legal news
LIMITED LIABILITY
Jason T. Hirst is an attorney with
McGregor & Oblad’s Dental Law Group,
and handles dental transitions, startups,
and commercial leases. Jason also has
a special focus on tax, estate planning,
and asset protection for dentists.
He graduated cum laude from BYU Law
in 2014.
V
MANAGING RISK
EXEMPT ASSETS
LIMITED
LIABILITY
$
GIFTS, TRUSTS &
CHARITABLE
CONTRIBUTIONS
Texas also has very favorable laws for limiting an owner’s liability for the liabilities
of the company. You probably already
have an entity of some type set up to run
your dental practice, and while this won’t
shield you from malpractice liability, it
does protect you from other liabilities and
lawsuits that may arise as a result of being
a business owner. Additionally, it protects
the assets within the company from liabilities that attach to you personally. The
limited liability company (LLC), in particular, is a favorite choice among attorneys
because assets within the LLC, if the LLC
is properly set up and maintained, are
particularly difficult for a creditor to use
to satisfy a judgment. This means that
almost any non-exempt assets can benefit
from being held in an LLC, whether or not
such assets are considered “toxic” (such
as real estate).
GIFTS, TRUSTS &
CHARITABLE
CONTRIBUTIONS
Finally, you are most likely building and
protecting your wealth to not only benefit
yourself, but to also benefit others. The
proper use and timing of gifts and charitable contributions can help reduce your
taxes and take those assets out of the
reach of future creditors. Trusts can be
used to protect those assets from the
creditors of those that you care about,
while also ensuring your assets are properly managed.
Ultimately, you want to make sure that
your hard-earned money ends up where
you want it to go, and not to someone else
who could take it from you. Proper planning and taking advantage of laws
enacted for this purpose can ensure that
your money is preserved for those who
matter most.
www.northtexasdentistry.com
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NORTH TEXAS DENTISTRY
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