Why Estate Planning Is Different For Physicians

Estate planning is typically hard for most people; however, it is exceptionally delicate for physicians, lawyers, dentists, accountants, veterinarians, and other professionals. They are typically better educated and have a higher net worth, significantly different lifestyles, and at a higher risk than other individuals due to professional practice. If you are a physician, creating a comprehensive plan to protect your earnings, assets, business, and career can help you sleep better at night. Knowing that the assets you have worked hard throughout your life and career are protected will give you peace of mind.

Creating a Solid Estate Plan

When it comes to estate planning and wealth protection, not only do professionals need different advice, they need better advice. The first part of a successful wealth-preservation plan is to hire a professional who can guide you through the process of making critical financial decisions. When you work with Jurado & Farshchian, P.L., we develop a solid estate plan. This plan focuses on the protection of your business and assets and helps minimize the estate and income taxes. With proper asset protection, the threat of lawsuits, and the risk of loss of capital can be significantly minimized.

When it comes to writing this, you are in control of your estate and, therefore, nothing prevents you from writing your estate plan yourself. However, this would not be the wisest choice because you could end up creating a plan that does not hold up in court, especially if someone contests it. When creating this, it is best to work with an experienced lawyer who can ensure it is as reliable as possible.

A lawyer who specializes in this for physicians and other professionals can help you understand the estate planning laws in Florida. Additionally, they can explain to you how significant life changes affect your estate so you can adjust your plan accordingly.

Things You Should Keep in Mind when Creating an Estate Plan

• To shield your assets from risk, you must use your wealth-protection plan in conjunction with the wealth-creation techniques that are generally used by financial planners.
• Asset protection has a sliding scale, which is why you must review the costs and benefits of asset protection and compare them to the enhanced risk associated with partnerships.
• While homes in Florida generally provide significant asset protection, there is no longer an unlimited amount of protection available through one’s homestead.
• You can deal with estate tax planning through customized revocable living trusts that incorporate legacy trusts for your children.
• Life insurance can be quite significant for professionals and should always be owned in a life insurance trust.
• As wealth increases, trusts can be used to transfer assets directly to children and grandchildren without having to relinquish control of the funds.
• With a trust, you can grow your descendants’ wealth, and control how and when they obtain access to the funds in the trust.

Why Estate Planning is Necessary

Many of our clients ask us, “Is estate planning really necessary?” We always answer that question with the same three words, “it absolutely is.” The good news is that creating a solid plan is not that difficult when you work with the right professionals.

Work with Jurado & Farshchian, P.L.

If you are a physician or other professional and have questions about Estate Planning in Florida, contact us today at (305) 921-0440 or sends us an email to [email protected] to schedule an initial consultation with one of our experienced lawyers.