assets to future generations. However, a standard will may not be enough to set your estate straight. Your assets could get caught up in the probate process, a court action that slows distribution.
PRS recommends creating a revocable trust to avoid probate and speed up the disposition of your property. Physicians with a revocable trust provide direction for using their assets while living and upon death. Once you die, your wealth and assets transfer to those you named in the trust, avoiding probate entirely.
Our financial consultants assist all physicians with wealth management and creating an actionable revocable trust. Whether you’re new to the practice or approaching retirement, our estate planning services protect your beneficiaries, prevent court control of your assets, and avoid unintentional disinheritance. We review your estate planning documents as you experience change to keep your estate in good order.