Media Mentions
2011
“Warning: Too Many Eggs in One Basket”
Barron’s, September 17, 2011
Henry Christensen III advised structuring trusts with a heavy concentration in one asset as a directed trust with a third party appointed to direct investing. In such an arrangement “a directed trustee will have materially reduced [his] risk of liability,” Mr. Christensen said, especially in Delaware and a number of other states that are relatively hospitable to concentrated holdings.
Henry Christensen III, Private Client
“Power Grab!”
Wall Street Journal, May 14, 2011
Henry Christensen III urged that wealthy individuals who grant power of attorney to a spouse or child and who continue making annual gifts should state their intent to do so in writing. Similarly, he advised persons receiving the power of attorney designation that, “if you’re going to be using that power to make gifts, you have to be expressly authorized to do it. You certainly have to be authorized to make gifts to yourself.”
Henry Christensen III, Private Client
“McDermott Expands Private Client Practice with Addition of Preeminent Trust & Estate Lawyer Carlyn S. McCaffrey”
Trusts & Estates, April 7, 2011
Carlyn McCaffrey was welcomed to McDermott’s Private Client Group with estates and trusts partners Amy Heller and Elyse Kirschner, and lawyers Laura Hirschfeld, Christopher Parker, Shu-Ping Shen and Dena Wolf. Peter Sacripanti praised them as a “top-notch team” and an “exceptional group of lawyers.” Henry Christensen III, who will co-head the New York office’s Private Client Group with Ms. McCaffrey, called her “a friend and colleague” and added, “It will be a joy to have Caryn, Elyse and Amy as partners of McDermott.”
Henry Christensen III, Amy E. Heller, Elyse G. Kirschner, Carlyn S. McCaffrey, Peter John Sacripanti, Private Client, Trial
2010
Henry Christensen III was quoted by the New York Times on September 7 concerning efforts by the Tate Modern, the first museum in London devoted solely to modern art, to raise funds for an expansion. Mr. Christensen, a trustee of American Patrons of the Tate, a tax-exempt fundraising group, called the effort to secure contributions “a giant challenge” but added that the museum’s activity to secure U.S. donors has been “unabated even in this economy.”
Henry Christensen III, Private Client
Henry Christensen was quoted in the Washington Post on July 14 concerning the estate tax implications of New York Yankees owner George Steinbrenner's death. Steinbrenner's personal fortune has been estimated at over $1 billion, and Mr. Christensen noted that the amount of the estate subject to tax could have been "substantial" had not Congress allowed the estate tax to lapse for 2010. "Because of Mr. Steinbrenner's public name and stature, his death may draw the attention of Congress -- they simply have to decide what do [about the tax]," Mr. Christensen declared.
Henry Christensen III, Private Client, Trust & Estate Controversy
Henry Christensen was quoted by Forbes.com on January 19 concerning the impact that the 2010 expiration of the federal estate tax will have on wealthy individuals and families. “The longer the estate tax lapse lasts, the more clients are going to begin putting real thought into how much they want to give to charity and how much they want to give to their family,” he stated. Mr. Christensen cited the example that a client may change the substantial part of his estate earmarked for charity into a conditional charitable gift, and added: “If the estate tax is eliminated, the amount going to charity will be dramatically reduced because more can be given to the family at an acceptable (tax) cost.”
Henry Christensen III, Private Client
2009
Henry Christensen, Martyn Gowar and Andrew Vergunst were featured in the Times Online (September 10) regarding their move to McDermott build an international private client practice. Mr. Christensen said, "For many clients, international estate planning is a key concern. The addition of Martyn and Andrew to the team means that McDermott is now the first major US firm to put in place an international private client team in London."
Henry Christensen III, International Private Client, Private Client
2008
Henry "Terry" Christensen III was quoted in the November 11 issue of The New York Times about how the current economic crisis is causing people to question how much they should give to charity while alive and what to leave in their estate plan. ''Will I have enough to retire comfortably?'' and ''Do my spouse and children need a larger inheritance than I previously assumed?'' are among the issues distracting donors from philanthropy, leaving charity ''a second-class beneficiary,'' said Mr. Christensen.
Henry Christensen III, Private Client
Henry "Terry" Christensen III was quoted in the November 21 issue of the Chicago Tribune about so-called qualified personal residence trust, or QPRT, which allows homeowners to live in a property for many years before passing it on to their heirs. He commented that McDermott has executed about 50 percent more QPRTs earlier this year than it did two years ago. Mr. Christensen says that the trusts are especially popular in California and Florida, where home prices have dropped the most.
Henry Christensen III, Private Client
Henry "Terry" Christensen III was quoted in the November 2 issue of The State about so-called qualified personal residence trust, or QPRT, which allows homeowners to live in a property for many years before passing it on to their heirs. He commented that McDermott has executed about 50 percent more QPRTs earlier this year than it did two years ago. Mr. Christensen says that the trusts are especially popular in California and Florida, where home prices have dropped the most.
Henry Christensen III, Private Client
Henry "Terry" Christensen III was quoted in the October 30 issue of The Wall Street Journal about so-called qualified personal residence trust, or QPRT, which allows homeowners to live in a property for many years before passing it on to their heirs. He commented that McDermott has executed about 50 percent more QPRTs earlier this year than it did two years ago. Mr. Christensen says that the trusts are especially popular in California and Florida, where home prices have dropped the most.
Henry Christensen III, Private Client
Carol Harrington, George Heisler, Henry "Terry" Christensen and Jonathan Lurie were quoted in the August/September issue of Private Wealth Magazine on McDermott's elite Private Client Department. "Within a law firm, a department or practice group needs to be successful vis-à-vis the other departments in order to be able to grow or receive capital when necessary," explained Mr. Heisler. "Our private client group is very strong internally, but I know lawyers at other firms who are not being permitted to build their groups because they're not deemed to be profitable enough," he added. Working in estate planning, one needs not only technical skills, but people skills as well. "The single most important factor in estate planning is understanding your clients and having a genuine concern for them...," Mr. Lurie said.
Henry Christensen III, Carol A. Harrington, Quentin G. Heisler Jr., Jonathan C. Lurie, Private Client
2007
Henry "Terry" Christensen III was mentioned in the November 14 edition of The Wall Street Journal for joining McDermott and his continued representation of long term client, Maurice R. "Hank" Greenberg, the former American International Group Inc. chief executive. Mr. Greenberg commented that Mr. Christensen is a "man of integrity and loyalty."
Henry Christensen III, Private Client
Henry Christensen III was mentioned in the November issue of Private Wealth for joining and heading McDermott’s private client practice in New York.
Henry Christensen III, Private Client
Henry Christensen III was mentioned in the October 22 issue of The New York Sun for being honored at the the 20th anniversary of the Prospect Park Alliance.
Henry Christensen III, Private Client
Henry "Terry" Christensen III was mentioned in Bloomberg on July 23, the July 25 editions of The Wall Street Journal and the New York Law Journal and the August 13 edition of Crain's New York Business for joining McDermott’s Private Client Department in New York.
