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Estate Planning for Physicians

Estate Planning for physicians, dentist, lawyers, accountants, veterinarians, doctors, or other professionals is different from the average Florida estate plan. Professionals are typically better educated, have higher net worth, different lifestyles, and higher risk due to professional practice.

Not only do professionals need different advice, they need better advice pertaining to wealth protection. The first part of a successful wealth preservation estate plan is to focus on dealing with the other professional who help guide the individual in their financial decisions making. Almost all decisions are made with the help of the professional advise of the CPA and financial planner. As a team, we will develop a plan that focuses on protection of the business and personal assets while minimizing the estate and income taxes. Often this process involves creating and executing a practice exit strategy and retirement income to maintain high income during retirement.

With proper asset protection, the threat of lawsuits and risk of loss of capital can be minimized Assets must be shielded from risk and wealth protection needs to be used in conjunction with the wealth creation techniques that are used by the financial planners.

Asset protection has a sliding scale and the costs and benefits of asset protection must be reviewed in comparison to the enhanced risk associated with partnerships.

While homes in Florida often provide significant asset protection, there is no longer an unlimited amount of asset protection available through ones homestead.

Estate tax planning can be dealt with through customized revocable living trusts which incorporate legacy trusts for the children. In addition, life insurance is usually significant for professionals and should always be owned in a life insurance trust (ILIT). As wealth increases, grantor trusts can be used to transfer assets to children and grandchildren without relinquishing control of the funds. You can grow the wealth of your descendants and control how and when they obtain access or use the funds in the trust.

We can use GRATS, LLCs, and family limited partnerships to devalue the assets in the as they are transferred outside of your estate.

Professionals also have significant retirement benefits and these are essential to deal with properly as they can end up being taxed at 75% if not death with properly. This results from income tax being paid as well as federal estate taxes being due on the amounts in excess of the estate tax exemption.

If you are a physician and would like to discuss Florida Estate Planning with Asset Protection for physicians or other professionals please Contact us by email to schedule a meeting with a Florida Estate Planning Lawyer or call our office at 904-685-1200.

We understand that meetings during the day are not always easy and are available to meet with you outside of business hours.

Client Reviews
"As a real estate agent, I have been involved with many property transactions where I needed a probate attorney to help facilitate the transaction. I have used the services of Mr. Goldman and his staff over the last several years and continue to use them on a regular basis. His office has been able to navigate the court system and help estates sell their property quickly and efficiently..." Michael Starling
"I've had Mr. Goldman do my entire estate planning as well as my gun trust. I highly recommend him and his firm. If you're planning a gun trust, trust no one else Mr. Goldman is one of if not the best versed on this topic." Howard
“Great service is an understatement. We bought several properties that Mr. Goldman handled for his clients. The communication and explanation of everything was terrific. I would definitely recommend him for all of your real estate needs.” Kassandra
“After struggling with 2 probate cases prior to hiring attorney Goldman I was extremely apprehensive during the hiring phase. Not only did Attorney Goldman assure me they could take care of this his office was wonderful. Jennifer was assigned to my case and she was wonderful and were able to guide another probate case I had saving me additional time and frustration. Highly recommend this office.” Debbie