Suburban Life - Central Bucks/Montgomery

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SL_PROFILE_SOGT_2pg_Final_Layout 1 8 / 4 / 22 12 : 39 PM Page 1 SOGT’s Trusts and Estates Group includes ( left to right ) Jocelin A . Price , Alissa B . Gorman , Brian R . Price , Karen F . Angelucci , William J . Stein , Mary Jo Baum , and Phyllis Horn Epstein . SEMANOFF ORMSBY GREENBERG & Taking Care TORCHIA’S EXPANDED TRUSTS AND ESTATES GROUP HELPS BUSINESSPEOPLE AND THEIR of Business FAMILIES SLEEP SOUNDLY IN UNCERTAIN TIMES . BY BILL DONAHUE the driving force of your business after you’re he attorneys in the Trusts and Estates Group of Semanoff Ormsby gone ? ” The answer to the second question Greenberg & Torchia , LLC ( SOGT ) see the benefits of preparation play may be one person , or it may be a group of out in real life on a daily basis . Each member of the legal team takes an people , each with a different skill set critical empathetic approach to helping clients make informed decisions designed to the success of the business . to protect their businesses and families . T “ A succession plan helps to eliminate SOGT , a full - service business law firm , employs a group of attorneys , law specialists , uncertainty around the future of the business , ” and paralegals devoted to helping clients plan ahead , as well as to meet the changing Stein says . “ On the management side , the needs from estate planning to estate and trust administration . Recent months have death of the owner could leave a big vacuum yielded a significant increase in the demand for SOGT’s expertise in estate planning in the leadership of the company that could and related matters . To accommodate this growth , SOGT recently named attorney negatively affect business operations and William J . ( “ Bill ” ) Stein as co - chair of the Trusts and Estates Group along with employee retention . On the ownership side , longtime chairperson , Brian R . Price . the absence of a plan has the potential to Price suggests there is no “ one size fits all ” when it comes to estate planning . One create controversy , and you don’t want to client’s needs may be straightforward and simple — say , the drafting of essential estate create a situation where there could be a planning documents ( a will , a healthcare power of attorney , and a durable power of fight among family members . A third risk attorney ) — while another may have far more complex needs . may come from a lack of liquidity , which “ We do complex very well , ” Price says . “ The complications often come when you could result in having to sell the company have people with complicated families and family structures , or families with substantial in less than ideal circumstances . ” wealth , where the federal estate tax is a big deal . We also see complications in Stein realizes such planning requires a situations involving business owners who have been very successful and want to fair amount of soul - searching . At the same avoid paying significant taxes that could affect the ongoing success of those busi - time , he believes the risks of not planning nesses . ” Lee ahead far outweigh the short - term pain of Stein often fields calls from the owners of family - run enterprises who come to him en having a few tough conversations . for guidance in succession planning , which he says should be factored into any K by “ A lot of what we do is guiding clients to business owner’s estate plan . Essentially , Stein aims to help business owners have tos engage in those discussions , ” he says . “ Yes , intensely personal conversations in the quest to answer fundamental questions such ho we’re taking care of the legal work , but P as , “ Which direction do you want the company to take ? ” and “ Who do you want to be SUBURBANLIFEMAGAZINE.COM VOLUME 13 ISSUE 11 56 |

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SL_PROFILE_SOGT_2pg_Final_Layout 1 8 / 4 / 22 12 : 40 PM Page 2 there’s a lot of value in the counseling we functioning the child is or isn’t and how assist a client during a lifetime , as well as provide to clients . Doing these things before much support he or she has or will need the client’s family after the client’s passing . they’re needed makes it a more collabo - when the parents are no longer able to “ Different estate planning documents rative process , and it also tends to make provide the care . … We discuss whether control different circumstances , ” she says , the transition smoother for everyone the child will work when he or she gets “ so working with an attorney to coordinate involved . ” older and where the child will live . I take the plan can save a client a significant In addition to Price and Stein , the firm’s this information and develop an estate amount of time , money , and frustration in Trusts and Estates Group includes fellow plan for the family that preserves inheritance the long run . ” attorneys Karen F . Angelucci , Mary Jo monies for the child with special needs . ” For instance , important lifetime docu - Baum , Michael B . Dubin , Phyllis Horn Whichever option a family chooses , ments such as powers of attorney and Epstein , Alissa B . Gorman , Howard N . Gorman will carefully guide parents through advance healthcare directives may alleviate Greenberg , and Jocelin A . Price . All are the process and help them determine the the need for a guardianship proceeding at licensed to practice in Pennsylvania , and most appropriate plan for their child’s a later date . Furthermore , taking the time some have New Jersey bar admissions , financial future . She describes the process to prepare a will or other relevant docu - which can be helpful in estate settlements of working with families of special needs ments to address circumstances and dis - for clients with homes or other property children as “ definitely rewarding . ” tribution of assets after a client’s death in the Garden State . Phyllis Horn Epstein brings a depth of may help prevent an intestacy situation . Alissa Gorman’s areas of practice understanding in matters involving the tax Price suggests it is important to recognize include estate planning , estate administra - impacts and implications of any transaction that the statutory distribution may not be tion , guardianship , and elder law planning , a client might consider . As SOGT’s tax consistent with the client’s intended dis - though approximately 30 percent of her counsel , she works closely with her fellow position , and that it is essential to review caseload involves a special needs compo - attorneys to help clients avoid any unwanted and update estate plans on a regular basis , nent . In regard to the last point , she enjoys “ surprises ” at year’s end , as well as to especially if the client has experienced sig - working with families to provide protections advise families that would be affected by nificant life events . such as a special needs trust , also known the federal estate tax . At SOGT , clients work with a team of as a supplemental needs trust . “ There are many [ estate planning ] professionals to help plan for the future . A special needs trust is designed to vehicles for people to consider — loans to Julia D . Martin , the practice management hold and preserve an inheritance and other children , revocable and irrevocable trusts , coordinator for SOGT’s Trusts and Estates financial assets parents wish to leave for forgiving debt , to name a few — and these Group , handles new client intake and their child with special needs . By placing kinds of actions all have tax impacts , ” she arranges for specific members of the group assets in a special needs trust , the child says . “ I also do a lot of tax - controversy to collaborate on the delivery of timely and can continue to receive means - tested ben - work and have expertise in dealing with efficient services to each client . For example , efits such as Supplemental Security Income the IRS when there are questions raised an attorney and a law specialist work and Medical Assistance , and still have finan - about something reported where there’s together on every estate administration . cial assets available to provide for his or an audit or collections matter . ” “ As soon as the estate is opened , we her supplemental care . Regardless of the perceived need , Jocelin spend a lot of time with clients — helping “ Typically , I will meet with the family A . Price says it is important to set aside the surviving spouse and children with all to get an understanding of the child’s time now to consider and establish a plan the paperwork , answering questions , guiding needs , ” says Gorman . “ I learn how high with a trusts and estates attorney who can them through the process so everything remains on track , ” Martin adds . “ We do as much for our clients as they want us to do . The family is still grieving after the death of their loved one , so we’re always sensitive to the fact that this isn’t just business . ” Of course , SOGT handles much more than trusts and estates . Other practice areas include structuring new business organizations and transactions , real estate , commercial litigation , employment , intel - lectual property , and health care , among others . In other words , SOGT has earned a reputation for resolving the many legal issues that tend to keep business owners awake at night . ? Semanoff Ormsby ? Greenberg & Torchia , LLC ( 215 ) 887 - 0200 sogtlaw.com 2617 Huntingdon Pike To accommodate growth , SOGT recently named William Huntingdon Valley , PA 19006 J . Stein ( left ) as co - chair of the Trusts and Estates Group along with longtime chairperson , Brian R . Price . 140 E . Butler Ave . Chalfont , PA 18914 SUBURBANLIFEMAGAZINE.COM VOLUME 13 ISSUE 11 | 57

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