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Dentists are Different: The Tax and Business Advisor's Guide to Representing Dentists

Dentists are Different: The Tax and Business Advisor's Guide to Representing Dentists
Product Code - TMW03
Speaker(s): Alan S. Gassman, Gassman Law Associates, P.A. and Bill Prescott
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While many tax lawyers and CPA's have significant experience representing physicians in all facets of their practice and business matters, they tend to have fewer Dentist clients and may be missing the opportunity make use of time tested and industry proven methods of structuring which enhance income, after tax revenues and dentist client security and professional well being. Much of this is the result of understanding valuation rules of thumb and industry guidelines.

Dentists are often willing to pay a good amount of goodwill to buy into a going practice, and there are financing companies that are willing to provide the necessary capital to assume a practice or start a new one.

This live webinar featured Bill Prescott, Esquire, who is a nationally recognized leader in the dental practice area, and Alan Gassman, Esquire, who has published and lectured extensively in the medical practice arena. Bill and Alan interacted to effectively show planners with medical practice knowledge how to adapt their practices and techniques to the dental practice world by focusing on what is different about dentists and their practices, and how advisors can confidently represent dentists and all aspects of their professional and fiscal life. The outline materials provided a comparison of features to show how medical practice planning techniques are adapted to, and different from, dental practice planning.

Presentation Objectives

The objectives of this webinar included providing participants with a conceptual understanding and practical application of the following:

  • How dental practices and associated structuring is different than structuring for a typical physician or closely held business.
  • How to advise dental clients on practice negotiations.
  • Compensation, dividend, and associated distribution planning.
  • Planning ahead to reduce the transitional costs associated with bringing in a first new partner.
  • How to coordinate practice and associated business structuring with the Dentist's personal planning.
  • Reviewing common mistakes made by dentists and their advisors.

Upon completion of this program, participants were able to:

  • Choose and adapt appropriate business and investment structures for dentist endeavors recognizing that dental practices have their own unique sets of circumstances.
  • Understand and recognize alternative opportunities and legal constraints that apply to dental practices.
  • Communicate effectively with dentist clients and their other advisors.
  • Recognize traps for the unwary with respect to tax, creditor protection, and dental practice law planning.

Alan S. Gassman, Gassman Law Associates, P.A. and Bill Prescott

Alan S. Gassman, J.D., LL.M. practices law in Clearwater, Florida and has spoken and published extensively on physician and medical practice structure and planning. He is a commentator for the Leimberg Information Services (ALISI@) and Co-Chairs annual Florida Bar Continuing Education Conferences on Representing the Physician and Wealth Conservation. He has published numerous articles in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, The Journal of Asset Protection, and Steve Leimbergs Asset Protection Planning Newsletters, on Medical Practice Planning, Physician Planning, Tax Planning, Creditor Protection, and associated topics. Mr. Gassman is a fellow of the American Bar Foundation, a member of the Executive Council of the Tax Section of the Florida Bar, and has been quoted on many occasions in publications such as The Wall Street Journal, Forbes Magazine, Medical Economics, Modern Healthcare, and Florida Trend magazine. He received his B.A. degree in business from Rollins College and J.D. and LL.M. (in tax) degrees from the University of Florida. He is the senior partner at Gassman Law Associates, P.A. in Clearwater, Florida, which he founded in 1987.

William P. Prescott, of Cleveland, Ohio, is a shareholder in the law firm of Wickens, Herzer, Panza, Cook & Batista Co., of Avon, Ohio. Bill represents dentists and specialty practitioners in the areas of practice sales and acquisitions, succession planning, valuations of solo and group practices, associate buy-ins, owner buy-outs, group practice operations, entity selection, fringe benefit and retirement planning.Prescott is the author of: Joining And Leaving the Dental Practice, January, 2008; Business, Legal, And Tax Planning for the Dental Practice, Second Edition, 2001, First Edition, 1994 PennWell Corporation; The Practice Acquisition Handbook, Randall K. Berning and Affiliates, 1997; The Limited Liability Company and Other Entities for Dentistry, Randall K. Berning and Affiliates, 1996.He is also the author of the Quarterly Supplement to Business, Legal, And Tax Planning for the Dental Practice. The purpose of the Quarterly Supplement is to continually update the material contained in such book. Upcoming publications include Joining And Leaving the Dental Practice, Second Edition, to be released in 2011; Business, Legal, And Tax Planning for the Dental Practice, Third Edition, to be released in 2012.Bill is a member of the American Bar Association, Section of Taxation, Closely Held Businesses Committee; Ohio Bar Association; Cleveland Metropolitan Bar Association; and Small Business Council of America.

Up to 1.5 CPE / CLE Credits depending on actual program length