Step #1 / Complete the Guidebook

Today’s focus is on designing and building the proper estate plan to protect your wealth for future generations. Nate Crannell and Mike Neubauer have created a comprehensive guide filled with important questions and scenarios that you and your spouse, partner, or loved ones must consider as you write your trust and estate planning documents. Estate planning isn’t just about having a will—it’s about making sure your assets are protected through tools like trusts, LLCs, and holding companies, and that you have a clear strategy in place for what happens to your wealth after you’re gone.

Physicians often accumulate significant wealth through multiple avenues—private practices, real estate, and investments—making estate planning essential.

Here’s why it’s crucial:

• High Liability Exposure: As a physician, you face unique risks, including potential malpractice claims. Without proper protection (e.g., trusts, LLCs), your assets could be exposed to these risks.
• Complex Income Streams: Physicians often have diverse income streams, and managing these effectively through proper estate planning can help minimize taxes and ensure smooth wealth transfer.
• Legacy Planning: If you’re building an 8-figure net worth, proper estate planning ensures that your wealth isn't diminished by taxes, legal fees, or family disputes. It also gives you the power to control how your wealth is used even after you’re gone.

Completing Day 4 means sitting down with your loved ones and working through this guidebook, engaging in those tough but necessary conversations about the future of your wealth. This process is crucial to ensure that your financial legacy is safeguarded.

Step #2 / Reflect and Analyze

Now, reflect on how your current estate plan (or lack thereof) fits into your overall wealth-building strategy. Physicians, in particular, face unique risks—from high liability exposure to complex income structures—and ensuring that your wealth is protected is key to long-term success.

Here’s what you should focus on as you complete the guide:

• The Importance of Asset Protection: Recognize why structuring your wealth with the right legal tools—like trusts, LLCs, or holding companies—can protect your assets from potential legal battles, minimize tax burdens, and ensure your wealth passes smoothly to your heirs.
• Estate Planning as Wealth Preservation: Remember that estate planning isn’t just for ultra-wealthy individuals. As your net worth grows, the risks increase, and without the proper structures in place, your wealth could be vulnerable to taxes, creditors, or family disputes.

Questions to Ponder:

• Do you have a will or trust in place? If so, when was the last time it was reviewed or updated?
• Are your assets currently protected from potential liabilities such as lawsuits, or are they at risk?
• Have you considered how your assets will be passed down to your heirs in a way that minimizes taxes & legal fees?
• If something unexpected happened tomorrow, would your family know how to access and manage your wealth?
• Have you and your spouse or partner agreed on how your wealth should be distributed, and is this reflected in your estate documents?

Step #3 / Make Your Day 4 Post

Share either a question you have after completing the guidebook OR share your biggest takeaway in our private LinkedIn or Facebook group. Just click one of the buttons below.

What’s Coming Tomorrow?

Congratulations on completing Day 4! By designing a proper estate plan, you’ve taken a crucial step toward securing your financial legacy. Tomorrow, the final day, is all about organizing your financial blueprint in two key documents that should be reviewed quarterly as you build wealth.