ESTATE PLANNING COUNCIL OF EASTERN NEW YORK, INC.

Join us for this special presentation by Katie Sheehan, JD who currently serves on the NAEPC Board of Directors!

Succession planning is necessary no matter the industry the business owner finds themselves in and often is more challenging than it should be. Clients with significant business assets present unique and complex planning challenges and we have all heard the statistics about businesses not succeeding past the first generation.  Proper planning and education, early and often, and developing the right team of advisors for your clients is crucial for putting the success in succession planning.

In this presentation we will cover an introduction to succession planning, as well as questions to ask your clients, and cover these planning considerations:

• Impact on Family Harmony
• Knowing there is more than one right answer
• Do Your Due Diligence (Advisor Due Diligence Just as Important at the Client Don’t Their Due Diligence)
• Know the Difference Between Control and Ownership and Why it is Important
• Don’t Neglect Review of Shareholder Agreements
• Opportunities When Planning with Newly Created Entities

·       And Planning Strategies:

• Gifts – Outright and In Trust
  • Transfers to SLATs and/or IGTs
• Sales to IGTs
• GRATs

·       We'll review a helpful Pre/Post Event Checklist, too.