Features specific to medical careers
In New York, ownership of a medical practice is generally limited to licensed professionals, so an heir who is not a physician usually cannot simply keep a deceased doctor's share. The practice's governing documents should address what happens at death or disability, including how the interest is valued and bought out. Patient records also need a custodian, and arrangements for them should not be left to a grieving family. Retirement plans are often a doctor's largest asset, and the beneficiary designations on them deserve as much attention as the will. Disability coverage matters during working years as much as life insurance does.
Records to bring
Bring your practice's shareholder or operating agreement, your employment contract if you work for a hospital or group, and any buy-sell provisions. List retirement plans, life and disability policies, and how your home is titled. Note any remaining student loans, since many federal loans are discharged at death while private loans can follow different terms. If your spouse also practices medicine or works in the practice, mention it. Information about your children and their ages helps us plan guardianship and trusts.
Starting the plan at your career stage
A first meeting typically sets priorities for the stage of your career you are in. Early on, the focus is often on guardians, life insurance, and basic documents; later, it shifts toward tax and toward transferring a practice. We coordinate with your practice's counsel and accountant so that the practice agreements and the estate plan do not contradict each other. A health care proxy and power of attorney matter for doctors as much as anyone, even though many rarely picture themselves as the patient. We also talk about how often to update the plan as your circumstances change.
