We advise clients on federal, state, and local tax matters, and we also provide estate planning and administration services.
We provide a wide range of tax and estate planning services to corporations, individuals, partnerships, limited liability companies, and charitable institutions. While we have provided services to public companies, we work primarily with closely held businesses. We have in-depth knowledge of tax exempt organizations, including the establishment, tax qualification and governance of such organizations.
Our estate planning work includes tax planning with respect to income, estate and gift taxes, and tax structuring of transactions. In addition, we frequently fill the role of “outside general counsel” for our clients’ business and personal matters. In this role, we assist clients in helping them protect and preserve their wealth. Among the planning tools we have used on behalf of our clients are family limited partnerships, private foundations, grantor retained annuity trusts, and qualified personal residence trusts. We serve clients with estates ranging from modest to extremely wealthy, using these tools to their advantage.
Meet the Chair of our Tax & Estates practiceOur Tax and Estates practice is led by David Pudlin, who is also the firm’s President and CEO. David has four decades of practice and experience in tax law and estate planning. David has been a member of the Governing Council of the Tax Section, for which he also served as Chair of the Federal Tax Committee and the Editor-in-Chief of the Tax Section Newsletter, and as a member of the Executive Committee of the Probate Section of the Philadelphia Bar Association.
We work with the firm’s litigation attorneys when tax, estate, and fiduciary issues arise in litigation, and we work with attorneys in our Real Estate, Corporate and Transactions, and Bankruptcy practices to give consideration to tax issues in a variety of transactional settings.
We have represented individuals and business owners (including extensive experience with legal and medical professionals) in all aspects of their businesses and estate planning.
Business Transaction Tax Structuring
Handling taxable and tax-free transactions with an eye on the bottom line
We are involved in many forms of transactions, including purchases, sales, mergers, and other forms of tax-free reorganizations, including bankruptcy. While there often is pressure to “get the deal done,” we work diligently to arrive at answers that make the most sense for our clients. The tax consequences of a transaction can significantly affect its bottom line.
Our lawyers work with individuals, private and public companies, nonprofit organizations, and governmental agencies to advantageously structure business transactions, giving consideration to local, state and federal tax rules. We work closely with attorneys in the Real Estate, Corporate and Transactions, and Bankruptcy practices as we are involved in many forms of taxable and tax-free transactions, including debt and equity financing, acquisitions, divestitures, mergers, sales, leasing, and bankruptcy reorganizations.
Charitable Giving & Private Foundations
Direct donations, charitable trusts and other forms of restricted giving, gift programs, and private foundations
Charitable giving can be accomplished in many ways: direct donations, charitable trusts and other forms of restricted giving, gift programs, and private foundations. Our attorneys have worked with individuals, families, and companies to structure the most advantageous methods given the tax implications, as well as the client’s situation and goals.
Private foundations are an increasingly popular type of charitable giving. They are formed for a multitude of nontax reasons: to support the family’s philanthropic interests, instill values in children who are able to administer the foundation, and ensure the good name of the family for generations to come. We have extensive experience in obtaining tax-exempt status for foundations once the client concludes (after reviewing with us the advantages and disadvantages) that a foundation is an appropriate vehicle.
Closely Held Businesses
Making succession planning smooth for all involved
We often are called upon to help business owners plan for the eventual transfer of the business to family members, employees, or third parties. For some business owners, succession planning can be a difficult process.
Fortunately, our attorneys have worked with companies to develop appropriate strategies (e.g., outright sale of the business, recapitalization, gift programs, Employee Stock Ownership Plans, and shareholder agreements). We help clients make objective decisions to ensure a smooth transfer while considering tax implications and the impact on estate plans.
Estate Planning
Wills, trusts, powers of attorney, living wills, family limited partnerships, Grantor Retained Annuity Trusts, and private foundations
Traditional estate planning attempts to preserve and increase a client’s wealth while effecting the most tax efficient transfer of assets to family members and other significant individuals, as well as charitable organizations. Estate planning plays a critical role both during and after one’s life. Individuals must consider use of wills, trusts, powers of attorney, living wills, and organ donation forms, as well as other vehicles, such as family limited partnerships, Grantor Retained Annuity Trusts, and private foundations. Our lawyers understand the recent changes in the law and have counseled numerous clients in making decisions to preserve and increase their wealth during their lifetime to both ensure their health care decisions are respected and transfer their wealth to future generations.
Estate Administration
Making a difficult time a little easier
The loss of a family member is difficult, and the prospect of settling an estate often results in anxiety and uncertainty. We perform all of the necessary steps in estate administration, ranging from advising trustees about their duties to probating wills and effecting a smooth transition in the control of a family business.
Tax Controversy
Leveling the playing field against the IRS
Disputes with the IRS and other taxing authorities are never pleasant, and many highly successful individuals feel at a disadvantage due to the complexity of the tax laws. Our knowledge of the tax laws and experience in dealing with the IRS and other taxing authorities level the playing field for our clients.
Tax Planning
Helping clients accomplish personal, business, and investment goals
The complexity of federal, state, and local tax laws makes tax planning essential. We work with individuals, private businesses, public companies, and their financial and tax advisors to develop plans for accomplishing personal, business, and investment goals with the lowest tax cost.