Doctors work hard, they work long hours, and they have a fairly selfless job in which they take on challenges and even risks to help others when they need it most.
The upside, naturally, is that they are fairly well compensated for it. The statistics from 2018 show that the average salary for a medical doctor was $224,190. While the lowest salaries reported were vastly below that, at $23,500, the highest salaries came in at $397,000. Reports claimed that the majority of people in this field would claim an income that ranged from $150,000 to $312,000.
Now, living expenses are high in California, but someone who makes nearly $400,000 per year is still making much more than most of the population. Some reports put the median household income in the state at just $63,783.
What this means is that estate planning is very important for doctors, as they may have significant assets to leave to their children. Even beyond merely the money they have on hand, they may also own nice primary homes, vacation homes and other types of property that they want to keep in the family.
Plus, the doctor may have children who want to go into the family business. Can they leave the practice to the next generation? What type of succession plan do they need to make sure the process goes smoothly? If the children don’t want to work in the same field, can they sell the practice to a third party?
There are a lot of questions to ask and the process can get complicated, so doctors must know exactly what steps to take.