Residency to Retirement

Between the loss of income and increases in medical care costs, disabling injuries suffered by high-income physicians can cause financial devastation that far exceeds that of their premature death.

Few have as much need for asset protection as physicians. As high-income earners, physicians often have substantial financial assets and real property that needs to be removed from risks of loss due to liability, malpractice claims, worker complaints, cyberattacks, HIPAA violations and more.

One of the most important components of a sound financial strategy is to mitigate risk.

The reality of health care practice in the 21st century is that lawsuits and liability lurk in the background for physicians.

A physician’s concerns about long-term care typically increase over time – with many beginning to focus on this type of planning in their 50s or early 60s.

In any year, most physicians would like to reduce their taxes. This goal may prove even more important in 2021, and beyond, as it is expected that Democratic control of Congress and the White House will result in new tax legislation.

Many young physicians, fellows and residents look at their financial situation and do not think of themselves as owning any significant assets, never mind being wealthy. This may be understandable, as most young doctors have low income during their training years and, even when having higher incomes once they are in practice, may be saddled with significant debt from student loans.