Every dental and medical professional should consider not only how to keep his or her practice running at full capacity, but also what will happen upon retirement or other departure such death and disability. Practices and individual practitioners are well-served by having succession strategies in place long before they are necessary. Retirement, voluntary departure, buyouts, and even death can all lead to a change in your practice’s ownership structure. By establishing solid succession strategies in advance, you can ensure that your practice will continue to operate successfully, even when sudden or otherwise unexpected changes take place.
Whether you are in need of succession advice for a departing partner, or simply looking to prepare for the future, we can help you make the best decisions for your practice and its owners.
If you're considering selling your practice in the near future, read our blog on how to Plan Your Exit Strategy Before It's Too Late.
Having a will is a sound practice for every individual and for the peace of mind of any family. Additionally, this need becomes especially important when one is a business owner. While succession strategies can be enacted in order to ensure the continuity of your practice in the event of your death, personal decisions should also be made in terms of the disposition of your assets to your loved ones. Wills and trusts can establish disposition instructions for your assets and can be especially useful in terms of providing for the futures of your spouse, children, and grandchildren. A living will ensure that your wishes will be followed even in the event that you are unable to speak for yourself. Further, a power of attorney is a versatile document which can prevent a variety of issues which may arise in the event of illness or incapacitation. Our legal experts can provide you with estate-minded financial planning to protect both your family and your business now and well into the future.
Taking the time to plan now for your family’s future is a critical act. Developing your will and testament will save your family time, money, and stress during what will surely be a difficult series of events.
While the creation of a will is paramount, one must also consider executing a power of attorney and/or guardianship documents. These documents will allow your designee to make decisions about your health, your care, your living situation, or your finances without interference.
