Estate Planning For Professionals & Business Owners
Professionals and business owners quite frequently have estate planning needs that are specific to their particular circumstances. Because of the nature of a professional practice or the type of business involved, some of these needs are complex and require a more sophisticated approach to estate planning than might otherwise be the case with men and women who are not engaged in a profession or who do not own or manage a business enterprise. Thus, men and women engaged in a professional practice or persons who own or manage a business enterprise might rightly be concerned with estate planning issues such as income tax planning, estate tax planning and marital rights.
Because of the nature of a professional practice or a particular business, it may very well also be the case that professionals and business owners or managers will want to be assured that their estate planning is designed to protect their estate’s assets for themselves so that a spouse or any children will not have problems receiving those assets in the event the professional or business owner dies or becomes incapacitated. This is an area of my legal practice that some may characterize as asset protection planning. However, we consider it to be an important form of complex estate planning that is designed to assure professionals and business owners and managers that the estate they have worked hard to build up over several years can be protected from litigation and bankruptcy matters. This is an appropriate area of estate planning and we are able to assist those persons who need that kind of planning.