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Asset Protection and Estate Planning are not just for the 1%. Dentists and their families need proper planning during their lives and after their death. The following is not an exhaustive list, but rather a starting point to consider with your professional team:
With the recent changes in the tax law, Associates are well advised to form their own separate entity and practice as an independent contractor. This allows the Associate to qualify for the section 199 A pass-through deduction of 20% of the entity’s qualified business income or profit, subject to the statutory phase out for high income earners.
With the recent changes in the tax law, Associates are well advised to form their own separate entity and practice as an independent contractor. This allows the Associate to qualify for the section 199 A pass-through deduction of 20% of the entity’s qualified business income or profit, subject to the statutory phase out for high income earners.
Buying a dental practice is the start of something great. It usually comes with prosperity and financial success. Done correctly, you will avoid financial loss, legal liability and substantial business stress. Negotiation of price, determination of value, cash flow requirements, patient retention strategies, acquisition financing and restrictive covenants, are issues that require professional assistance.
Selling a dental practice is the financial culmination after a successful career. Pre-Sale preparation is essential to maximize the sale value. Some issues to consider include cosmetic improvements, lease review, overhead reduction, production and collection increases, and new patient generation.
Business entities in dentistry can take several forms and there is no “right” business arrangement for all practices. The decision is based upon taxes, liability exposure, number of owners and complexity. Entities can include:
The practice of dentistry in Nevada is governed by state and federal law. The principal Nevada law is the Nevada Revised Statutes (“NRS”) Chapter 631 and the Nevada Administrative Code (“NAC”) Chapter 631. Federal regulations include OSHA, HIPAA, and the anti-fraud statutes.
HIPAA compliance for dentists should not be taken lightly. Dentists need to ensure that they comply with the HIPAA Privacy and Security Rules, unauthorized disclosure of Personal Health Information (PHI) and Breach Notification Rules. Penalties for HIPAA violations by dentists can be significant. An annual HIPAA review should be conducted by a professional HIPAA compliance expert.
All small business owners must comply with the regulations set forth by the Occupational Safety and Health Administration (OSHA). The purpose of the regulations is to require businesses to provide a safe working environment for its employees. Noncompliance can result in substantial fines, and temporarily shut down unsafe practices.
Dr. Tom Brooksbank, DDS, Esq.
3753 Howard Hughes Pkwy #200
Las Vegas, NV 89169
Copyright 2025 NV Dental Law
Dr. Tom Brooksbank, DDS, Esq.
3753 Howard Hughes Pkwy #200
Las Vegas, NV 89169
Copyright 2025 NV Dental Law
