Estate Planning for Physicians: Protecting Your Legacy with Wagner Oehler

As a physician, you've spent years caring for others—but have you taken the time to care for your own future? Estate planning might not be the most exciting topic, but it’s one of the most important ways to protect your family, your assets, and the legacy you’ve worked so hard to build.

At Wagner Oehler, we help busy professionals like you put smart, effective estate plans in place so you can focus on what you do best—without worrying about what happens down the road.

Why Physicians Need Estate Planning (Like, Now!)

Many doctors put off estate planning because they think they have plenty of time, or they assume things will just work themselves out. Unfortunately, without a solid plan, your family could end up dealing with unnecessary stress, legal battles, or major tax headaches. Here’s why it’s crucial to take action:

  • Protecting Your Assets – Physicians face a higher risk of lawsuits, making it essential to shield assets from potential legal claims.
  • Reducing Taxes – A well-thought-out estate plan can help minimize estate taxes, capital gains taxes, and income taxes for your heirs.
  • Ensuring Your Wishes Are Followed – Without a clear plan, the courts could decide how your assets are distributed—not you.
  • Providing for Your Loved Ones – An estate plan ensures your family is taken care of financially if something happens to you.

Key Pieces of a Physician’s Estate Plan

1. A Will and Trust (Yes, You Need Both!)

A will lays out how your assets should be distributed, but it may require probate—a process that can be time-consuming and costly. A revocable living trust helps avoid probate and keeps things running smoothly for your heirs.

2. Asset Protection Strategies

As a doctor, you have a higher-than-average risk of lawsuits. Consider:

  • Malpractice insurance (a must-have, obviously!).
  • Umbrella liability insurance for extra protection.
  • Entities to shield your personal wealth from potential lawsuits.

3. Smart Tax Planning

Without proper planning, estate taxes can eat away at your hard-earned wealth. Strategies like gifting, charitable donations, and trusts can help minimize tax liabilities. Some options to consider:

  • Annual gift exclusions – You can give a certain amount tax-free each year.
  • Charitable remainder trusts (CRTs) – These provide income for you now while supporting your favorite charities.

4. Power of Attorney & Healthcare Directives

Estate planning isn’t just about what happens after you pass—it’s also about making sure someone you trust can make decisions if you become incapacitated. Be sure to have:

  • A financial power of attorney to handle your money matters if you're unable to.
  • A healthcare power of attorney and advance directive to outline your medical wishes.

5. Planning for Your Medical Practice

If you own a medical practice, you need a succession plan to ensure a smooth transition in case of retirement, disability, or other life changes. Key steps include buy-sell agreements and clearly defining how ownership transfers will work.

6. Reviewing Beneficiaries (Because Life Changes!)

Your retirement accounts, life insurance policies, and investment accounts have designated beneficiaries. If you haven’t checked them in a while, now’s the time! Make sure they align with your current estate plan.

7. Charitable Giving That Works for You

Want to leave a legacy beyond your family? Charitable trusts, donor-advised funds, and private foundations let you support causes you care about while also offering tax benefits.

How to Get Started (Without Overthinking It)

Estate planning doesn’t have to be overwhelming. At Wagner Oehler, we break it down into simple steps so you can get a plan in place without the stress. Here’s how to start:

  1. Take Inventory – List out your real estate, investments, retirement accounts, and business interests.
  2. Define Your Goals – Who do you want to provide for? What protections do you need?
  3. Meet with Our Team – We’ll help draft and implement the right legal documents and put smart strategies in place.
  4. Work with Financial & Tax Advisors – A great estate plan is part of a bigger financial picture.
  5. Review Regularly – Marriage, kids, career changes—life happens! Keep your plan updated.

Let’s Make Sure Your Legacy Is Protected

You’ve worked hard to build your career and secure your family’s future—now it’s time to make sure your estate plan reflects that. At Wagner Oehler, estate planning for physicians and high-income professionals is our day-to-day work. Let’s create a plan that gives you peace of mind and protects the people you love.

Ready to take the next step? Schedule a consultation with us today and let’s get your estate plan in place!

To learn more about estate planning, keep an eye on our Events page located at: https://www.wagnerlegalmn.com/events/.

Want to stay informed? Subscribe to our quarterly newsletter for updates.