Estate Planning and Asset Ownership Issues for Medical Industry
Managing the personal and professional finances of dentists has become increasingly difficult and complex; estate planning is even more so. Dentists are too busy with the myriad responsibilities of their profession to be expected to keep up with rules and regulations that often seem to change hourly.
Our team of astute financial professionals keeps up with every rule and regulation as it is passed, and we ensure that our clients, their heirs, and their beneficiaries are never blindsided by changing estate tax regulations. Our goal is to ensure that your heirs get everything they deserve when your life ends.
If your life ends suddenly, we want to ensure that your family is able to sustain its current lifestyle. There is nothing worse than adding financial ruin to personal tragedy. A very common problem is that most couples own their homes as joint tenants.
If a couple dies simultaneously, ownership passes from the oldest, who is considered to have died first, to the youngest. If the person who isn’t the dentist is the youngest, and the finances aren’t set up correctly, it can cost your family a lot of money. If either spouse has a previous marriage, it can cause another set of problems.
It is important to establish a series of trusts to ensure smooth passing on of assets from the deceased to his or her family. Whether it is the family house, a rental property, or any of many possible investments, all assets must be protected or your family can suffer. Superannuation funds are already set up in a similar fashion, but someone has to make sure that everything is set up correctly, so that there aren’t any “surprises” for the heirs.
Ultimately, it takes astute financial professionals to ensure that your home and your assets stay where they belong: with your family.