Picture the married couple: Dr. Emily and Dr. James. She is a surgeon; he is an epidemiologist. They have carved out one of those rare, comfortable lives of shared dreams and hard-won success. Like so many of their colleagues, however, they have neglected to plan for life beyond their work. Without planning, their assets could get entangled in court procedures and leave loved ones in a pinch.
Early estate planning is considered crucial for medical professionals as it can help mitigate stress by providing clear directives for their assets and preservation of wealth against potential legal and financial challenges. Estate planning strategies are important for couples, especially those in the high-earning field of medicine, as the estate plan provides guidelines for strategies to use designed to protect your assets, loved ones, and legacy according to your wishes.
Why Estate Planning Matters for Medical Professionals
Estate planning for medical professionals addresses unique challenges and opportunities, focusing on both protecting your wealth and helping ensure its growth.
Financial Success and Increased Risk
Medical couples are usually high-income earners, but this brings unique risks. Estate planning strategies can be part of risk management providing options to address issues so that your wealth can be passed on to the next generation. Our estate planning services are designed to ensure that the financial success you have worked so hard for is protected from these concerns.
Protecting Your Loved Ones and Legacy
Estate planning goes beyond money; it’s a labor of love. It provides the details so that your assets are distributed in the way you want them to be, thus protecting your spouse and children from undue financial burdens. Whether trying to ensure the security of your family or giving back to charity, estate planning strategies allow you to plan a legacy that reflects your values. Legacy-building strategies can be tailored for surgeons to address their unique circumstances, ensuring their values and wishes are reflected in their estate plans.
Key Elements of Estate Planning for Medical Couples
Estate planning encompasses the key elements that provide the tools and strategies to handle your assets and secure your legacy.
Wills and Trusts
Wills and trusts form the bedrock of estate planning. While a will might outline how your assets should be divided, a trust does more, offering a way to avoid probate, support investment diversification, and provide certain tax advantages. You, being a high-net-worth individual, might find its usefulness undeniable for your wealth protection and smooth passing of wealth. We at Surgeons Capital Management (SCM) are specialists in estate planning strategies for surgeons and can help you decide on the right tools to achieve your goals.
Beneficiary Designations
Listing beneficiaries for retirement accounts, life insurance policies, and other such vehicles allows these funds to pass to them with no further delay. Keeping the beneficiary designations up to date wards off any disputes and helps ensure your loved ones will indeed receive their rightful entitlement.
Power of Attorney and Healthcare Proxy
Medical events can be so unpredictable, even with the best-laid plans. Naming a power of attorney and a healthcare proxy means that you are giving two different individuals the power to make financial and healthcare decisions for you when you cannot. Both these roles are highly important in terms of sustaining your financial and personal well-being during such times.
Additional Considerations for Medical Professionals
Apart from the very basics, the medical professional must consider several other elements that can significantly affect their practice financially and personally.
Student Loan Debt
For many medical professionals, student loan debt remains one of the big factors to consider. These debts have long-term consequences for both cash flow and estate planning, and you must be proactive with strategies. Many married couples in medicine have to work through complex repayment strategies that often interrelate with their estate planning. You will be better equipped to manage your obligations while protecting your future by incorporating these loans into your financial plan.
Business Ownership
If your business is a medical practice, it should include a succession plan and a business continuance plan as part of your estate planning strategies; such plans can be designed to safeguard the value of your practice against various eventualities. Meticulous and informed planning is essential to secure the value of your practice and the financial security of your family. This process demands significant decision-making, and we can support you based on our experience working with high-net-worth individuals regarding their investments and financial planning needs.
Don’t Leave Your Estate in Disarray
Estate planning is a must-do for medical couples. From wills and trusts to beneficiary designations and beyond, these strategies can protect your wealth and provide for your family’s future. Consider consulting with SCM, as we specialize in wealth management and estate planning strategies for medical professionals like you who want to explore tailored strategies that align with your goals and values. We combine our surgeon-focused financial planning tools with a truly broad, wealth-based, comprehensive plan developed around your singular wishes, values, and goals. Contact SCM today for a free consultation!
This article is being provided for informational purposes only. It does not constitute a solicitation or offer of any particular product or service and is not intended, and should not be relied upon, as insurance, investment or financial advice.
Duly registered and duly licensed financial professionals with Surgeons Capital Management offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA/SIPC (Equitable Financial Advisors in MI & TN); offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor; and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.). Equitable Advisors and Equitable Network are affiliates and do not provide tax or legal advice or services. Surgeons Capital Management is not owned or operated by Equitable Advisors or Equitable Network. PPG-7415011.1 (1/25) (Exp. 1/29)
