Foundation models have demonstrated strong reasoning and generalization capabilities in driving-related tasks, including scene understanding, planning, and control. However, they still face challenges in hallucinations, uncertainty, and long inference latency. While existing foundation models have general knowledge of avoiding collisions, they often lack transportation-specific safety knowledge. To overcome these limitations, we introduce LetsPi, a physics-informed, dual-phase, knowledge-driven framework for safe, human-like trajectory planning. To prevent hallucinations and minimize uncertainty, this hybrid framework integrates Large Language Model (LLM) reasoning with physics-informed social force dynamics. LetsPi leverages the LLM to analyze driving scenes and historical information, providing appropriate parameters and target destinations (goals) for the social force model, which then generates the future trajectory. Moreover, the dual-phase architecture balances reasoning and computational efficiency through its Memory Collection phase and Fast Inference phase. The Memory Collection phase leverages the physics-informed LLM to process and refine planning results through reasoning, reflection, and memory modules, storing safe, high-quality driving experiences in a memory bank. Surrogate safety measures and physics-informed prompt techniques are introduced to enhance the LLM's knowledge of transportation safety and physical force, respectively. The Fast Inference phase extracts similar driving experiences as few-shot examples for new scenarios, while simplifying input-output requirements to enable rapid trajectory planning without compromising safety. Extensive experiments using the HighD dataset demonstrate that LetsPi outperforms baseline models across five safety metrics.See PDF for project Github link.