“Estates a la Carte”: Restaurant Owners – A 3 Course Catastrophe

One of the more-challenging clients for estate planners is restaurant owners. While owning a restaurant is difficult enough during life, the problems that face these professionals at death are equally complex, time consuming and expensive. First, Appetizers: Most restaurant owners spend most of their money on additional restaurants. This creates a major problem with estate liquidity, particularly if they happen to own the real estate where their dining establishments are located (typically in high-tax areas). Otherwise, the establishment is locking into a long-term lease to which the lessor has the right to pursue rent for the remaining term of the lease against the deceased owner’s estate. In either case, substantial cash funds may be needed but are not available. Next,

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“The Doctor is Out”: Medical Practices & Unexpected Death

Modern day medical doctors face a myriad of challenges: Lawsuits, hardships with creating referrals and collecting payments from third-parties (insurance companies and Medicare), onerous requirements of the Affordable Care Act and patient records, and the like. So just when we think the logical conclusion of these hardships would occur (death) we find out just how hard it truly is to be a doctor. A doctor has a requirement to maintain patient records for several years. This requirement does not end at the time of their passing. While today’s insurance environment and staff requirements have effectively made solo practitioners a dying bread, even a small group of doctors may not be prepared to process all of the records of their departed

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