Estate Planning & Asset Protection with Kyle Claussen, Ep #041 cover art

Estate Planning & Asset Protection with Kyle Claussen, Ep #041

Estate Planning & Asset Protection with Kyle Claussen, Ep #041

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 Estate planning is often one of those "I know I should, but…" tasks that lingers on the to-do list, especially for busy professionals like physicians. So this week we're joined by Kyle Claussen, founder and owner of Resolve, for an in-depth conversation focused on estate planning for physicians. Kyle brings a wealth of expertise, tackling the complexities of estate planning, including guardianship, asset protection, and the all-important topic of ensuring your wishes are followed should the unexpected happen. From explaining when physicians should start thinking about estate planning (hint: don't wait until it's too late!) to breaking down the difference between wills and trusts, this episode is packed with practical advice tailored to doctors at every stage, whether you're a med student, resident, or practicing physician. The discussion goes beyond the basics, exploring how estate planning intersects with asset protection, and why proactive rather than reactive planning is so critical. Expect actionable tips on structuring beneficiaries, avoiding costly mistakes with property ownership across multiple states, and even some myth-busting around legal costs and DIY online tools. If you've ever put off estate planning or found the process intimidating, this episode will give you the clarity, and nudge, you need to get started. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [06:21] Estate and trust distribution insights.[09:14] Life insurance beneficiary risks.[12:16 Trusts for asset protection.[15:29 Managing multi-state property probates.[16:34 Estate planning essentials.[21:17 Top physician asset protection tips.[22:43 Risk management tips for rentals.[29:16 Why estate planning matters. When Should Physicians Start Estate Planning? When's the right time to get your estate plan in order? The answer is surprisingly straightforward, if you have kids, now is the time. Even if you're single or married without kids, the default "intestate" rules determined by your state may not align with your preferences, potentially leading to lengthy probate processes and undesirable outcomes. Many physicians delay estate planning, thinking it only becomes necessary when they're older or have amassed significant assets. But the reality is that life insurance proceeds, custody of children, and guardianship arrangements in the event of untimely death all hinge on these critical documents, regardless of your age or net worth. Wills, Trusts, and Beneficiaries: Avoiding Common Pitfalls A major focus of the discussion was the mechanics of passing on assets, particularly for families with young children. Too often, physicians mistakenly list minor children as direct beneficiaries of life insurance policies or retirement accounts. This can create legal headaches, since minors cannot legally inherit large sums outright or manage those funds. Kyle emphasized the importance of designating a trust, either by establishing a revocable living trust or including a contingent trust in your will, as the beneficiary for minor children. Doing so not only streamlines the process and potentially avoids multiple probate cases (especially important if you own property in multiple states), but it also allows you to set parameters around when and how young beneficiaries receive assets. You can't change the rules after the fact. That's why proactive planning, rather than reactive scrambling after a crisis, is essential. Estate Planning Costs and What to Expect One common myth is that estate planning is prohibitively expensive. According to Kyle, basic estate plans, which include powers of attorney, a will, and potentially a revocable trust, typically range from $500 to $2,500. While more advanced plans for those with multi-million dollar estates may cost more, most early- and mid-career physicians can secure peace of mind with a modest investment. He advises reviewing estate documents every five years or after major life changes to ensure guardians, beneficiaries, and special instructions are up to date. Key Tools Every Physician Should Consider for Asset Protection While estate planning determines what happens after you're gone, asset protection is about proactively safeguarding your wealth during your lifetime. The two are often linked, but not all estate planning tools (such as revocable living trusts) provide creditor protection. Kyle outlined several primary strategies: Malpractice Insurance: Ensure you're adequately covered at or above your state minimums.Tenancy by the Entirety: If available in your state, this joint ownership option for married couples provides powerful protection of your primary residence against individual creditors.Umbrella Insurance: An...
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