ShenkmanLaw.com

We represent a broad base of clients in terms of: types and scope of work, net worth, age, business types and other characteristics. Perhaps the common thread between most clients is the desire for comprehensive planning that addresses a broad range of needs and goals, and that can deal with unique situations. Some illustrative client situations include the following:
An elderly couple seeking to bequeath their modest estate equally to their three children, one of whom is a Priest who has taken upon himself a vow of poverty. After extensive research and analysis, a unique trust was created under the will that safeguards the son’s inheritance and respect not only the formal requirements of the vow he has undertaken, but the spirit of that vow as well.
A family owning a closely held technology business valued at approximately $500 million sought to minimize gift and estate taxes in a creative manner, while creating a viable business succession plan that was considerate of a wide range of business, tax and other goals. The planning involved unique and complex valuation issues. The most challenging and rewarding component of the plan, however, was to successfully harmonize different concerns and personal feelings of various family members.
A well known estate planning boutique was sued for malpractice in administering an estate. One of the largest law firms in the state had issued a scathing opinion letter confirming that malpractice occurred. A careful review of the voluminous files resulted in the identification of several overlooked facts, which were creatively interwoven into an argument that gave the insurance defense counsel a basis to favorably resolve the case.
A lawyer sought a simple estate plan that focused on protecting himself and his spouse, while disinheriting their two children. The core plan was completed but after numerous meetings, discussions and recommendations, steps were taken that, over the next year, resulted in the parents reconciling with one of their two children, and while not reconciling with the other child, at least establishing some level of communications.
A young married couple with two children and a modest estate sought a basic will appointing guardians. They also improved their property and casualty insurance protection, investment planning, and life insurance. General planning for asset protection to pursue as their estate grew was implemented. An emergency child medical form was created to protect their children when they traveled. The pros and cons of 529 college savings plans versus other options were evaluated. A trust for all their children was instead established.
An urgent phone call was received from someone at a local hospital whose close friend was terminally ill. A comprehensive will was quickly created that addressed several of the unique issues facing an illiquid estate. The will was executed at the hospital later the same day. The will prevented a multi-million dollar estate from falling into intestacy.
A married couple, both of whom were physicians, sought to create an estate and asset protection plan in light of the considerable risks both faced. In addition to developing a comprehensive plan, given their difficult work schedules and timing, the plan was implemented and is being administered to a significant extent by our staff. A gift plan and appropriately qualifying trusts were created to transfer the real estate used in the wife’s practice, and held in an S corporation.
A retired widower with approximately $30 million in real estate assets sought a simple estate plan to pass assets to his children. A comprehensive plan was developed with the first phase consisting of creating core estate planning documents on which future planning could be developed. Next, various real estate holdings were restructured from general partnership format into LLCs, and governing documentation (shareholder, partnership and operating agreements) were negotiated and implemented for properties owned with others. A comprehensive estate and gift tax plan was developed including a gift strategy using grantor retained annuity trusts (GRATs) and other techniques to leverage gifts to the next generation. A combination of outright sales, charitable remainder trusts and other techniques were used to increase liquidity and diversify the family asset base. Insurance planning and investment planning for the proceeds were all coordinated with the above plan.
A major international religious organization sought help for a member whose religious observances were contradicted by a living will she had signed. A court appointed guardian sought to enforce the terms of this old legal document to prevent insertion of a feeding tube, in contradiction of her beliefs. A creative interpretation of the state’s living will statute enabled the organization to bring a court proceeding to have her religious beliefs respected.
A closely held corporation sought to motivate key employees. An incentive stock option (ISO) plan was created and coordinated with the various classes of stock. Additionally, a comprehensive shareholders’ agreement was drafted. A buy out plan to address the death or disability of a shareholder was implemented, partially funded by life and disability buyout insurance. When several key business contacts were recruited to invest in the company, a convertible debenture, with put and call rights, was structured.
A client with a large family manufacturing business structured a comprehensive estate plan minimizing gift and estate taxes and also protecting his daughter, who was active in the business and the planned successor, from risks of divorce. This plan involved the use of trusts tailored to the family’s situation, careful management of the business and drafting of business documents, all coordinated with a leading matrimonial attorney.

Under 22 NYCRR 1200 the following disclaimer may apply to the above descriptions: Prior results do not guarantee a similar outcome.