Alert 04.09.24
Service
For more than a century, Pillsbury has discreetly served as trusted counsel to some of the wealthiest individuals in the world — testament that time may change the form, but not the substance, of excellence. Today, Pillsbury’s clientele holds in excess of U.S. $1 trillion in private wealth.
Pillsbury guides clients to confidently and successfully navigate ever more complex, continually changing laws, as they forge their legacies through the accumulation, preservation and transmission of wealth. We deliver perspective, protection, partnership and sage advice through a distinguished tradition of service.
Our Private Client & Family Office practice is intentionally small to offer our clientele a boutique and customized experience. At the same time, our clients have access to all the exceptional resources a global law firm can offer, with service capabilities in all major legal disciplines and geographically from the U.S. and Europe to Asia, Latin America and the Middle East. We tailor bespoke solutions for each client, based upon a comprehensive understanding of needs, expectations and objectives, and whether the client is an investor, entrepreneur, family or private office, charitable foundation, trustee, sports and entertainment professional, investment fund manager or corporate executive. We also understand the nuanced relationships between business and family, which are often subtle yet complex.
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Our Private Client & Family Office practice is unique for its range of tax acumen combined with exceptional estate, generation skipping transfer (GST) and gift tax advice. The Private Wealth team also works closely with other attorneys at Pillsbury, who offer guidance in transactional business matters, as well as litigation and dispute resolution, in a host of private client-focused specialties, including artwork and collectibles, wine and wineries, foundations and philanthropy, direct investment, campaign finance, residency, real estate and international tax advice.
As trusted advisors, we have developed generation-spanning relationships with our clients. We forge strong lines of communication with other trusted advisors in accounting, banking, investment and insurance, as well as our clients’ other partners, such as offshore and onshore administrative service providers, private investment funds and trust companies. In addition, with Pillsbury’s proprietary back office services, our clients’ matters undergo continuous review by professionals sensitive to discovering tax, accounting and insurance risks and opportunities on a real-time basis.
Private Client & Family Office Advisory
Our professionals draw on an extraordinary breadth and depth of knowledge and practical experience in private client matters to offer a strategic view of where the law is going, not only where it is today. Our Private Client & Family Office group advises clients worldwide on sensitive business and personal affairs, including:
Tax Structuring — Our private wealth tax lawyers are sought out as tax authorities and seasoned advisors, and are quoted frequently in The New York Times, Bloomberg and The Wall Street Journal on matters including the effect of U.S. tax reform on art collectors, carried interest rules, and foreign tax benefits under the new tax act affecting C corporations and flow-through entities. Our lawyers have co-authored numerous well-regarded tax treatises and monographs in the areas of S corporations, artwork, and estate and gift planning.
Estate Planning and Administration — With care and nuance, our Private Client & Family Office advisors assist individuals, families, family-owned businesses and charitable foundations in the planning and administration of complex trusts and estates, and in U.S. and international estate, trust and tax planning.
Estate, Probate and Family Dispute Litigation — Pillsbury’s Private Client & Family Office team comprises experienced litigators who manage complex litigation involving multigenerational families with significant assets. Pillsbury’s sophisticated and sensitive approach to dispute resolution can achieve positive results for our clients, while minimizing expensive litigation. Where litigation is unavoidable, our highly skilled litigators excel at achieving our clients' desired outcome. We proactively advise our clients and structure their interests in ways that mitigate conflict to resolve disputes efficiently, delicately and favorably. When disputes arise, we advocate for our clients with sophisticated and careful determination, recognizing that the optimal outcome often includes a negotiated resolution as promptly as possible, without sacrificing financial benefits.
Philanthropy — Our teams have crafted the formation of numerous public charities and private foundations benefiting health care, the natural environment, and needy and underprivileged children and have advised their ongoing governance and administration. We have also advised on charitable giving and philanthropic activities involving for-profit enterprises. We are skilled in advising and preparing charitable gift agreements, both on behalf of sophisticated donors and for hospitals, museums and civic organizations.
Aircraft, Yachts and Automobiles — Clientele who own private aircraft, yachts, classic cars and hypercars know that our user-friendly service and superior performance are luxuries that they can afford, and necessities that they cannot afford to forgo. Our team has negotiated the purchase of all classes of private aircraft from all major manufacturers on behalf of some of the wealthiest individuals and most successful corporations in the world. In addition, we have guided countless buyers and sellers of aircraft through the secondary trading market.
Art — Pillsbury’s Private Client & Family Office group has represented world-renowned museums, collectors and art galleries with respect to their collections. One of our members has authored a Tax Management portfolio, published by the Bureau of National Affairs, concerning authors’ and artists’ tax copyright issues, as well as numerous articles and speeches regarding optimal planning for art collections.
Founders Planning and Business Affairs — The team regularly advises business owners in pre-IPO and prefunding tax and related planning and transactions. These include exit strategy planning; pre-sale of a business planning; UPREIT transactions; sales to intentionally defective grantor (IDGT); and planning preparation for an IPO.
A Global Platform of Services
Our Private Client & Family Office group coordinates with other lawyers in the firm to deliver seamless, high-end services in the following areas:
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