Private Wealth Planning

Overview

Counseling Families

Our Private Wealth lawyers understand that long-term relationships with families are built on trust and require a lawyer’s personal dedication, commitment, and sound judgment. The diversity and geographic distribution of BakerHostetler’s Private Wealth lawyers allows us to connect with families where they reside and do business.

Family Legacy Planning

A family’s legacy is built on tailored planning designed to serve multiple generations. We provide advice on planning with trusts and other entities to achieve tax efficient protection asset and management. Legacy planning often starts with gifting of assets and can involve a wide array of techniques and structures. Our lawyers are experienced in all types of gifting vehicles, which often combine trusts with partnerships, limited liability companies, and corporations. We coordinate a client’s lifetime gifting strategies with their estate planning documents to achieve continuity of management and tax savings over several generations.

Tax Experience

Each of our Private Wealth lawyers is a trained tax attorney. We rely on our keen tax understanding in structuring a family’s estate plan to maximize economic benefits for future generations. When it is necessary to deal directly with the Internal Revenue Service or state taxing authorities, our lawyers are experienced in taking the lead role in audits, appeals, and court proceedings. We look for opportunities to work with a client’s accountants and other advisers because we believe the best results are obtained through collaborative efforts.

Philanthropy

In many cases, family legacy planning involves the use of family-controlled charities. We understand the critical importance of philanthropy as a family objective and can arrange gifts that are most tax advantageous. We counsel families on how to use charitable entities to further their values and charitable interests.

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Counseling Businesses

Many of BakerHostetler’s largest and most successful clients are family-owned businesses. We understand the importance of carefully drawn corporate governing documents, including buy-sell agreements, transfer restrictions, and voting/non-voting stock, but more importantly we are attuned to the personal dynamics inherent in a family-owned business. Our clients value this combination of legal experience and practical, sensitive counsel.

Corporate Governance

One of our strengths is integrating a client’s business ownership with family legacy planning. We work with families and their other advisers to create corporate governance structures and procedures while adhering to family dynamics and objectives. In drafting long-term trusts, we often suggest the use of Family Business Advisers and/or Trust Protectors to vote company stock owned in trust. We understand the importance of providing special protections for a trustee if a trust owns a concentrated position in a family-owned business.

Succession Planning

The decision whether to transfer ownership and/or control of a family business to the next generation is one of the most important, but often most challenging, decisions facing a senior generation business owner. Our team has guided many companies through this process and often utilizes sophisticated techniques to achieve maximum tax benefits. Clients especially appreciate our quantitative analysis, which assists in choosing among the best approach available to transfer value.

Professionals

Name Title Office Email
Associate Denver
Partner Washington, D.C.
Associate Columbus
Associate Denver
Associate Denver
Associate Costa Mesa
Counsel Cleveland
Associate Washington, D.C.
Partner Orlando
Counsel Cleveland
Partner Columbus
Partner Washington, D.C.
Partner Cleveland
Counsel Cleveland
Of Counsel Denver
Counsel Cleveland
Associate Denver
Partner Columbus
Associate Cleveland
Partner Washington, D.C.
Partner New York
Partner Costa Mesa
Partner Cleveland
Partner Cleveland
Partner Columbus
Partner Denver
Partner Denver
Partner Denver
Associate Costa Mesa
Partner Cleveland
Counsel Washington, D.C.
Partner Denver

Recognition

  • Chambers HNW: Private Wealth Law
    • Colorado: Band 1 (2016, 2017, 2018)
    • Ohio: Band 1 (2016, 2017, 2018)
    • USA: Private Wealth Law: Eastern Region – Two attorneys recognized in Band 4 (2018)
  • Recognized as one of the top law firms for client service, we were named to the 2018 BTI Client Service 30 for the fourth consecutive year.
  • U.S. News - Best Lawyers “Best Law Firms” (2016)
    • Litigation - Trusts & Estates
      • Metro Columbus, Tier 1
      • Metro Denver, Tier 1
      • Metro Washington, D.C., Tier 2
    • Trusts & Estates Law
      • National Tier 1
        • "Law Firm of the Year" (2016)
      • Metro Cleveland, Tier 1
      • Metro Columbus, Tier 1
      • Metro Denver, Tier 1
      • Metro Washington, D.C., Tier 1
  • The Best Lawyers in America© (2018)
    • 3 lawyers named in Litigation - Trusts & Estates
    • 11 lawyers named in Trusts and Estates

Blog

In The Blogs

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WealthDirector
Tax Season Is in Full Swing: Beware of the W-2 Spear Phishing Scam
January 27, 2017
By Patrick H. Haggerty Editor’s Note: This blog post is a joint submission with BakerHostetler’s Data Privacy Monitor blog. Last year we saw an unprecedented number of companies of all sizes fall victim to a W-2 spear phishing scam. The...
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WealthDirector
Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests
January 20, 2017
The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer (GST) tax treatment of gifts and bequests made before the Defense of Marriage Act (DOMA) was...
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