With increased numbers of "ultrawealthy", "Tax Cuts & Jobs
Act" Sunset Approaching and Baby Boomers Accumulating Unprecedented
Wealth, Private Wealth Services are more valuable than ever
NEW
YORK, June 25, 2024 /PRNewswire-PRWeb/
-- Global law firm Greenberg Traurig, LLP strategically
continues the expansion of its growing global Private Wealth
Services Practice with the addition of a three attorney team from
Schulte Roth & Zabel LLP:
Shareholders Brian G. Smith and
Caitlin C. Fitzsimons and Associate
Brianna Johnson-King. They will be
based in New York and service
clients locally and around the world.
"The increasing number of ultrawealthy individuals, as well as
movement of many wealthy individuals and the funds and investments
they control, has fueled our desire to maintain and enhance our
world class Private Wealth Services Practice - even as much of
'BigLaw' has reduced this focus. Our geographical strategies have
always been to be located where the growth is going; we have a
strong presence in all the locations where wealthy individuals live
and conduct business throughout the
United States, including New
York, Florida, Texas, California, Chicago, Boston, Atlanta, Colorado, Las
Vegas, and even the Hamptons, and across Europe, Asia,
the Middle East, and Latin America. Since our earliest days, we
have served wealthy individuals, the businesses they own, and
wealth funds they direct, and this has been a natural evolution,"
Greenberg Traurig Executive Chairman Richard A. Rosenbaum said. "Adding Brian,
Caitlin, and Brianna in New York,
also working from our Bridgehampton location as needed, brings us a
highly regarded team of private wealth attorneys and is a testament
to our continued growth in this area and the level of talent we
attract."
Smith advises ultra-high-net-worth clients on estate and gift
tax planning, estate and trust administration, litigation, family
governance, and charitable giving. With deep insight into complex
tax planning strategies, he advises his clients on dynasty trusts,
leverage techniques with dynasty and other trusts, planning with
QSB stock, carried interests and closely held business interests,
grantor retained annuity trusts, qualified personal residence
trusts, life insurance trusts, and charitable trusts. Smith
counsels clients with the goal of significantly decreasing the
wealth transfer tax incurred while transferring wealth to future
generations. He also creates traditional wills, revocable trusts,
and limited liability companies in accordance with his clients'
estate plans. In the realm of estate and trust administration,
Smith's guidance extends to fiduciaries and beneficiaries involved
in estate and trust administration, and Smith has deep experience
in representing his clients in audits of estate tax returns and
gift tax returns.
Fitzsimons counsels ultra-high-net-worth individuals and
families to maximize wealth preservation across generations and to
ensure wealth passes in accordance with their wishes. She practices
in the areas of sophisticated estate planning, trust and estate
administration, and estate, gift, and generation-skipping transfer
taxation, as well as charitable giving and family law. She creates
wills, revocable trusts, dynasty trusts, life insurance trusts,
grantor retained annuity trusts, qualified personal residence
trusts, limited liability companies, and other vehicles to
implement her clients' wishes. Additionally, she advises
individuals and estates in disputes related to trusts and
estates.
Johnson-King advises ultra-high-net-worth individuals on gift,
estate, and generation-skipping transfer tax planning strategies,
as well as charitable giving. She prepares estate planning
documents such as wills, revocable trusts, dynasty trusts,
insurance trusts, grantor retained annuity trusts, and limited
liability companies. She also assists in the administration of
estates. Johnson-King's work focuses on multigenerational planning
for the transfer of complex assets, including business interests,
hedge fund and private equity interests, and commercial real estate
holdings. She collaborates directly with clients, family offices,
financial advisors, and corporate lawyers to develop and implement
comprehensive estate plans.
"With the national election approaching and the Tax Cuts &
Jobs Act's gift, estate, and generation-skipping transfer tax
exemptions sunsetting at the end of next year, this is a
particularly opportune moment for ultra-high-net-worth individuals
to transfer significant wealth to future generations before there
are potential changes to these laws. In addition, given the
significant financial success of the baby boomer generation, more
wealth will be transferred to future generations in the next few
decades than at any time in history. We expect to be busier than
ever, and we feel the support and vast resources of Greenberg
Traurig's leading global platform, coupled with our prior
experience collaborating as a team, positions us perfectly to
counsel our clients, their family offices, and other trusted
advisors and also connect with multiple generations of our clients'
families for decades to come. We provide advice on strategizing and
implementing thoughtful plans which address not only tax, but
family governance and other personal issues that are of paramount
importance to clients," Smith said. "We are excited about the
synergies that a multidisciplinary global firm will offer our
national clients who do business across the United States and around the world. In
addition, our ultra-high-net-worth clients control businesses or
have major investments including in private equity, real estate,
retail, hospitality, transportation, and entertainment, all
practice areas at which the firm excels."
"We are delighted by this opportunity to grow our practice in
collaboration with Greenberg Traurig's esteemed Private Wealth
Services attorneys. It is rare for an ultra-high-net-worth practice
to have both a national and global presence, as well as leading
attorneys in virtually every practice and location essential to its
clients' professional and personal lives. Our clients will benefit
from efficient and seamless service that welcomes the breadth and
depth of Greenberg Traurig's cross-industry capabilities, while
continuing to draw on our team's sophisticated planning experience
and multigenerational approach," Fitzsimons said.
About Greenberg Traurig: Greenberg Traurig, LLP has more than
2750 attorneys in 47 locations in the
United States, Europe and
the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly
Recommended Law Firm" for superior client service and is
consistently among the top firms on the Am Law Global 100 and NLJ
500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The
Diversity Lab. The firm is recognized for powering its U.S. offices
with 100% renewable energy as certified by the Center for Resource
Solutions Green-e® Energy program and is a member of the
U.S. EPA's Green Power Partnership Program. The firm is known for
its philanthropic giving, innovation, diversity, and pro bono. Web:
http://www.gtlaw.com.
Media Contact
Joey Kaiser, Greenberg Traurig,
LLP, +1 212.801.6983, joey.kaiser@gtlaw.com,
https://www.gtlaw.com/en/
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SOURCE Greenberg Traurig, LLP