🩺 Estate Planning for Physicians: Protecting Your Practice and Your Family
As a physician, you’re used to thinking ahead—anticipating patient outcomes, managing risk, and planning for the unexpected. But when it comes to your own life and legacy, have you created a solid estate plan?
Between long hours, high income, and complex assets like medical practices or retirement plans, physicians face unique estate planning challenges—and opportunities. Without a comprehensive plan in place, your family and your practice could be left unprotected.
Here’s what every doctor needs to know about estate planning.
💼 Why Estate Planning Is Different for Physicians
Estate planning is important for everyone—but for physicians, the stakes are higher.
You’re not just thinking about who inherits your house. You’re thinking about:
What happens to your practice or partnership interest
How to protect your assets from lawsuits
Who would make medical and financial decisions if you can’t
How to provide for your spouse and children
How to minimize tax exposure and probate delays
🧾 Core Estate Planning Documents for Physicians
Every physician should have the following legal tools in place:
1. Will
Names guardians for minor children
Directs how personal assets are distributed
Appoints an executor to manage your estate
- Essential even if you have a trust—especially for naming guardians.
2. Revocable Living Trust
Avoids probate
Provides for asset management during incapacity
Can hold practice ownership, investment accounts, or property
Offers privacy and control
- For physicians with significant assets or complex estate goals, a trust is often non-negotiable.
3. Durable Power of Attorney
Authorizes someone to manage your financial and legal affairs if you become incapacitated.
Pay bills
Handle real estate transactions
Access retirement accounts
4. Advance Healthcare Directive & HIPAA Authorization
Designates someone to:
Make medical decisions if you're unable
Access health information
Communicate with hospital staff
- Important for physicians who may not want family making decisions by default.
5. Practice Succession or Buy-Sell Agreement
If you own or co-own a practice, make sure you have:
A clear succession plan
A buy-sell agreement
Defined valuation method
Instructions on what happens if you die or become disabled
- This ensures continuity for your partners and financial protection for your family.
🛡️ How to Protect Assets from Liability and Lawsuits
Physicians are frequent targets for litigation, and not just from patients. Without proper planning, a personal lawsuit could jeopardize everything you've worked for.
Asset Protection Strategies Include:
Holding real estate in LLCs or trusts
Umbrella liability insurance
Irrevocable trusts (in certain cases)
Proper titling of marital assets
- Avoid fraudulent transfers—work with a qualified attorney to structure your plan correctly and proactively.
💸 Don’t Forget Tax Planning
High earners are more likely to face estate tax exposure—especially if federal exemption thresholds drop in future years.
Smart planning tools for physicians include:
Spousal lifetime access trusts (SLATs)
Irrevocable life insurance trusts (ILITs)
Charitable remainder trusts (CRTs)
Gifting strategies for heirs
- An estate plan isn’t just about distributing assets—it’s about preserving them for the next generation.
👨👩👧👦 Family-Focused Estate Planning
Physicians often:
Start families later
Have children from multiple relationships
Want to support aging parents
Your estate plan should account for:
Guardianship nominations
College planning
Blended family inheritance protections
Special needs trusts, if applicable
🧠 Final Thoughts
Estate planning for physicians isn’t a luxury—it’s a professional responsibility.
You’ve worked too hard to leave your family or your practice exposed. With a thoughtful, legally sound estate plan, you can:
Avoid probate
Reduce taxes
Protect assets
Ensure your wishes are followed
Leave a legacy of care and stability
If you're a physician without a clear estate plan—or if your current plan is outdated—let’s talk.
Hurley Law Group
Estate Planning for Physicians, Professionals & Business Owners
📞 308-383-1867
🌐 hurleylawgroup.com
✉️ eric@hurleylawgroup.com