Legacy Planning for Doctors
Protect your practice. Secure your legacy. Care for your family.
Why Legacy Planning for Doctors Matters
Doctors face unique challenges: high income, complex assets, regulatory and licensing constraints, and various practice risks. Without proper planning, your estate may be taxed heavily and your medical practice could be left vulnerable. A well-designed legacy plan ensures your family, practice, and patients are protected—no matter what the future brings.
At
Wade Law Offices, APC, we specialize in helping
doctors in California and Washington with estate planning, gift & estate tax strategies, and business succession planning. We work with you to build a plan that supports your professional legacy and provides personal peace of mind.
Estate Planning for Doctors
Wills & Trusts
Ensure your assets transfer to your chosen beneficiaries according to your wishes.
Healthcare Directives & Powers of Attorney
Establish clear instructions for medical decisions and appoint trusted individuals to act on your behalf if you’re unable to do so.
Guardianship for Minor Children
Legally designate guardians to care for your children, securing their future if something happens to you.
Gift & Estate Tax Planning
Lifetime Gifting
Implement strategies to reduce your taxable estate by making prudent gifts during your lifetime.
Wealth-Focused Trusts
Utilize trusts tailored to physician wealth that minimize estate taxes and protect your assets for the next generation.
Charitable Contributions
Plan philanthropic gifts that support causes you care about while also providing valuable tax benefits.
Business Planning for Doctors
Entity Formation
Choose the right business structure (LLC, S‑Corp, Professional Corporation) to protect your practice and optimize tax treatment.
Succession Planning
Develop a transition plan for ownership to ensure your practice can continue smoothly when you retire or in case of an unexpected event.
Buy‑Sell Agreements
Put agreements in place with partners to safeguard your legacy and provide clear terms if a partner’s status changes or if you can no longer run the practice.
Our Doctor-Focused Process
We guide you step‑by‑step so nothing is overlooked in your planning:
- Practice & Asset Review: We assess your practice structure, assets, income, debts, and liability exposures.
- Goal Setting & Risk Mitigation: We discuss your family and legacy goals, how you want your practice to run in your absence, and identify potential tax or liability risks.
- Strategy Development: We create customized estate, tax, and business strategies—incorporating trusts, gifting programs, proper practice entity formation, and succession plans tailored to your needs.
- Document Preparation & Implementation: We draft and execute all necessary legal documents, including wills, trusts, business entity filings, buy‑sell agreements, and other instruments to put your plan into action.
- Practice Succession & Transition Planning: We plan for who takes over your practice to ensure patient care continuity, handling any regulatory or licensing transfer and potential sale issues.
Ongoing Review & Updates: As laws change and your circumstances evolve, we offer periodic reviews and updates to keep your legacy plan current and compliant.
Our Approach
Why Clients Choose Wade Law Offices
Tailored insights. Practice‑aware. Trustworthy guidance.
- Experience with Physicians: We have dedicated experience helping doctors with high‑income practices, complex licensing requirements, and diverse asset portfolios.
- Dual-State Expertise: Our team is licensed in both California and Washington, so doctors practicing in either (or both) states receive consistent, coordinated planning.
- Integrated Planning: We provide unified estate, tax, and business succession planning—no siloed advice. All aspects of your professional and personal legacy are considered together.
- Personalized Service: Our approach is focused on
your goals,
your practice’s risks, and
your family’s legacy. We pride ourselves on attentive, personalized support every step of the way.
As a physician, you care for others—let us help you care for your legacy.
Frequently Asked Questions
Do I need a Professional Corporation (PC) or S‑Corp for my practice?
Often yes. Your choice of entity affects taxes, liability, and regulatory compliance for a medical practice. We’ll help you decide what structure is right for your specialty, goals, and income level.
How can I protect my practice if something happens to me?
Through proactive succession planning and buy‑sell agreements. These tools ensure that if you become incapacitated or pass away, your practice can continue operating or be transferred smoothly to a designated successor without disruption to patient care.
Can I reduce estate tax through gifting and trusts?
Yes. Doctors often accumulate substantial assets over their careers. By using strategic lifetime gifting and establishing certain types of trusts, you can reduce the portion of your estate that will be subject to estate taxes, maximizing what goes to your heirs and chosen beneficiaries.
What happens if my assets appreciate rapidly after death?
We incorporate valuation planning, special trust provisions, and timing strategies to mitigate sudden tax impacts from assets that grow significantly in value. This ensures your estate won’t face unexpected tax bills due to posthumous appreciation of investments or business interests.
If I move between California and Washington, how does that affect my legacy plan?
We coordinate cross‑state considerations in your plan. This includes managing differences in state estate taxes, aligning with state-specific regulations and licensing requirements for your practice, and adjusting documents to comply with each state’s laws. Our dual-state experience ensures your legacy plan works seamlessly in both California and Washington.
Is this planning only for high‑earners?
No. While high-earners have a lot at stake, even doctors with modest practices benefit from clear estate planning, a proper business structure, and risk protection. Effective legacy planning is about peace of mind and protecting your loved ones, no matter your income level.
We’re Ready to Help
You protect lives. Let us help protect yours. Find Your Path — Contact Wade Law Offices to explore tailored estate, tax, and business planning for doctors in California and Washington.