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Succession planning for single person S corp California

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  • Succession planning for single person S corp California

    I want to grant durable POA to someone so they have access to my Schwab corporate account for my single person S corporation in California, even if I am incapacitated or die.

    Schwab has a form to grant POA to an individual for corporate accounts but per the Schwab POA form this is nondurable, i.e. ceases effect upon incapacity or death. Schwab tells me that for corporate accounts, durable POA cannot be put in place. Schwab would need corporate resolution documents designating what happens to the corporation's Schwab account assets upon death or incapacity of owner.

    Anyone done this type of succession planning in advance?  i.e., enable someone to have access to a corporate account including after incapacity or death of the owner?

    Also wonder how to easily nominate someone to have authority to file any needed tax returns.  Is this done through one's Will?  Or some sort of corporate documents?

    In California, only licensed medical professionals may be owners or officers of a corporation providing physician services. The person to whom I want to grant durable POA is not a licensed medical professional so I cannot make that person a part owner of my corporation.

    Thanks in advance for any insights.

  • #2
    How about naming the POA to your BOD? This sounds like a question for a corporate attorney, though.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087