Estate Planning and Medical Practioners
Estate Planning
Medical professionals play a crucial role in safeguarding the well-being of individuals and families. However, beyond diagnosis and treatment, there lies another crucial aspect that often goes overlooked —
estate planning.
CJM Lawyers
are experts in the preparation and administration of estate planning, often on an urgent basis, to ensure that individuals are able to maximise the asset protection of their estate as well as to minimise tax as the transfer of wealth occurs.
Generational Wealth Transfer
Due to the increasing average age and wealth of the so called ‘boomers’ the largest transfer of wealth will occur in the next 10 – 20 years which makes proper estate planning all the more important to ensure that:
- Assets are passed on in accordance with the wishes of will maker;
- Problem children have their inheritance controlled or protected; and
- Tax opportunities are maximised at the time of the transfer and going forward.
Medical Professionals
While it may seem distant from the daily responsibilities of healthcare providers, understanding the benefits of estate planning is essential for fostering holistic care for patients. It is also important for the medical professionals themselves. In this article we delve into the significance of estate planning and why medical professionals should advocate for its integration into patient care.
Enduring Power of Attorney
Ensuring Patient Autonomy and Decision-Making: One of the primary benefits of estate planning is the empowerment of patients to make decisions regarding their healthcare and assets. Through documents such as advance directives, and enduring
powers of attorney for healthcare, individuals can outline their preferences for medical treatment, appoint trusted individuals to make healthcare decisions on their behalf, and designate beneficiaries for their assets. By encouraging patients to engage in estate planning, medical professionals uphold patient autonomy and respect their values and wishes, even in situations where they may lack the capacity to communicate their preferences.
Estate Disputes
Mitigating Family Conflicts and Legal Battles: In the absence of clear estate planning directives, families may face conflicts and legal battles over medical decisions and asset distribution. Disputes among family members regarding end-of-life care or inheritance can exacerbate emotional distress for patients and compromise the quality of care they receive. Medical professionals can play a proactive role in mitigating such conflicts by initiating conversations about estate planning, thereby fostering consensus among family members and reducing the likelihood of disputes.
At CJM Lawyers we are here to assist medical practitioners, and their patients to ensure their estate planning covers off on their current and future needs as they progress through life. We can also advise on testamentary trusts which is a specific structure in a person’s will that provides additional asset protection and tax saving benefits.
We offer a free initial appointment at any of our offices located at Bundall, Chinderah, Tweed Heads and Murwillumbah. Please contact 1300 245 299 or visit
www.cjmlaw.com.au to make an appointment.
Disclaimer: This article is for general understanding and should not be used as a substitute for professional legal advice. Any reliance on the information is strictly at the user's risk, and there is no intention to create a lawyer-client relationship from this general communication.
