Category: Blog

Every day doctors come across families that are struggling with acceptance and death. When a loved one is sick beyond cure, it is indeed an emotional, ethical and legal gridlock. It happens because about 70% of the American population do not sign an advance directive. Thankfully, the numbers are not as bad for medical professionals. […]

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Are you a doctor with your own practice? Your practice at your private clinic or a co-owned clinic usually classifies as a small business. You have certain investments in the property that includes equipment, interior decor, staff and more. Your patients bring you the profit that usually goes into paying for your investments, i.e., the […]

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Even a couple of years back estate tax and income tax were not as foreboding as they are today. Children often moved into their parents’ houses after their parents passed away. Things are not that simple today! Doctors in the USA are having a hard time. Their average income usually ranges between $156,000 and $315,000 […]

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The marital deduction is a great way to save taxes. It is two deductions that have a common purpose. The marital deduction has the power to shelter asset and property transfer between spouses from any federal estate tax and gift tax. Regardless of the circumstances, the exemption holds when the transfer occurs before the death […]

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Fair market value of property within an estate is the real retail value of the property. It ideally depends on the standard of “highest and best use.” It usually results in much higher taxes, and the heirs are likely to pay a lot more than the estate planner had estimated. It often results in the […]

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Often after a doctor builds his or her own estate, they are likely to pass them onto their next generations. It is possible that parents give their children a life income interest in some trust. After the death of the child, the trust continues to pay interest to the grandchildren and then the great-grandchildren, depending […]

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Estate planning is no more than a chore for maximum medical professionals. It is typical of doctors to find the process somewhat cumbersome, time-consuming and unnecessary. When done correctly, estate planning has three most important benefits. It ensures the future of minor children by bequeathing the property and money at the time of the testator’s […]

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Doctors who own a business have unique needs when it comes to estate planning and tax planning. Throughout their lives, they face numerous challenges in their profession. Most doctors in the USA are concerned with three prominent issues in their financial lives – taxes, probate and malpractice lawsuits. Many doctors face litigious patients who are […]

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