Professionals Have Unique Needs
They have invested many years in undergraduate and postgraduate education, so they typically are older when they finally enter their profession. They are generally compensated well, but that compensation comes at the price of long hours and weekends spent at work and away from families. At Wilson + Miller in Little Rock, our planning attorneys understand that these circumstances create a unique set of needs for professionals.
Professionals Have Unique Risks
Licensed professionals are not permitted to limit their professional liability within a business entity. Couple that with an increasing societal belief that every bad outcome or result deserves compensation, and it quickly becomes apparent that professionals put their entire life’s work and savings on the line every day they go to work. Our mission is to help our professional clients structure their business and professional life so that they can have the confidence that what they have saved will always be there to provide for their financial security and the security of their family.
- Exit Planning
Most Professionals Lack Leverage
Unlike business owners, the value a professional creates is almost entirely in his or her own skill set. That creates pressure on the professional to maximize productivity every working day. When the professional takes a vacation, their support staff is usually reduced to idle even though the expense of payroll remains. In most cases, the cost of being away from the practice is far more than the cost of the vacation.
In addition, there is little opportunity to leverage professional skills into a business that can be monetized later. As a result, almost all the income a professional creates is ordinary income taxed at the highest possible rates rather than at capital gains rates. This unique feature of professional life elevates the importance of maximizing tax planning opportunities. It also means that a professional has the urgent need for asset protection for the assets owned outside the professional practice. Asset protection helps ensure that those assets are available in the event of disability and as a means to provide income during retirement.
You Need an Exit Strategy for Your Practice
You may be years away from retirement, but that is the best time to start thinking about how to exit. There will be a time when you will want to retire. When that time comes, you will want to monetize your practice for its maximum value. Accomplishing that requires some advanced planning. We are planners — thinking ahead is what we do. When you’re ready, let’s sit down together and get an exit plan in place.
We Bring Unique Resources & Expertise to Professionals
As Arkansas asset protection lawyers, we are particularly knowledgeable in the tools and techniques that maximize asset protection. One of our lawyers, Stan Miller, is the co-author of the Limited Partnership Drafting System published by WealthCounsel.com and has published numerous articles as well as spoken widely to professional groups on the use of limited partnerships and limited liability companies for asset protection and estate planning applications. As Arkansas tax lawyers, we understand the strategies that reduce the impact of income taxation during the productive years. George Plastiras has a graduate degree in taxation. Mr. Plastiras obtained his LLM in Taxation from Georgetown University in Washington, D.C.