On this episode of “Splitting Heirs,” partner Warren K. Racusin, Chair of Lowenstein’s Trusts & Estates practice, invites Beth Shapiro Kaufman, Lowenstein Sandler partner and National Chair of the Private Client Services group, and Sandra Swirski, founder of the bipartisan advocacy firm Integer, to discuss how the upcoming 2024 presidential election may affect the taxes you have to pay--exclusions (including the ‘deceased spousal unused exclusion’ or DSUE), and other tax cuts expected to expire soon. In addition to examining the impact of these sunsetting cuts on a particular client, they also address the political and legislative factors that influence these kinds of changes.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates
Beth Shapiro Kaufman, Partner, National Chair, Private Client Services
Sandra Swirski, Founder, Integer

On this episode of “Splitting Heirs,” Warren K. Racusin welcomes back Sharon L. Klein, President of Family Wealth for the Eastern US Region of Wilmington Trust Company and member of the Estate Planning Hall of Fame, to continue their discussion of Lovey and Hubby, two clients who celebrated their 50th wedding anniversary and then became embroiled in an extremely contentious divorce. The discussion centers on whether irrevocable trusts, into which marital assets were transferred during the course of the marriage, can be considered part of the marital balance sheet during a divorce. Warren and Sharon also address spousal limited access trusts, the concept of the “floating spouse,” tax liability for grantor trusts, and how estate planning attorneys guide clients through the most difficult periods in their lives.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates
Sharon L. Klein, EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce Advisory Practice, Wilmington Trust, N.A.

On this episode of “Splitting Heirs,” Warren K. Racusin talks with Lowenstein partner Nick San Filippo, Chair of the firm’s Business Divorce practice, and Jeff Savlov, a partner in the family business and wealth consulting firm Blum & Savlov, about the challenges facing family-owned businesses when disputes arise between parents and children, siblings, or other relatives. Observing that an unwillingness to address uncomfortable issues about succession planning and the future of the business often leads to conflict when the matriarch or the patriarch passes away, San Filippo emphasizes the need for a clearly constructed shareholders’ agreement so that all parties are clear on governance, documentation, and succession issues: who will lead the business, how will owners get paid, how should distributions should be made out of the business to cover taxes or distribute profits? The lawyers also encourage families to review these documents periodically as life circumstances and priorities may evolve over time.

Speakers:

Warren K. Racusin, Partner and Chair, Trusts & Estates
Nicholas San Filippo IV, Partner Co-chair, Business Divorce
Jeff Savlov, Partner, Blum & Savlov