These days, physicians have a lot to worry about as they grow their assets. Many, after years of residency, are plunged into a higher income bracket, but this can come with risks. Litigation, for example, can expose all those new assets of a physician to serious risk. That’s why it’s so important to take steps early to protect your assets and engage in regular review as your wealth grows. 

There are a few basic steps you can take to safeguard yourself, but there are many options when it comes to asset protection planning as well as your estate. As your situation changes, of course, it’s important to reconsider what you need to update.

Step 1: Update Your Will

Step 2: Avoid Probate With Trusts and Other Tools

Step 3: Consider Tax Reduction Strategies like gifting or an ILIT

Step 4: Review Beneficiaries

Step 5: Update Regularly

The first three steps are something you can visit while meeting with an estate planning attorney. The last two highlight the importance of an annual review to ensure that your documents are still in line with your wishes. Following these five steps can be really important to protect the new wealth you are growing into. Don’t let your hard-earned assets be exposed to major risks- investigate what you can do to protect it today. Contact us for help at (601) 925-9797.