Robert R. Galloway

Partner

Cleveland
T +1.216.861.7423
F +1.216.696.0740

Overview

Rob Galloway leads the Cleveland office's Private Wealth Group. In this role, Rob provides counsel to the firm's wealthiest and most prominent fiduciary and family clients. He works closely with family offices, private trust companies, bank trustees, individual trustees and privately held companies to bring creative solutions to complicated tax and fiduciary issues. Rob understands that lasting client relationships are built on trust, collaboration, and a sensitive approach to family and business issues.

Select Experience

  • Assisted several clients in the formation of private trust companies (PTCs) in the states of Wyoming, Nevada and South Dakota, and is well-versed in the laws of other states such as Delaware and New Hampshire. These engagements involve ownership and control structures unique to each PTC. Co-authored and co-lobbied, with a client, the Ohio Family Trust Company Act, which became effective in September 2016.
  • Advised families with multiple trusts to decant existing trusts into different state jurisdictions to take advantage of more favorable trust and tax laws. Work often has involved collaboration with local counsel for purposes of obtaining necessary probate court orders.
  • Structured the ownership of various family office entities, including corporations, limited liability companies and partnerships. Working in conjunction with the firm's securities lawyers, has counseled family office clients regarding exemption from the federal Investment Advisers Act, and operation of family investment entities within the parameters of the Investment Company Act of 1940.
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Experience

  • Assisted several clients in the formation of private trust companies (PTCs) in the states of Wyoming, Nevada and South Dakota, and is well-versed in the laws of other states such as Delaware and New Hampshire. These engagements involve ownership and control structures unique to each PTC. Co-authored and co-lobbied, with a client, the Ohio Family Trust Company Act, which became effective in September 2016.
  • Advised families with multiple trusts to decant existing trusts into different state jurisdictions to take advantage of more favorable trust and tax laws. Work often has involved collaboration with local counsel for purposes of obtaining necessary probate court orders.
  • Structured the ownership of various family office entities, including corporations, limited liability companies and partnerships. Working in conjunction with the firm's securities lawyers, has counseled family office clients regarding exemption from the federal Investment Advisers Act, and operation of family investment entities within the parameters of the Investment Company Act of 1940.
  • Represented many corporate and individual fiduciaries in the administration of complicated trusts and estates, in some cases in the billions of dollars. These fiduciary matters implicate state trust laws and federal and state tax laws, and require the experience of a seasoned counselor. Has managed many IRS estate and gift tax audits, and is experienced in negotiating with the government at the audit, appeals and tax court levels.
  • Worked with landowners and conservation organizations in various property transactions, including conservation easements, bargain sales and deed restrictions. Has represented several clients in IRS audits relating to the value of conservation easements for income tax purposes. Has worked closely with the firm's tax controversy lawyers in certain situations.
  • Counseled many families regarding different approaches to business succession planning. To achieve maximum transfer tax savings, these transactions often have involved gifting, sales to defective grantor trusts and creative approaches to voting control. Is particularly sensitive to family dynamics, and assists clients in achieving the optimal balance of control and economic succession among family members.
  • Advised a donor family on the largest single gift to a local hospital system, involving a unique for-profit/nonprofit collaboration.
  • Preserved several family legacy properties intended to remain under family control for many generations. Such properties have included thousands of acres in Canada, quail hunting plantations in Georgia, and recreational properties in Montana and Wyoming. Engagements have involved creative funding concepts, unique use agreements among family members and multigenerational tax planning.

Recognitions and Memberships

Recognitions

  • Chambers HNW: Private Wealth Law in Ohio (2016, 2017)
    • Band 1
  • National Law Journal "Divorce, Trusts & Estates Trailblazer" (2016)
  • The Best Lawyers in America© (2009 to 2018)
    • Cleveland: Trusts and Estates
  • Ohio "Super Lawyer" (2009, 2013 to 2017)
  • Martindale-Hubbell: AV Preeminent

Memberships

  • American College of Trust and Estate Counsel: Fellow (2007)

Community

  • The Holden Arboretum
    • Director, Executive Committee
    • Conserving Natural Areas: Chair
  • Gates Mills Land Conservancy
    • Director, Past President
  • Cleveland Estate Planning Institute: 2014 Chair

Admissions

  • Ohio

Education

  • J.D., Case Western Reserve University School of Law, 1988, magna cum laude
  • B.A., Hamilton College, 1985