Many doctors set up estate plans early in their career, then promptly forget about them to focus on building their practices and careers. While that is certainly understandable, there have been changes in federal tax law over the past few years that can have a profound impact on your estate plan.
At this time of year, many people take a moment to reflect on the past year and plan for ways to improve in the new one. In addition to traditional resolutions about personal health, there are some resolutions you should consider in your practice as well.
In a previous post, we discussed how a carefully drafted practice agreement can protect your practice from being dissolved and/or seriously disrupted due to the unexpected death or disability of a practice partner. In this post, we will discuss some of the ways that a carefully drafted estate plan can similarly help you and your family prepare for the unexpected.