Top 5 Estate Planning Tips for Physicians and Dentists

In this blog, we will discuss the Top 5 Estate Planning Tips for Physicians and Dentists.

1st Tip: The first tip is to have a Living Trust. A Living Trust is a device that transfers your assets into your Living Trust in case you or your spouse become disabled or unable to make decisions for yourself. This is important because a properly funded Living Trust will avoid court procedures and probate court. Unlike a will, a Living Trust is a private document because there is no court procedure and there is a smooth transition upon your death or incapacity.

2nd Tip: Make sure your principal residence is titled in a Private Land Trust. For married couples/partners, it is important to have your house as tenants by entirety. Tenants by entirety provides asset protection in case you, the Physician or Dentists, has a lawsuit or judgment against you. Titling your primary residence as tenants by entirety allows you and your wife to avoid a creditor from forcing the sale of your primary residence. The benefit of a Private Land Trust is privacy and liens and judgments do not attach to your primary residence with some exceptions.

3rd Tip: Make sure your assets are properly titled and outside of your personal name or joint ownership with your spouse or partner. Often times, I see a Physician or Dentists and they have a couple of real estate properties that are owned by them and their spouse or simply by themselves. This is a big "no, no" because an accident on any of the investment real estate properties threatens their financial solvency.

4th Tip: Make sure you and your spouse have a power of attorney for property and healthcare. A power of attorney is a legal document where you appoint a person or multiple people (depending on deaths, etc.) to act as your agent in case you are unable to make healthcare or financial decisions.

5th Tip: Stop waiting to get your estate and asset protection plan completed because you may have a lawsuit or potential lawsuit filed against you, which makes it difficult to properly plan for your estate or asset protection goals.

Sean Robertson is an estate planning and asset protection attorney that counsels Physicians and Dentists on their asset protection and estate planning goals. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Robertson Law Group, LLC has offices in downtown Chicago and Naperville, Illinois.