John F. Shoro

A stockholder’s sudden death raises several business and family issues

When the majority stockholder of a small, inherited family business died suddenly in his 50’s, John’s client was faced with several difficult issues. “We had prepared the man’s estate plan as well as his parents’ plans, so we knew the business and the family well and recognized the different interests of all of the parties. One of our priorities was to keep this manufacturing business running while we were dealing with distribution of the estate to the non-working widow, the children and the siblings, who were stockholders but not involved in running the business.” John also knew that the plan called for positioning the second-generation, Massachusetts-based business for sale. He worked closely with the client’s accountant to put a strategy in place featuring key employees, with incentives for the employees to stay on. The business sold quickly, and the proceeds went to the estate. Trusts were created for the widow and children along with individual life insurance, and resources for the family were maximized.

Complex individual and corporate tax planning involving a charity

The client was a business person with real estate held by the business and leased to a non-profit charity. He wanted to reduce his estate and income tax burden and maintain cash flow. John helped the firm’s client plan and create a charitable remainder trust funded with the real estate, getting it out of his estate for tax purposes and obtaining an income tax charitable deduction.

Other experience

Tax and wealth management

• Assisted business owners in developing and implementing tax efficient succession plans and exit strategies.
• Together with personnel from trust department, tax preparation group and B&D Advisors, provides clients with sophisticated income, gift and estate tax planning and investment advice to maximize wealth and minimize taxes.
• Aid multiple generations of client families in coordinating tax and wealth management strategies to benefit future generations.

Estate planning and administration

• Advises older clients and their families regarding long-term care and benefits planning.
• Serves as trustee of numerous trusts and as Personal Representative of various estates.

Business planning and counsel

• Works with B&D Advisors to provide integrated investment, financial planning and estate planning advice to clients regarding their personal assets and retirement accounts, including assuming responsibility for funding their revocable trusts to avoid probate and serving as their trustee.
• Corporate executives to structure and implement plans to benefit both family members and philanthropic interests.
• Several physicians in connection with practice structure, estate planning and individual planning, including the creation and management of trusts.
• Creates limited partnerships, limited liability companies and trusts for asset protection and wealth preservation purposes.