))
Protecting Your Practice and Legacy at ANY AGE with Attorney Paul Dillon
Manage episode 362388962 series 3457427
Content provided by Kevin Sullivan / Wealth Advisor - Host. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Kevin Sullivan / Wealth Advisor - Host or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
If you have made it into the medical profession as a doctor, your practice and legacy is worth protecting at....... any age.
Experienced attorney Paul Dillon of 41 years, shares some great insights in this episode you won't want to miss!
Like many professionals, specifically doctors, they think of "what is" instead of "what will be."
In this context, many doctors put off this type of planning because they feel their practice is not big enough yet, or they don't have enough tenure as a physician yet. But as life events happen, time slips away and planning needs to be done......
for the day......
in which something happens.........
and if you're not prepared, your legacy is at risk.
Since none of us knows "that day,"..... planning is essential.
Furthering the point.....example.....a newly credentialed doctor opens a practice, and maybe is only a year or two in the business. A life changing event (accident, death) happens and as a result of that accident or death, a settlement is reached for a multi-million dollar amount that now heads towards the estate as beneficiary.
The physician didn't do any protection, or legacy planning, and now what "could have been" changes status to " I wish I had..." due to the tax bite of things left unplanned for.
Most descriptive words with regards to accidents or untimely deaths, or lawsuits are:
"suddenly, immediately, without warning, and surprisingly."
Planning for who you will be in the future needs to be done today. Then, you can rest with the peace of mind.....at any age.....
Consider these points:
1. You have something to protect
2. Most states have provisions that will only allow a medical credentialed physician take over your practice should something happen to you, and in most cases that is not your spouse. Even if you're not married, a section has to be made "in advance."
3. What's a will, trust, power of attorney, healthcare proxy?
4. An ongoing relationship with my attorney?
5. The power of a team of professionals, especially a virtual team
6. Don't forget to fund your trust, if not, it's useless.
7. Do you have the right entity set up? Do you need multiple entities?
PODCAST INFO
Kevin R Sullivan, AIF® - Founder - Wealth Advisor, and the host of this podcast
K D Sullivan Wealth Strategies.
112 Clinton Ave.
Winslow, ME 04901
Email: kdsullivan@lpl.com
Contact: 716-970-4448
Got questions?
Click here for a complimentary discussion or virtual meeting.
For more information on wealth strategies and other concierge services, visit: www.kdsullivanwealthstrategies.com
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.
The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
13 episodes
Share
