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The Private Clients Practice Group concentrates on providing the legal services required
by high net worth individuals, families, and substantial private companies owned
or controlled by those individuals or their families. The Group has the capacity to
handle virtually every type of issue of concern to the individual or family of significant
means. In addition, the practice group provides legal and administrative services
to charitable organizations.
The Private Clients Group has extensive experience in the planning of estates, which
involves advice to individuals designed to minimize substantial estate and gift taxes
through various means. These include properly structured wills and revocable trusts;
lifetime gifts; creation of irrevocable insurance trusts; gifts to retained interest
trusts designed to leverage use of the unified credit; corporate reorganizations; family
limited partnerships; charitable gift planning; and other arrangements. Additionally,
the Group regularly engages in international estate planning for U.S. citizens and
foreign nationals, including asset protection trusts in favorable domestic and offshore
jurisdictions. The Group also advises foreign nationals on structuring their investments
in U.S.-situs property.
Valuation, reorganization and administration of closely-held corporations, partnerships and
other forms of privately held foreign and domestic businesses, are also particular areas of
expertise, as well as planning for disposition of an owner's interest. Private clients
attorneys have expertise in structuring vehicles for transferring businesses to the next
generation both to reduce transfer tax costs and to avoid family discord. Additionally, the
Group regularly advises corporate and individual fiduciaries regarding whether they have
the power to take certain actions and make certain investments under various instruments.
A core element of the Private Clients practice is providing a full range of services to executors
and trustees, including the administration of estates of high net worth individuals and the trusts
created by such individuals. The practice group assists executors with marshalling and valuing
estate assets, preparation of Federal and state estate tax returns, distribution planning and
property sales and transfers. The Group also handles estate tax audits, prepares the executor's
final accounting and fiduciary income tax returns. Department accountants prepare trust and estate
accountings and its attorneys settle fiduciary accounts judicially and by agreement. Private
Clients attorneys serve as both executors and trustees at clients' request.
The Group also serves as litigation counsel to individuals, trusts and estates in cases before
the Internal Revenue Service, United States Tax court and state taxing authorities. The Group
has particular expertise in issues involving the valuation and transfer of closely-held business
entities, real estate, intellectual property and art. The Department also has special expertise
in income tax issues affecting trusts, estates and individuals.
Attorneys in the Private Clients Group represent fiduciaries and beneficiaries in estate and trust
litigation, including will contests, judicial accounting and construction proceedings, and the
prosecution and defense of suits by and against both executors and trustees.
Kelley Drye's Private Clients Group advises charities on corporate, trust and tax issues related
to investments and grant making, as well as planned giving vehicles such as charitable gift
annuities and remainder trusts. The Department advises private foundations with respect to
Federal excise taxes on self-dealing, excess business holdings and taxable expenditures.
Attorneys in the Group create charitable trusts and not-for-profit corporations, prepare and
file the Federal and state applications to recognize such organizations' tax-exempt status and
advise charities with respect to governance issues. The Practice Group represents not-for-profit
corporations in merger and dissolution proceedings. Representation of charities as beneficiaries
of trusts and estates is also an important part of the practice.
The Group also provides a full range of administrative services to charitable organizations
created by clients, including administering grants and scholarship programs, and the preparation
and filing of tax returns and regulatory filings.
As part of overall family planning matters, Private Clients attorneys draft and negotiate
prenuptial, postnuptial and separation agreements. Where marital assets are of significant
size or involve complex valuation issues, Private Clients attorneys will handle contested
divorce proceedings in conjunction with attorneys from the Litigation Practice Group.
For further information about Kelley Drye's Private Clients Practice Group, please contact:
Michael S. Insel
(212) 808-7933
minsel@kelleydrye.com
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