Media Mentions
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 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
Read Moore was quoted in the April 21 edition of The New York Times about how if you help a family member and the gift exceeds a certain value and the IRS catches it, you could be forced to pay a gift tax as well as interest. One strategy for subsidizing relatives without having to pay gift tax is to pay medical and educational expenses. Especially with elderly parents, the chance to pay for medical expenses is an ''overlooked opportunity,'' said Mr. Moore.
David DeYoe was quoted in the March issue of Worth Magazine regarding the risks related to putting a private plane in an LLC. Mr. DeYoe discussed how private planes held in LLCs could be viewed as commercial aircrafts by the FAA, which could in turn invalidate insurance and legal protection. Under these circumstances "you haven't shielded anything," Mr. DeYoe said.
David P. DeYoe, Aircraft Acquisition and Operation, Corporate, Private Client
Julie Kwon was mentioned in the February 25 issue of Tax Analysts for forwarding the Department of Treasury an article commenting on proposed regulations on qualified trust severances under section 2642. The Treasury withheld the contents of the article for copyright reasons.
George Heisler was quoted in the February 5 issue of Chicago Daily Law Bulletin about the importance of legal services for the poor. "It's always seemed to me that we have a duty to provide service to the community using the talents we have," Mr. Heisler said.
Quentin G. Heisler Jr., Private Client
George Heisler was quoted in the February issue of Chicago Lawyer in an article on what law firms are doing to define their cultures and separate themselves from the rest. "Part of the culture has to be that we are fair and supportive to our younger lawyers," Mr. Heisler said. "We spend very significant amounts of money training and developing new lawyers. We are assuming in the highly technical world we exist in that most schools don't prepare our lawyers for the highly technical practice areas we have. There has to be a commitment to that teaching."
Quentin G. Heisler Jr., Private Client
2007
Neil Kawashima was quoted in the December 17 issue of Crain’s Chicago Business about how banking institutions that cater to high net worth families are discovering that helping clients give money away helps the banks, too. "It's the good old-fashioned profit motive," Mr. Kawashima said.
Neil T. Kawashima, Private Client
David Baker was quoted in the December 4 issue of The San Diego Union-Tribune about how a recent lawsuit revealed that the Evans Hotels family, the San Diego company that operates The Lodge at Torrey Pines, the Bahia Resort Hotel and the Catamaran Resort Hotel is split over trusts. "The trusts were being used as sort of a low-interest bank account for the businesses," said Mr. Baker.
David A. Baker, Private Client
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
Richard Dees was quoted in the November 14 edition of The New York Times about how business owners need to start thinking about estate planning, since the federal estate tax, with a top rate of 45 percent, can have a big effect on the business left behind, and planning now is the best way to manage that. "First, divide the business into voting and nonvoting shares, even if you must recapitalize the company," said Mr. Dees. "Ideally, voting stock should make up no more than 10 percent of the total company shares," he added.
Richard L. Dees, 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
Domingo Such was featured as the Planner of the Month in the October 29 issue of Life Insurance Law Newsletter.
Domingo P. Such 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
Carol Harrington was quoted in the August 29 issue of Bloomberg and the August 30 issue of the Kansas City Daily Record on how Leona Helmsley, the late real estate developer, left $12 million to her Maltese dog, Trouble, which received a larger share of her $4 billion estate than any of her grandchildren. Ms. Harrington hadn't heard of anyone leaving as much as Trouble will receive.
Carol A. Harrington, Private Client
Jay Rivlin was mentioned August 21 edition of The Wall Street Journal and the August 16 issue of The Daily Deal for joining McDermott’s Private Client Department in New York.
Jay Rivlin was mentioned August 14 on Reuters online for joining McDermott’s Private Client Department in New York.
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.
Henry Christensen III, Private Client
Julie Kwon was quoted throughout the article, “IRS Seeks Consistency For Estate And Trust Expenses Not Subject To 2% Floor; ‘Uniqueness’ Test Proposed” in the August 2 issue of CCH Federal Tax Weekly. Ms. Kwon was somewhat surprised that the IRS issued regulations at this time, because the Supreme Court has recently granted certiorari in one of the cases, W.L. Rudkin Testamentary Trust, that concluded the fees were subject to the two-percent floor.
George Heisler was quoted in the August issue of Chicago Lawyer in an article about law firm bullies. Mr. Heisler described a bully as someone who doesn’t participate in the firm’s mission. "I have been practicing 39 years and I’ve seen a whole lot of things happen,” Mr. Heisler said. “This law firm is a big part of my life. I don’t want to practice in an atmosphere that is corrosive and selfish, and an atmosphere where there is no collegiality, and no particular friendship," he added.
Quentin G. Heisler Jr., Private Client
Carol Harrington was quoted in the August 1 issue of The Wall Street Journal about how the Internal Revenue Service's proposed regulations say investment management and advisory fees paid by trusts or estates typically cannot be deducted in full. Under current tax law, certain costs may be deducted in full if they're paid or incurred in connection with the administration of an estate or trust and wouldn't have been if the property weren't held in the trust or estate. But "the language is ambiguous," said Ms. Harrington. "When smart judges come to different conclusions, it's pretty clear the language is unclear," she added.
Carol A. Harrington, Private Client, Trust & Estate Controversy
Ryan Harding was quoted in the July issue of Institutional Investor about how New Hampshire enacted sweeping new legislation designed to reposition the Granite State as the nation's friendliest jurisdiction for personal trusts, kicking off a multiyear effort to join the ranks of Delaware, South Dakota and Alaska, which have become havens for trust assets. "With this law you're going to consider New Hampshire one of the main contenders," Mr. Harding said. "These changes won't filter out to the rest of the country immediately," he added.
Gordon Greenberg, Russell Hayman and Jonathan Lurie have been recognized as top lawyers in their industry by Super Lawyers in June 2007 as "Southern California Super Lawyers for the Family and Consumer." Mr. Greenberg and Mr. Hayman were recognized in the area of "When Disaster Strikes" and Mr. Lurie was recognized in the area of "Planning Your Future."
Gordon A. Greenberg, Russell Hayman, Jonathan C. Lurie, Health, Private Client, Trial
Mary Lee Turk was mentioned in the April 4 edition ofPrism Insight: Trust & Estates Online Exclusive for her report she had written that discusses the issues, history and potential problems involved with patents for tax strategies.
Mary Lee Turk, Intellectual Property, Media & Technology, Private Client, Tax
Domingo Such answered a reader question in the "Advisors' Forum" section of the April issue of Worth magazine about succession planning with a family business. "Although in the past it was uncommon for parents to discuss testamentary plans, today it is becoming an accepted and proactive practice," Mr. Such said.
Domingo P. Such III, Family Business Consulting Services, Private Client
Judith McCue was featured in an article in the March 2007 edition of the Leading Lawyers Network Magazine. The McCues, Judith and her husband Scott, were covered in the "Leading Couples" segment. They were noted for their separate successful estate and trust practices, as well as their love and support of the arts in Chicago. "Scott and I became estate planners by accident," Ms. McCue said, "so it's quite remarkable that we ended up doing something we both found incredibly enriching and fun."
Judith W. McCue, Private Client
2006
Domingo Such was recognized in the December 2006 issue of Robb Robert Worth magazine as one of the top 100 estate planning attorneys in the United States.
Domingo P. Such III, Private Client
Mary Lee Turk was quoted in Forbes Investment Guide 2006 on estate tax planning.
Domingo Such was quoted in the October 2006 issue of Worth magazine about how rising interest rates are changing the relative attractiveness of some popular trust structures. Domingo designed a 10-year QPRT for a client with a second home in Lake Tahoe a decade ago, another period when interest rates were high and real estate prices softer. "Real estate prices in that area have about doubled in that period," he said. Since the trust ended, "the kids have had the use of the house and the benefit of all that accumulated value," he added.
Domingo P. Such III, Private Client
Joseph Rubinelli was quoted in the Fall 2006 issue of Wealth in an article about the challenges faced by estate planners as Congress continues to debate revisions to the federal estate tax. Mr. Rubinelli said, "Your plan needs to take into account your real beneficial priorities, so tax law changes don't leave a lopsided estate plan."
Joseph O. Rubinelli Jr., Private Client, Tax
Neil Kawashima was quoted in the September 13 issue of The New York Times about how directors and trustees of the nation's top art museums are preparing a major lobbying effort to reverse a federal tax provision approved last month that they say will significantly harm their ability to acquire new artworks. Under the new changes, there could be significant estate tax penalties if donors make fractional gifts and then die while the work is still in their possession. Mr. Kawashima commented that as a result, some lawyers are now advising clients to stop giving fractional donations. "You can't predict when you'll die or how much the painting will appreciate, so my advice would be, don't do it," said Mr. Kawashima.
Neil T. Kawashima, Private Client
Carol Harrington was quoted in the September 4 issue of Fortune magazine about the U.S. Patent and Trademark Office granting patents to people who claim to have invented novel ways of avoiding taxes. "If you can patent an interpretation of the tax law, why not patent anyone's legal advice?" Ms. Harrington said.
Carol A. Harrington, Private Client, Tax
Carol Harrington was quoted in an August 30 article in Fortune Magazine in an article that explored the recent trend of patenting tax shelters and loopholes. "If you can patent an interpretation of the tax law, why not patent anyone's legal advise?" Ms. Harrington said. "Then you could say people being prosecuted for murder can't use a certain defense without paying a licensing fee. Something is seriously wrong with that in my view," she added.
Carol A. Harrington, Intellectual Property, Media & Technology, Private Client
Domingo Such was quoted in the July 20 issue of The Wall Street Journal about the tax implications for money sent overseas. "There should be no U.S. gift or income tax consequences if money is sent directly from a foreign person to a U.S. bank account," said Mr. Such.
Domingo P. Such III, Private Client, Tax
Frank Nitikman was featured as the "Planner of the Month" in the July 10 issue of Life Insurance Law Newsletter.
Franklin W. Nitikman, Private Client
Carol Harrington was mentioned in the April 9 edition of the Chicago Tribune regarding being named chair of McDermott's Private Client Department.
Carol A. Harrington, Private Client
Q. George Heisler and Carol Harrington were mentioned in the March 20 issue of the Chicago Daily Law Bulletin and the March 29 issue of the Daily Deal about being named partner-in-charge of McDermott's Chicago office and being named chair of the Firm's private client department, respectively.
Carol A. Harrington, Quentin G. Heisler Jr., Private Client
Lazar Raynal was listed as the lawyer representing Liesel Pritker in the $900 million settlement of Pritzker v. Pritzker, the largest settlement in Crain's Chicago Business’s list of Illinois’s largest verdicts and settlements of 2005 published on February 20.
Lazar P. Raynal, Private Client, Trial, Trust & Estate Controversy, Trust & Estate Controversy Experience
2005
Richard Dees was recognized in the December 2005 issue of Robb Robert Worth magazine as one of the top 100 estate planning attorneys in the United States. The attorneys were identified through a nomination process in which the publication reached out to financial advisors, family office executives, accountants, consultants, academics and others who work regularly with estate planning attorneys.
Richard L. Dees, Private Client
Richard Dees was quoted in the November 2005 issue of Wealth Manager magazine in an article about how estate taxes can present difficulties for family-business owners so lawyers are encouraging clients to plan ahead. "Taxes can be the most important [issue] after making sure there's a team in place that can continue the operations of the business if something happens to the owner," Mr. Dees said.
Richard L. Dees, Private Client
McDermott was recommended in Der Syndikus - Jahrbuch 2005 - for their tax practice: "Under direction of Ralf Eckert the tax practice of McDermott Will & Emery Rechtsanwälte Steuerberater LLP advanced very well. With the lateral hire of Arndt Raupach and three colleagues of Raupach & Wollert-Elmendorff Rechtsanwaltsgesellschaft mbH in the summer of 2004 the team got extra know-how. McDermott advises very well-known companies as well as important private clients."
Arndt Raupach, Germany, Private Client, Tax, Tax - Germany
Domingo Such was quoted in the Spring 2005 edition of Stages, in an article about how the current sunset provisions in tax laws may affect your financial plans and suggestions on how to be prepared. One suggestion is to be realistic about federal estate-tax changes. "In 2011, the applicable exclusion amount will go back down to $1 million and the top tax rate will rise to 55%," noted Mr. Such. He and other experts expect these rules to change again, although there are no guarantees.
Domingo P. Such III, Private Client, Tax
McDermott Will & Emery's Tax Practice was ranked fifth out of 100 in terms of size with our tax lawyers representing 19% of the total number of lawyers in the firm. Published by Tax Business in its January/February 2005 issue, the survey also ranks our tax practice among the top five in firms who are "putting tax first," and in the top 10 as "expertise in tax."
Employee Benefits & Pensions, International, Private Client, Tax
Domingo Such was quoted in the January 2005 issue of Worth magazine in regard to incentive trusts. Mr. Such commented that a way to add flexibility to an incentive trust, or any trust designed to benefit multiple generations, is to include a limited power of appointment that gives each generation some ability to amend the trust. This tactic gives beneficiaries the ability to adjust, for their own heirs, any of the original grantor's instructions, that may become outdated.
Domingo P. Such III, Private Client
2004
David Herpe was quoted in the March 15 issue of Forbes regarding recently implemented estate tax rules under the 2001 federal tax legislation, and recent state legislative changes, which can cost individuals millions in estate taxes depending on the state in which they reside at death. The article mentions that Mr. Herpe advised a client that if he died in 2004 his $50 million estate could owe $7.5 million in tax to Illinois, on top of the $21 million it would have to fork over to the feds. But if he changed his legal residency to Florida, where he owned a condominium, his heirs would pay only federal tax.
David A. Herpe, Private Client, Tax
David Fuller was quoted on the front page of The Washington Post business section on January 20 in an article reporting on tax breaks for company aircraft. Mentioning MWE's recent seminar on owning and operating private aircraft for business owners, Mr. Fuller stated that considerable tax advantages are available for such aircraft. Although noting limitations exist, David explained that an S corporation shareholder who uses a plane for travel that produced $5,000 in personal taxable income might receive $100,000 in deductions as his or her share of the plane's cost, for a net deduction of $95,000. "It's a great benefit," commented Mr. Fuller
, Aircraft Acquisition and Operation, Executive Compensation, Private Client, Tax
2003
On December 12, Carol Harrington was quoted in Business Week regarding changes in estate taxes that are taking place in a number of states. Illinois is following the federal exclusion for estate taxes, unlike some other states, but it will freeze its exclusion at $2 million starting in 2009, commented Ms. Harrington.
Carol A. Harrington, Private Client
James Cundiff was quoted in the Chicago Tribune on December 7 regarding recent regulation changes in the death tax. The Illinois death tax, signed into law in June, is applicable to taxable estates that exceed $1.5 million in 2004. “For example, if a widow dies in Illinois in a house worth $900,000 and other assets worth $2 million, her estate would pay $129,900 more to the State of Illinois than it would have if the state had not passed this new death tax legislation,” commented Mr. Cundiff.
James H. Cundiff, Private Client
James Cundiff and Domingo Such were quoted in the November 5 issue of The Wall Street Journal regarding the effect of the Economic Growth & Tax Relief Reconciliation Act of 2001 which eased federal taxes on estates but also had the effect of reducing tax revenue to states. When state rules were more unified, moving to another state held "no estate tax advantage," Mr. Cundiff commented. Messrs. Cundiff and Such outlined the differences between states with the example that if you are living in Illinois with a $25 million estate, your heirs will likely pay $1.73 million more if you die in Illinois than if you moved to Florida in 2003; and the difference rises to a high of $2.6 million in 2004.
James H. Cundiff, Domingo P. Such III, Private Client
Judith McCue was quoted in the December 2002/January 2003 issue of Bloomberg Wealth Manager in an article addressing the transition of business responsibilities and assets when a business leader has a fading mental capacity. Ms. McCue, an estate planning attorney, commented that the "goal is to have a seamless transition of power when clients become incapacitated."
Judith W. McCue, Private Client
2002
Judith McCue was quoted in the November 2002 Bloomberg Wealth Manager in an article addressing the terms of an aging income trust and the needs of its beneficiaries. Ms. McCue commented that the hourly fees for attorneys, accountants and financial advisors do add up so it is "wise for beneficiaries to have ramifications of such a conversion reviewed by independent counsel."
Judith W. McCue, Private Client
Judith McCue was mentioned in the October 21 issue of The Chicago Daily Law Bulletin in regard to receiving the Austin Fleming Distinguished Service Award from the Chicago Estate Planning Council.
Judith W. McCue, Private Client
James Trapp was quoted in the September issue of Practical Accountant in regard to the fluctuation of profitability for family businesses.
James M. Trapp PC, Family Business Consulting Services, Private Client
Carol Harrington was quoted in the July 11 issue of The Wall Street Journal regarding the disposal of remains, in light of the disagreement between Ted Williams' next of kin. The article addresses various state laws in regard to the written wishes of the deceased. Ms. Harrington commented that including your request in your will is not the best option in many cases.
Carol A. Harrington, Private Client
David Baker was mentioned in the May issue of Chicago Lawyer in regard to his successful planning and editing of Illinois Estate, Trust and Guardianship Litigation.
David A. Baker, Private Client, Trust & Estate Controversy
Judith McCue was mentioned as the recipient of the Austin Fleming Distinguished Service Award in the December 2002 issue of the Chicago Lawyer.
Judith W. McCue, Private Client
2001
Carol Harrington was quoted in the December 20 issue of Financial Times in regard to changes in the gift and estate tax and generation-skipping transfer tax as of January 1. Ms. Harrington commented on the provision included in the new tax bill that permits taxpayers to gain permission from the IRS to allocate the GST exemption retroactively. She said the provision is good for those who originally failed to allocate to their gift.
Carol A. Harrington, Private Client
Judith McCue, noted as a member of McDermott Will & Emery and an officer of the American College of Trust and Estate Counsel, was quoted in the November 25 issue of the Chicago Tribune in regard to philanthropically minded individuals wishing to benefit charities in the wake of September 11 and recent stock market downturns. Ms. McCue commented that recent changes in the rules governing minimum distributions from individual retirement accounts and IRAs make it easier to name charities as beneficiaries of such accounts and plans.
Judith W. McCue, Private Client
Carol Harrington was quoted in the November 6 issue of the Chicago Tribune. The personal finance column addressed Americans' increased need to make certain their family is taken care of long-term. Ms. Harrington commented on the difficulties of realizing the need for a will and outlines some of the will and tax considerations that should not be overlooked.
