Estate Planning for Physicians
Estate Planning for Physicians
Marietta Estate Planning Attorney
Physicians who are planning their estate are often faced with unique circumstances. Doctors may be faced with estate tax issues and are almost always concerned with asset protection techniques. That's why estate planning cannot be cookie-cutter. Each physician's family and circumstance is one-of-a-kind. Estate planning for physicians offers several tools to address these concerns. But, there are some basics every physician should have.
Basics for every Physician
Every physician should have these estate planning documents in place for their family:
Advance Directive for Health Care
Something every doctor should have in their estate planning portfolio is the Advance Directive for Health Care. Doctors and physicians should be very familiar with this document as it used in the healthcare sector to allow trusted people, perhaps a spouse or adult child, to make decisions for someone in the event they are unable to make decisions for themselves.
Financial Power of Attorney
Just like the Advance Directive, every physician should have a financial power of attorney. This document allows a trusted person to make financial decisions in case the person becomes disabled or incapacitated.
Last Will and Testament
One of the more important documents a doctor can have when it comes to estate planning is the Last Will and Testament, especially if there are minor children involved. In Georgia, the only way to name a Guardian for a minor child is through a Last Will and Testament so it is very important to establish one if you have minor children.
Estate Planning tips for Physicians
Because the practice of medicine is a profession with a lot of liability risk, physicians have special concerns when it comes to estate planning. Here are three tips for physician estate planning:
Trusts to Consider
Best of Cobb
The Farrell Law Firm, PC earned accolades from Cobb Life Magazine as a top-tier law firm, with Attorney John P. Farrell being celebrated as one of the top three lawyers in Cobb County, Georgia, for the past two consecutive years.
Unique Estate Planning
Estate planning for physicians is unique in that doctors face circumstances that most people do not. Especially as it relates to asset protection and estate tax issues. That’s why it’s important to work with a Marietta estate planning attorney like The Farrell Law Firm.
Our legal team at The Farrell Law Firm is able to help clients throughout the Marietta area and beyond since we are licensed to practice in Georgia, Tennessee, and Texas. We can help you if you have further questions about establishing your estate plan. Clients can receive thoughtful insight into physician estate planning and the other aspects that come with estate planning, such as wills, probate, and trusts.
