Learn more about what our experienced professionals can do in the most complex of cases.
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Favorable Outcome in NYC Campaign Finance Board Investigation and Hearing
A client came to FRB’s Election Law & Campaign Finance attorneys believing the New York City Campaign Finance Board (“CFB”) had messed up their audit. However, upon further review by our attorneys and discussions with the CFB, it was discovered that the Campaign was under internal investigation for alleged malfeasance. Our Compliance unit worked tirelessly with the Campaign and the CFB and ultimately received a positive outcome for the Campaign at the CFB hearing. If you are running for office, managing a campaign, or representing a political organization, FRB has the knowledge and experience to assist you in campaign finance matters.
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Drop-and-Swap and Estate Planning Strategy for $8 Million Queens Commercial Property Sale
A family retained FRB’s real estate department in connection with the sale of commercial property in Queens valued at approximately $8 million and the subsequent purchase of replacement properties as part of a like-kind exchange.
Shortly thereafter, the husband, who owned 50% of the entity that held title to the property, unexpectedly passed away. The surviving spouse retained FRB’s estate administration department regarding the husband’s estate and FRB’s tax department to advise on the most tax-efficient strategy in light of the change in circumstances. FRB assisted the surviving spouse in getting appointed by the Surrogate’s Court as the fiduciary of the deceased husband’s estate and in implementing a drop-and-swap strategy. FRB assisted the client in forming a new LLC owned jointly by the husband’s estate and the original entity as tenants in common. The family then moved forward with the sale process and placed the property under contract.
As a result of the step-up in basis at death, 50% of the net sale proceeds passed income tax-free to a trust for the benefit of the surviving spouse, while the remaining 50% was contributed to a like-kind exchange, deferring 100% of the capital gains tax. Following the transaction, FRB’s estate planning department provided the client with coordinated estate planning, including establishing the trust funded with the estate’s proceeds to benefit the surviving spouse during her lifetime and to support longer-term planning for the next generation.
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Defensive Estate Planning to Avoid Litigation
Second marriages can pose difficult estate administration issues that can usually be avoided by careful planning. In one case, the Decedent’s daughter from his first marriage arranged for her father to execute a new Will excluding her step-mother, and had her step-mother execute a waiver of her right to serve as executrix or to take an elective share of the Decedent’s estate. When the couple came to FRB for advice, we drafted a Trust and transferred the Decedent’s house into the Trust and advised the couple to change most of their financial accounts into joint name. When the Decedent died, the surviving spouse was able to remain in her home, retain the assets that she and her husband put into joint name, collect retirement benefits, and avoid a Will contest.
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Real Estate Fund Formation for Carbon-Neutral Redevelopment Company
FRB attorneys advised an innovative real estate redevelopment company on all aspects of its real estate fund formation. The Client is a vertically integrated, carbon-neutral real estate rehabilitation company and owner-operator of luxury estates for short-term rental. FRB’s team of corporate, tax and real estate attorneys worked cross-departmentally to form an optimal entity structure to allow our client to participate in real estate crowdfunding opportunities. Subsequently, the Client successfully raised funds from hundreds of investors through Reg CF and was featured on a Netflix show.
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Entity Structuring for Real Estate Holdings to Support Estate Planning
The Clients were consulting with the attorneys of FRB about planning their estate. During the discussion, it became apparent that the Clients’ real estate investment holdings were held personally and not in a corporate entity. Our Corporate and Real Estate attorneys assisted the Clients in creating corporate entities and transferring the real estate properties into said entities. Thereafter, the estate planning department began working with the Clients to effectuate their wishes.