Estate planning is crucial for everyone, but especially so for someone who owns a business or a medical practice. Dealing with a death is hard for anyone surrounding the tragedy, so in some cases, it might be difficult to focus on management and paperwork afterward. People will be mourning, so it is a great idea to have a plan for your mental health practice after you pass to help make things as easy as possible for others. An estate planning attorney in East Brunswick, NJ, like Bowne Barry and Barry, can ensure your practice has structure and stability after your death.
Importance
Owning a practice is a lifelong measure of work. Practitioners spend so much time perfecting their business and creating a structure to help them be successful. Clients put their lives into creating a business that defines their values and goals. Without proper planning with an estate planning attorney, your practice may be at risk when you pass away. Who is going to make all the decisions? Do you have taxes planned out?
What An Estate Planning Attorney Does
Estate planning helps to identify the goals and value of the client’s business so we can continue to focus on those. We also guide the appointed people to control the assets after a death. This helps ensure your business is in the right hands and can treat your patients with the same care and standards that were expected previously. With the passing of a practitioner, it can be difficult for patients as well. Practitioners build a client-patient relationship and it forms a sense of trust and belonging, so to ease this loss it is vital to continue with the same level of care.
Taxes
Estate planning is also beneficial for minimizing corporation income taxes. Within this process, you will need a revocable trust. This will manage the assets of your business while you are alive, and the beneficiaries after your death. A trust will help beneficiaries access assets faster rather than a business will can. It also manages probate savings, protection of your business, and dispersing your assets properly.
Contacting An Estate Planning Attorney in East Brunswick
If you would like your practice in good hands when you pass and you need an estate planning attorney in East Brunswick, NJ, please contact Bowne Barry and Barry Law to set up a consultation. We would love to help maintain your legacy and make sure your patients can carry on, even with such a significant loss.
