Cummings & Lockwood’s private clients attorneys understand that corporate executives have complex estate planning needs which change and evolve over the course of their careers and into retirement and which require in-depth review and analysis and sophisticated solutions.
Like many clients, corporate executives often structure their financial planning to allow for the maximum lifetime use of their assets, while at the same time developing an estate plan that maximizes and protects the value and ultimate distribution of those assets to their spouse, children and other chosen beneficiaries.
Unlike other clients, corporate executives often encounter challenges that are unique to them because their assets are more likely, in large part, to consist of concentrated in stock, stock options and restricted stock. This lack of liquidity and concentration of investments in employer’s stock (particularly if the employer is a closely-held corporation) often gives rise to special estate planning and estate administration issues for executives as well as for their beneficiaries and fiduciaries.
Other issues that need to be addressed in planning for a corporate executive’s estate typically include substantial interests in qualified retirement plans, corporate life insurance plans, and split-dollar arrangements. In closely held companies, succession planning, key man insurance and buy-sell agreements may need to be structured to provide a ready market for the executive’s shares upon his or her death and to ensure long term viability of the business.
Whether working with a corporate executive at the beginning, midpoint or pinnacle of his or her career, or one who is preparing for retirement or becoming more actively involved in charitable endeavors, Cummings & Lockwood’s trusts and estates attorneys have the knowledge and experience to help design an appropriate estate plan.
ABOUT CUMMINGS & LOCKWOOD LLC
Founded in 1909, Cummings & Lockwood provides sophisticated legal counsel to individuals and families, family offices, closely held businesses, other commercial enterprises and charitable entities. Our core services include trusts and estates, corporate and finance, litigation and arbitration, and commercial and residential real estate.
The firm has over 200 attorneys, fiduciary accountants, paralegals and staff, as well as six offices located in Stamford, Greenwich and West Hartford, Connecticut and in Naples, Bonita Springs and Palm Beach Gardens, Florida.
ABOUT THE PRIVATE CLIENTS GROUP
For over 100 years, Cummings & Lockwood has been building meaningful and lasting relationships with our private clients, serving as trusted advisors throughout their lifetimes and providing sophisticated legal counsel at every important stage of their lives.
We offer our clients a broad range of services, including estate planning and administration; estate, income and gift tax planning; wealth protection planning; trust formation and management; philanthropic giving; probate and estate settlement; international estate and tax planning; executor and trustee services; business succession planning; fiduciary and probate litigation; and tax controversy and litigation.
For more information about Cummings & Lockwood, please visit our website at www.cl-law.com.
