WESTERN MICHIGAN ESTATE PLANNING COUNCIL

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 the following:

• Introduction to succession planning
• Questions to Ask your Clients
• 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
  • Opportunities When Planning with Newly Created Entities
• Planning Strategies
  • Gifts – Outright and In Trust
  • Transfers to SLATs and/or IGTs
  • Sales to IGTs
  • GRATs
  • Case Studies
• Pre/Post Event Checklist

About the presenter:

Katherine M. Sheehan, J.D., AEP

Katie is a Managing Director and Wealth Strategist with Crestwood Advisors, LLC Boston. Prior to joining Crestwood, Katie was a Wealth Strategist at SVB (formerly Boston Private), as well as a Partner at DesRosiers, Tierney & Sheehan, LLC, and also practiced at Cody & Cody, LLC and Ruberto, Israel & Weiner. Her private practice career concentrated in the areas of estate planning, estate and trust administration, charitable planning, long term care planning and elder law. Katie received her undergraduate degree from Boston College (B.A., magna cum laude, 1998), and her law degree from Suffolk University Law School (J.D., magna cum laude, 2003).