Professionals such as Doctors, Dentist, Veterinarians and Chiropractors have many different phases through which they will pass. These phases of one’s career may range from starting as an associate, to acquiring a practice, to working as a managing partner, to the eventual sale or a practice, and ultimately retirement. A professional’s goals and the risks associated with a certain phase of life continue to evolve through the many changing phases of life.
Without effective planning, the assets of a practice may prove insufficient to satisfy the claims of creditors which may arise. Oftentimes, owners of a practice will also have to sign as guarantors on a lease or purchase or real property or equipment. As such, steps should be taken to shelter one’s personal assets from potential creditors associated with one’s practice.
Accordingly, a professional’s estate plan should be continually reviewed and evaluated to ensure one’s most recent goals are being achieved and one is protected from potential liabilities associated with the practice. A regular review of one’s estate plan with your estate planning attorney can also allow one to evaluate potential estate tax concerns as one continues to amass wealth from practice. When one has an ongoing relationship with his or her estate planning and business planning attorney, he or she is able to engage in prospective planning rather than reacting to changes in circumstances as they arise. In the event an issue arises, one may simply contact their attorney to have a discussion if their attorney is already familiar with their personal and professional matters.
If you would like to sit down with a member of the NC Planning team to discuss your personal and professional goals, please contact us at (919) 900-4720 to schedule a consultation.
