Creating And Protecting Your Legacy

Physicians might consider extensive estate planning steps

On Behalf of | Aug 21, 2020 | Estate Planning |

Estate planning could do more than assist heirs and family members after someone passes away. Estate planning can also provide legal strategies for people while they are still alive. Many professionals benefit from estate planning as business responsibilities might linger after a person passes away or becomes incapacitated. Physicians in Florida may find it useful to discuss estate planning steps at a family law practice. The complexities of running a private practice might necessitate careful estate directives.

Directives could cover what happens to a private practice should a physician become incapacitated. Who will handle business matters until the physician becomes capable of returning? What if the physician cannot return? Leaving things up in the proverbial air may not be beneficial to family members and others.

Tax matters also come into play. When someone passes away, the executor of the state commonly handles paying debts and obligations. Making tax payments by drawing money from assets in probate reflects one way to settle tax debts. If the physician is still alive, who handles tax obligations? Estate planning could serve as a means of finding a workable answer to such a question.

Perhaps a physician wishes to turn over certain financial responsibilities to someone else even when he or she is still living and not incapacitated. Drawing up a power of attorney document and executing the contract extends allows someone else to handle another person’s financial decisions in their name. An attorney might suggest affording another person power of attorney, but it is not a decision to make lightly. Living wills and health care proxy documents could address issues related to someone becoming incapacitated. These contracts deal with health care decisions.

The most common aspect of estate planning, in general, involves writing a will. A will may detail the distribution of assets to family members and other heirs after someone passes away. A will could also leave money to charity or expressly state directives regarding a business. For example, the will might state that a physician’s practice should be sold or closed down. Estate planning could involve more than many people assume, so speaking with an attorney who handles estate planning may be worth considering.