Estate planning for individuals and business owners is not always a top priority. However, the difficulty with putting off creation of an estate plan is that none of us knows what challenges life will throw our way, including when our lives will end. At Peterson · Bradford · Burkwitz, our goal is to protect your interests and, when it comes to personal and business estate planning, the future must be dealt with now to help ensure your assets are protected while you are alive and when you pass on.
Dental practitioners, physicians, and other business owners could find their life’s work at risk without proper estate planning. In fact, some may be seen as targets by patients or customers, vendors or government agencies, presumably, because they may be perceived as having deep pockets. Asset protection goes far beyond carrying errors and omissions insurance or liability coverage.
Our experienced estate team at Peterson · Bradford · Burkwitz excels at guiding individuals, families and business owners through the often confusing legalities of estate planning. Whether of modest means or affluence, regardless of the size of an estate or business, a well-crafted estate plan spells out your wishes and helps protect your assets against predators, creditors, and probate. We work closely with other attorneys, accountants, financial planners, stockbrokers and insurance agents to ensure all of your interests and your legacy are thoroughly addressed.
While the essentials of estate planning apply to both individuals and businesses, business ownership creates a unique set of issues that must be acknowledged. Proper business estate planning can help preserve wealth generated through the business, when the company’s owner or a partner dies or becomes incapacitated.
Issues related to taxes, liquidity to pay creditors, succession and exit strategies, buy-sell agreements, transfer of ownership/management, and other factors can all be detailed in the business estate plan so the owner or partner and his or her family receive the highest possible value for their portion of the company.
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