Dr. Meera Patel.

Future-ready: A path to business success & retirement security

At-a-Glance

Ages: Dr. Meera Patel (54), Raj (57), Priya (29), Jay (26)

Top Priorities:

Optimizing retirement savings
Preparing for business succession
Supporting employees and family through the transition

Key Financial Goals:

Retirement and succession planning for both business and personal assets
Providing employee retirement benefits and ensuring business continuity

Where They Are Now: Dr. Patel has secured her retirement and business transition plans, setting the stage for her practice to continue thriving with her son Jay at the helm.

Overview

Dr. Meera Patel (54) is the owner of Patel Family Dental Care, a thriving suburban dental office that has served the community for over 20 years.

With a sharp business acumen and strong work ethic, Dr. Patel built her practice on a foundation of trust, patient care, and commitment to excellence. Her husband, Raj (57), works outside the dental industry but supports her business endeavors and entrepreneurial spirit. Together, they have two adult children: Priya (29), an attorney in the city, and Jay (26), who is in his final year of dental school and considering joining the family practice.

As Dr. Patel approached her mid-50s, she wanted to know that she was making informed choices about her financial future without getting caught up in the complexities of every decision. Her retirement goals included gradually stepping back from the day-to-day operations of her practice, dedicating more time to mentoring young dentists as she eased into semi-retirement, and supporting her aging parents.

She learned about HT|TC Wealth Partners through a colleague at a local business networking group, who spoke highly of their collaborative services and support for business owners. Intrigued, Dr. Patel reached out to HT|TC with an emphasis on maximizing her retirement savings contributions while continuing to grow her business.

With their comprehensive service model, HT|TC helped her create a tailored financial strategy that aligned with her personal and professional goals, including its workplace savings and retirement service team and in-house trust company to design and manage her company’s 401(k) plan. These solutions helped empower Dr. Patel to care for her business, her family, and her future.

Challenges and HT|TC Solutions

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A Focus on Maximizing Retirement Contributions

As her dental practice flourished, Dr. Patel recognized the importance of securing her personal financial future through a retirement plan that would allow her to optimize her contributions, help ensure long-term stability for her family, and give her the ability to support her aging parents.

Because she was focused on her patients, mentoring the next generation of dentists, and running her business, Dr. Patel preferred to delegate the complexities of her retirement planning needs to a group of trusted professionals.

HT|TC’s knowledgeable workplace savings and retirement services team designed a fully bundled 401(k) plan that offered significant tax advantages. The plan’s profit-sharing component also gave her the flexibility to make additional contributions based on the practice’s profitability. This well-crafted strategy gave Dr. Patel confidence in saving for retirement while preparing for the potential costs associated with her parents’ future care needs.

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Strategic Financial Planning for Business and Retirement Success

In addition to focusing on her retirement, Dr. Patel wanted a financial strategy that supported the continued growth of her dental practice.

Her HT|TC wealth advisor helped Dr. Patel create a comprehensive financial plan that incorporated appropriate investment strategies, provided sufficient liquidity to manage fluctuations in patient volume, and maintained her retirement savings goals. Through this plan, Dr. Patel was able to make informed decisions about potentially gifting the business to Jay, considering how it would impact her retirement as well any future inheritance she intended to set aside for Priya.

Working closely with HT|TC’s collaborative network of professionals, she received capable guidance on tax strategies as well as insurance solutions to help protect both her business and her family from potential risks.

Through regular updates and clear guidance, HT|TC helped empower Dr. Patel to make confident decisions at her own pace, allowing her to feel in control of her financial journey while her business continued to thrive.

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Strengthening Business Stability by Investing in Employees

Dr. Patel understood that the long-term success of her practice relied on the dedication of her client-facing team of hygienists, assistants, and office staff. While she was a savvy business owner, she also cared deeply about making sure her employees felt appreciated for their hard work and secure about their financial future. For Dr. Patel, offering a qualified plan was a decision rooted in both smart business and genuine consideration for her team.

The Patel Family Dental Care 401(k) plan was a win-win, personally benefiting Dr. Patel while giving her team a valuable opportunity to save for their own retirements. The plan featured automatic enrollment and employer matching contributions, further demonstrating her commitment to their financial well-being. In addition, HT|TC hosted regular financial literacy workshops to help participants make the most of the plan’s benefits.

These initiatives strengthened a culture of loyalty, motivation, and stability, helping secure the continued success of her practice.

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Preparing the Next Generation for Succession

As Jay neared the end of dental school and began contemplating his place in the family practice, Dr. Patel felt it was essential to establish a clear path for the future. Though she didn’t anticipate stepping back from the business anytime soon, she knew that having a solid succession plan in place would help ensure the long-term stability of Patel Family Dental Care.

Over the years, the Patels and their children had participated in regular family PLAN™ meetings with HT|TC, where they openly discussed their values, vision, and goals. Through these conversations, everyone gained a clear understanding of ongoing expectations and intentions, helping unite the family’s personal and business objectives. For Jay, the structured discussions with HT|TC gave him the clarity and confidence needed to envision himself one day taking on a prominent leadership role in the practice, contributing to its future success, growth, and strength.

The HT|TC team worked closely with Dr. Patel to explore different strategies that would allow for a seamless transition, whether through gradual leadership handover or a structured buyout. Together they developed a flexible succession plan that accommodated the evolving needs of the business while preparing for an eventual transition. Having a defined plan in place not only helped protect the practice but also gave the family comfort that their needs — both financial and professional — were addressed. Jay felt empowered, knowing that a thoughtful, well-coordinated strategy had been laid out for his eventual involvement.

HT|TC’s in-house trust company also collaborated with its estate and financial planning teams to update the family’s estate plan, incorporating the practice’s value and helping ensure a fair distribution of assets to both Jay and his sister, Priya.

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Planning for a Secure, Meaningful Retirement

As Dr. Patel prepared for semi-retirement, her vision became clearer — she wanted to reduce her day-to-day responsibilities in the practice, focus on mentoring Jay and other young dentists, and make sure her parents received the care they needed as they aged.

HT|TC’s wealth management team helped adjust her retirement strategy to accommodate her changing goals. They worked together to optimize her investments, develop tax strategies, and set aside resources to care for her parents. HT|TC also provided insurance guidance, making sure the family had the right coverage, including life and long-term care insurance, in place for Dr. Patel’s retirement years. This holistic approach covered all aspects of her financial future, from her personal retirement to the legacy she would ultimately leave behind for her family.

Outcome

With the support of HT|TC Wealth Partners, Dr. Meera Patel created a financial strategy that allowed her to focus on what mattered most to her—providing excellent patient care, mentoring the next generation of dentists, and providing security for her family, including her aging parents.

By partnering with HT|TC, Dr. Patel was able to plan for her semi-retirement while keeping her business strong and preparing for its future transition to her son, Jay. Patel Family Dental Care’s fully bundled, comprehensive 401(k) plan, handled by HT|TC's workplace savings and retirement services team and in-house trust company, is helping to support both her personal retirement needs and her employees’ financial futures.

With HT|TC’s guidance, Dr. Patel is now looking forward to a fulfilling semi-retirement, confident that her practice will continue to thrive and that she and her family will be well-supported.

* Although this story is representative of the work HT|TC does to support the clients we serve, all individuals are fictional and do not represent actual clients.