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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.
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:
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:
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:
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:
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.
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:
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/.
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