Estate planning for physicians is frequently discussed in learned terms. In fact, frequently, the purpose seems to be one of confusion rather than of clarification. It seems desirable, therefore, to analyze in concise and simple manner the problems that the physician must consider and possible solutions that may be of interest to him.
PURPOSES OF ESTATE PLANNING
Every estate plan is undertaken with certain objectives in mind. These are, primarily, financial security for the physician during his continued business or professional activity and after retirement; security for his family and others dependent on him after his death; continuity or liquidation, with minimum loss, of the income-producing entities; maximum savings in income and succession taxes; and eventual transfer of his holdings in the manner he desires. Increasing requirements of education and professional training, combined with reduced longevity for those persons whose intense concentration on work produces hypertension, thromboses, and perforating ulcers,