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David Sherak - As You Begin Your Planning Don’t Overlook These Points

April 4, 2017

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David Sherak, Partner-Vogt,Resnick & Sherak discusses several important planning agenda items as you start to think about your overall Succession plans.



David: One of the important things is: make sure your ownership structure of your business is taken care of. If you do have a trust, make sure that the share certificate for a corporation, or the operating agreement, identifies the trustee of that trust as the owner of that property. Also, make sure that the instrument doesn’t have any special individual that’s appointed to deal with, perhaps a dispute resolution process, that might be in conflict with the terms of trust’s successor trustee or executor under those instruments. Make sure that your advisors are well aware of this planning, including your financial advisors, like the example with the collateral commitments of the bank: the bank didn’t know that this individual was  also naming them as a trustee of his various trusts, and ultimately that bank also held the loans, so it didn’t fit within their administration parameters to basically service their own debt, and resign the loans and deal with that collateral commitment. So making sure that all of your advisors are aware of these instruments is important. 

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