Everyone is open to potential lawsuits, but licensed professionals and business owners are even more at risk. Doctors, dentists, veterinarians, small business owners, and even attorneys themselves, have a higher risk of being sued and need more extensive estate planning to protect all they’ve worked for. So while it’s important for everyone to have an estate plan, estate planning for licensed and high risk professionals is even more important to reduce the risk of losing what you’ve worked so hard for.
Licensed Professionals Need More Extensive Estate Planning
When it comes to being more susceptible to lawsuits, licensed professionals have more to worry about than just malpractice lawsuits. While these types of lawsuits are of course something to protect yourself from, it’s also important to realize that there are other instances in which you need to protect your business and your assets. Being prepared with proper protections for your business and your personal assets is the key to a successful and worry free future. If you get divorced, have a falling out with a business partner, make a bad investment decision, or get into some kind of accident, a proper estate plan will ensure you’re protected from any situation that arises.
Estate Planning for High Risk Professionals
As a business owner, choosing the right entity for your business will help you protect you and your family from liability. With certain limited liability entities, you won’t need to worry about personal financial responsibility if something were to happen. We previously discussed how to include your LLC in your estate plan. Making sure you have the right entity for your type of business and your personal financial goals all goes into estate planning. If you are just starting to form your business, contact a professional to discuss the various entity options.
You can protect yourself and your business by having the right entity and also the right kind of trust. A trust can offer protection by removing you as the owner of the business and instead protecting your assets in a trust. With various kinds of trusts and taking your business into consideration, it’s best to consult with a professional to figure out the best options for your circumstances.
If you live in Illinois or Wisconsin, we are here to help. Contact us and let us help you figure out the best path for your business and protecting your family.
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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.