Joseph F. Verciglio

Partner

Cleveland
T +1.216.861.7713
F +1.216.696.0740

Overview

Joe Verciglio counsels high-net-worth individuals and families in the area of estate planning. Joe's practice encompasses all phases of such planning, including lifetime gifting, testamentary dispositions, estate administration, and the preparation and filing of gift and estate tax returns. Joe works with clients to implement wealth transfer strategies that contain the right balance of personal planning and tax savings objectives. Personal planning objectives can include creditor protection, pre- and postnuptial agreements, and the use of various trust and entity structures, i.e., limited liability companies (LLCs) and limited liability partnerships (LLPs), to create a framework to control distributions to beneficiaries both now and in the future. The tax objective is typically to reduce estate, gift and generation-skipping transfer taxes. Tax savings are accomplished through the particular structure of the estate plan. A properly structured estate plan also takes into account personal and/or trust (or other entity) income taxation to achieve optimal results. Charitable planning is also an important facet of Joe's practice. He is able to offer solutions to clients that allow them to accomplish their philanthropic goals (including, for example, the establishment of family foundations, donor advised funds, or simple lifetime or testamentary outright gifting).

Select Experience

  • Designed and implemented estate plan documents for a husband and wife consisting of wills, revocable trusts, instruments of assignment of tangibles, financial powers of attorney, healthcare documents, semi-revocable "management trusts" for their children, grantor-retained annuity trusts, "generation skipping" irrevocable grantor trusts, and sale and purchase documentation for the sale of closely held business interests to such generation-skipping trusts. Continues to advise the family with respect to the administration of said estate plan documents. Designed and implemented shareholder agreements for companies owned by the family, and designed and implemented various LLCs to hold and manage certain family assets.
  • Drafted an education- and healthcare-specific annual exclusion gift trust for a client; the trust also contained a set-aside of a certain percentage of trust property to serve as a retirement supplement for the beneficiary. The trust was designed to promote the client's descendants to be actively involved in the management of various small businesses owned by the trust. Orchestrated the trust decanting under Ohio law for the client in which an irrevocable trust was "decanted" into a new trust.
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Experience

  • Designed and implemented estate plan documents for a husband and wife consisting of wills, revocable trusts, instruments of assignment of tangibles, financial powers of attorney, healthcare documents, semi-revocable "management trusts" for their children, grantor-retained annuity trusts, "generation skipping" irrevocable grantor trusts, and sale and purchase documentation for the sale of closely held business interests to such generation-skipping trusts. Continues to advise the family with respect to the administration of said estate plan documents. Designed and implemented shareholder agreements for companies owned by the family, and designed and implemented various LLCs to hold and manage certain family assets.
  • Drafted an education- and healthcare-specific annual exclusion gift trust for a client; the trust also contained a set-aside of a certain percentage of trust property to serve as a retirement supplement for the beneficiary. The trust was designed to promote the client's descendants to be actively involved in the management of various small businesses owned by the trust. Orchestrated the trust decanting under Ohio law for the client in which an irrevocable trust was "decanted" into a new trust.
  • Established an LLC and several LLPs for a multigenerational family, the ownership interests of which were then sold to generation-skipping irrevocable grantor trusts. Prepared the various installment sale documents to accomplish the sale (i.e., purchase agreement, notes and pledge agreements).
  • Drafted revocable trusts for a married couple to account for income tax planning flexibility in light of estate tax portability (between spouses) and the increased per-person federal estate tax exemption.
  • Drafted a revocable trust for a client to include "look through" and "accumulation" trust terms so that retirement account assets could be transferred to the trust and the income tax deferral aspects of the assets could be preserved.
  • Counseled clients on the differences between family foundations and donor advised funds, and the pros and cons of establishing a family foundation as a trust or a nonprofit corporation.

Recognitions and Memberships

Memberships

  • American Bar Association: Real Property, Trust, and Estate Law Section
  • Ohio State Bar Association
  • Cleveland Metropolitan Bar Association: Trusts and Estates Section
  • Estate Planning Council of Cleveland
  • New York State Bar Association: Trusts and Estates Section

Admissions

  • Ohio
  • New York

Education

  • J.D., State University of New York at Buffalo School of Law, 2006, cum laude; Note and Comment Editor, Buffalo Law Review; Robert J. Connelly Award Winner
  • B.A., Political Science, University of Kentucky, 1998, summa cum laude, Phi Beta Kappa