MSSNY Pulse – October 10, 2025

Physicians are experiencing unprecedented career shifts. A recent analysis found that 62% of doctors have changed jobs, retired early, or pivoted to non-clinical work within the past two years. These rapid transitions expose the weaknesses of conventional estate plans, which often assume steady income and a predictable retirement timeline. For physicians, such assumptions can leave families without access to critical cash, stall practice transitions, and trigger unexpected tax or liability risks.

Common problems arise when generic wills or static living trusts fail to anticipate realities such as tail coverage premiums, partnership buy-sell clauses, or private equity earn-outs. Without proper planning, practices can lose value, credit lines can be strained, and patient care may be disrupted during succession.

The solution is responsive, physician-focused estate planning that adapts to career shifts and integrates digital safeguards. This includes:

• Ensuring immediate liquidity if income is interrupted.
• Pre-authorizing succession authority so trusted colleagues can step in seamlessly.
• Using digital estate management tools that secure practice logins, EHRs, and DEA credentials, ensuring compliance and operational continuity.

Recognizing these unique challenges, MSSNY is proud to announce Altfest Wealth Management as a new Business Solutions Partner. Altfest is a nationally recognized, Barron’s- and WSJ-featured firm with deep experience guiding physicians through complex financial decisions. As a fiduciary, fee-only advisor, Altfest prioritizes your interests with customized strategies for investments, retirement planning, tax efficiency, and practice transitions.

New York physicians already working with Altfest highlight its impact: “Having been an Altfest client since 2005, my wife and I have relied upon them for financial advice as our concerns and needs changed and most importantly, for trustworthy management of our funds… We have accomplished more with Altfest as our trusted partner than we could have alone,” shared Dr. Henry B., Hepatologist*. Others praised their guidance through volatile markets and their consistent, proactive care over more than a decade.

MSSNY’s partnership with Altfest reflects our commitment to helping physicians succeed in practice and protect their long-term financial security and family legacy.

*These testimonials are provided by actual clients of Altfest Personal Wealth Management. Individual experiences may vary, and past performance or satisfaction does not guarantee future results. The information presented should not be considered investment, tax, or legal advice. All investments involve risk, including the potential loss of principal. Prospective clients should carefully evaluate their own financial circumstances and consult with appropriate professionals before making any financial decisions.

Why static estate plans can derail physicians amid career changes (Enders, Medical Economics, 10/7).

If you’ve participated in MSSNY Medical Matters over the past 20 years, you are surely familiar with Dr. Bill Valenti, the epicenter of MSSNY’s CME offerings.  The long-time Chair of MSSNY’s Infectious Diseases Committee, Dr. Valenti has consistently been at the forefront of MSSNY’s and the NYS DOH’s public health efforts in the epidemiology and infectious diseases arena—offering sage advice and guidance to countless learners on topics ranging from vector borne diseases to vaccine preventable diseases, infection control and COVID.

Dr. Valenti, a nationally recognized HIV/AIDS physician who co-founded the organization that would eventually become Trillium Health, announced that he will be stepping down from his position after a long and distinguished career. He co-founded Community Health Network in 1989 – an HIV/AIDS clinic that served patients during a time of widespread fear, uncertainty, and stigma against the LGBTQ+ community. He stood at the front lines of the HIV/AIDS crisis for decades – shaping the region’s medical response, advising federal and state health agencies, and supporting research that led to advances in treatment and prevention. Over the years, Community Health Network evolved to become Trillium Health, which is now a Federally Qualified Health Center serving 20,000 patients and clients across Greater Rochester and the Finger Lakes.

MSSNY has been fortunate to have someone as knowledgeable and as well respected as Dr. Valenti to be part of our educational faculty and committee leadership. Please join MSSNY in wishing Dr. Valenti a well-deserved, healthy, happy, and extended retirement. We are grateful that his retirement will allow him more time to educate his fellow physicians as he continues serving on MSSNY’s Infectious Diseases Committee and as a presenter for our CME programs.