Optometrists will often seek advice on estate planning. As optometrists progress in their careers, the planning process becomes more complex and we routinely work with our clients’ tax and financial advisors to address the development of a clear plan. A key component of the estate plan will be the preparation of wills and powers of attorney. Since the majority of optometrists practice optometry through a professional corporation, it may be advisable to have dual Wills, which is an effective estate planning strategy used to protect certain eligible assets from estate administration tax, or probate. Shares in a private corporation do not commonly attract a requirement for probate. Engaging dual Will strategy allows for the creation of a secondary will with respect to the shares and shareholder loans of the professional corporation to ensure that the professional corporation, as well as other eligible assets, are protected from estate administration tax, which would not be the case if only one Will was used. The benefit of dual Will strategy is quite desirable for optometrists who practice through a professional corporation, especially as over time a significant portion of the optometrist’s net worth may be held by the professional corporation.
If you would like to discuss your estate plan with us, please contact us and we will be happy to schedule an initial planning meeting.
Incorporation to Retirement
A multi-disciplinary suite of services tailored to assist optometrists
Incorporating an optometry professional corporation can bring significant advantages. We work directly with tax advisors and accountants to ensure the most appropriate corporate structure is established in order to achieve long term goals.
Purchase and Sale of a Practice
An optometry practice is one of the most valuable assets a dentist may own and the decision to sell or purchase a practice is significant. There are many considerations that should be made with respect to the sale or purchase of a practice and we work closely with clients and their advisors to identify the most appropriate strategies to achieve the goals of our client.
Retirement and Succession Planning
The development of an effective succession plan for your optometry practice is a key part of ensuring a smooth transition into retirement.