thecomplexestate…The whole story goes like this:
Several months ago, I was asked to present at the AMA Foundation Board meeting in Chicago. It was my usual estate and philanthropic planning conversation, compressed in time to a hot, tired, stressed group of doctors who had spent their morning talking about health care reform and the future of the health care profession. I, was either irrelevant or, at best, a distraction from the tough issues at hand. Nonetheless, at least one of the doctors on the board liked what I had to say enough that he later asked me if I would be willing to come to his home and address a selected group of physicians that he would personally invite to participate.
So that was my house call last night. And while I spoke to a small group very informally I learned more from them than they did from me, I’m sure. Over cake and coffee after my presentation we sat around and chatted about their profession and their concerns for the future. I didn’t realize that more than 50% of doctors are employees now. Very few are starting or buying practices. They work for large health care organizations and are salaried. Younger physicians won’t join anything or attend anything. They’re content to keep their heads down and spend whatever free time with family or friends. AMA membership is only 16% of licensed practitioners with most choosing to belong to their specialty’s society, along with their state and county organizations. These doctors feel tremendous stress and uncertainty about their future. They’re as worried about lawsuits as any group I’ve ever met. Asset protection trumped the estate planning discussion easily.
And, of course, no one had an estate plan that was current. No one had included any philanthropic planning. No one really knew where to go to solve any of these issues.
It was an interesting night for me. Maybe for the group too. I sure hope so.
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