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 |