Working in a profession that has a high salary is beneficial for a number of reasons. You may have started your job with the amount of money you would make in mind because you knew it would allow you to live comfortably, accrue assets you found interesting and meaningful, and provide for your family as necessary. Now, you want to think about protecting your assets for the future.
Everyone will one day meet his or her demise. While this is certainly a difficult idea to consider, as a doctor, you understand that no one is invincible. As a result, you want to get your affairs in order. Fortunately, various estate planning tools could help you achieve your goals.
Consider financial matters
While many people think about how they want their assets distributed after their passing, they may not think enough about how their assets and estate value could diminish due to taxes and other fees. Luckily, you can plan ahead and take measures to reduce estate taxes in efforts to maintain more of your estate wealth to pass on to your family. Though many estates are exempt from estate taxes, your lucrative salary may put your estate’s worth above the exemption amount. Therefore, you would be wise to account for taxation.
Go beyond a will
Though a will is certainly an important estate planning document, you may need to take advantage of other planning tools in order to protect your assets. You may find it worthwhile to explore the various trusts that are available to you and determine which ones could help you have more control over your property and its distribution. The court removes assets placed into trusts from the estate, which means that they do not have to go through probate proceedings.
You can also put a trusted person in charge to manage the assets after your passing, and you can leave specific instructions on what that management should entail. You can indicate that the trustee should only distribute assets for specific purposes or at specific times. As a result, you still maintain control over those assets.
Getting it right
Because you have worked hard to build your estate, you certainly do not want anything to jeopardize the benefits it could bring to your family in the future. In order to create a solid and comprehensive estate plan, you may wish to work with experienced Florida attorneys who can provide you with reliable information and assistance.