Acting as fiduciary (Personal Representative or Trustee) where a family business comprises a significant part of the estate or trust can be a significant undertaking, with many planning opportunities and potential perils. The role of a family business attorney can be vital for ensuring a smooth transition and avoiding the potential conflict that can arise with succession planning.
John Draneas and Pat Green discussed family fiduciaries through the lens of a case study discussion centered around a family real estate business, and some potential pitfalls (such as establishing a successor and trustee, potential lawsuits and claims, etc.) and how to proactively protect one’s estate and business plan.
John Draneas, a Lake Oswego-based attorney and CPA with Draneas & Huglin P.C. , focuses his practice on business and tax planning specializing in closely-held business and their owners. His expertise includes all areas of federal and state income taxation, estate planning, tax controversies, real estate and general business matters. John is a recipient of the Oregon State Bar Taxation Section’s Award of Merit, a fellow in the American College of Trust and Estate Counsel, and has received recognition as an Oregon Super Lawyer (every year since 2007) and as one of the Best lawyers in America.
Pat Green, a Portland-based Partner with Davis Wright Tremaine LLP, focuses his practice on business succession and estate planning, and administration for high-net worth families and business owners. Pat frequently lectures on strategic wealth transfer studies throughout the country and has been named annually as one of the Best Lawyers in America in Trusts and Estates Law and Fiduciary Litigation by Best Lawyers for over 15 years.