Five Key Steps For Physicians to Reduce Estate Taxes and Protect Heirs

March 11, 2015

These days, physicians have a lot to worry about as they grow their assets. Many, after years of residency, are plunged into a higher income bracket, but this can come with risks. Litigation, for example, can expose all those new assets of a physician to serious risk. That’s why it’s so important to take steps early to protect your assets and engage in regular review as your wealth grows.

shutterstock_95239396 (1)

There are a few basic steps you can take to safeguard yourself, but there are many options when it comes to asset protection planning as well as your estate. As your situation changes, of course, it’s important to reconsider what you

Step 1: Update Your Will

Step 2: Avoid Probate With Trusts and Other Tools

Step 3: Consider Tax Reduction Strategies like gifting or an ILIT

Step 4: Review Beneficiaries

Step 5: Update Regularly

The first three steps are something you can visit while meeting with an estate planning attorney. The last two highlight the importance of an annual review to ensure that your documents are still in line with your wishes. Following these five steps can be really important to protect the new wealth you are growing into. Don’t let your hard-earned assets be exposed to major risks- investigate what you can do to protect it today.  Email us at info@lawesq.net.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account

Understanding the rules for inherited IRAs is essential to avoiding costly mistakes. Learn the key differences between spouse and non-spouse beneficiaries, required distributions, and important planning considerations. An Individual Retirement Account (IRA) is often one of the ...

<p>The post Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End

Mid-year is the ideal time for business owners and high-net-worth families to review estate plans, tax strategies, retirement planning, and wealth transfer opportunities before year-end. As the calendar reaches its midpoint, many business owners and affluent families are focused on growing their businesses, managing investments, and enjoying the summer months. However, mid-year is also ...

<p>The post Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

The Power of Gifting: A Smart Strategy for Estate, Tax, and Financial Planning

Discover how strategic gifting can help reduce future estate taxes, support loved ones, and create a lasting legacy as part of a comprehensive estate and financial planning strategy. When most people think about estate planning, they picture wills, trusts, and beneficiary designations. While those documents are essential, one often-overlooked strategy can provide ...

<p>The post The Power of Gifting: A Smart Strategy for Estate, Tax, and Financial Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>