Stewardship of Special Assets

Taking care of unique individuals often requires the administration of special assets, which are themselves not easily overseen. Practitioners adept at administering a large body of cash or securities are not usually adept in the administration of special assets. In serving our clients in this area over the past 130 + years, we have developed considerable depth and a strong reputation for excellence.

Operating Real Estate

These investments can lead to tremendous profits financed with little or no personal funds, or they can lead to losses, severely diminishing the value of an entire real estate portfolio and potentially jeopardizing other assets. Many of the basic risk and return expectations applied to stocks and bonds also apply to real estate; however most institutional trustees will not accept investment real estate in trusts. We help our clients consider the criteria for success before acquiring any property.

Collections

This is a rather unique area of the Law where the relevant guidelines are not conveniently concentrated under the term “art,” but rather are scattered across many different parts of the Common Law and the Tax Statutes. Intimate knowledge of these guidelines is critical to the collector, but lacking in most firms. Equally important is the experience in careful planning and the drafting of estate plans that will not only keep a collection together, but also in the possession and control of the assembling family on a tax-advantaged basis. As self-confessed collectors, we have safely and wisely preserved our own forbearers’ legacies, as well as those of many of our clients.

Heirloom Assets

Sometimes a family has a unique and indivisible asset that has great emotional attachment for every family member. Such assets require early, careful and advanced planning with a keen and thoughtful eye to the future. Even modest changes in the way such an asset is administered can have irrevocable consequences in terms of changes in its use and, therefore, its financial character (i.e., the way it is taxed) and potential options for future generations of family.

Illiquid Shares of Operating Businesses

Estate planning often involves dealing with a long-lasting entity, the family business. The longer the business lasts, the more likely it is that a conflict will arise among the family members. Our experience and skill help guide entrepreneurs to accept the reality of such future conflicts and plan for their avoidance or resolution well in advance.