Exit Planning for Professionals

Probate & Property Magazine: Volume 28 No. 01


Daniel H. McCarthy is a partner in the Fort Worth, Texas, office of Wick Phillips Gould & Martin, LLP. William P. Prescott is a shareholder in the Avon, Ohio, office of Wickens, Herzer, Panza, Cook & Batista Co. Steven B. Gorin is a partner in the Saint Louis, Missouri, office of Thompson Coburn LLP and the vice-chair of the Trust and Estate Governmental Submissions Committee.

Estate and succession planning for a professional can present a different set of challenges for advisors. Because professionals are required to be licensed and state professional regulatory authorities limit ownership to licensed professionals, a professional does not have the ability to pass ownership to future generations unless the professional’s children happen to follow in his or her proverbial footsteps. In most cases, the professional will need to plan an exit strategy that involves the transfer of his or her ownership interest to other partners or, perhaps, to an associate.

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