Do you own a healthcare practice? Do you have the necessary agreements in place for your exit strategy? The importance of a detailed agreement, whether it’s for a partnership or single member LLC, will ensure an easier transition for all parties involved.
In owning a practice, the particulars of that ownership must specify protection for the individual, their practice, and their family heirs. A practice can potentially go under if contingencies have not been anticipated for a change in ownership. More importantly, when the time comes for you to stop working, a structured agreement can make this life transition smooth and uncomplicated.
This agreement will convey the steps that are necessary, should retirement, an illness/disability or death occur. Without such language in place, the legal consequences can be undesirable and the future can be left uncertain.
Some considerations for the future of your practice:
- Insurance: A buy-sell insurance policy protects the practice and the owners, if a shift in ownership rises to the surface.
- Retirement/Death Benefits: How will your heirs maintain their lifestyle when you can no longer provide for them?
- Power of Attorney: Who will have the right to act on your behalf, should you become incapacitated?
- Healthcare Proxy/Living Will: What health decisions will need to be made and who will make those decisions for you?
Life is fragile. It is impossible to know what the future holds and what is going to happen. It is important to make sure loved ones, the medical/dental practice, and patients are being cared for with as little disruption as possible. Thinking ahead, and having the proper legal documents in place at the beginning of the practice, is essential.
If you have any questions or concerns, please contact Stephanie Rodin at firstname.lastname@example.org.
Stephanie J. Rodin, Esq.
Rodin Legal, P.C.
Tel: (917) 345-8972
Fax: (917) 591-4428