Many clients come to Tom with legal issues that they just don’t understand. Tom has a knack for translating complex legal matters into a language the client can easily comprehend, which helps ease any uncertainty they might have. Once that’s accomplished, Tom and his client can get to work finding a solution. It’s this partnership that helps Tom represent the client most effectively, whether the issue at hand is estate planning, estate/trust administration, federal/state taxation, privacy and data security concerns, cyber security concerns or regulatory compliance.
Tom received a call from a single Client with no children, an educator, who had substantial investments and real estate and wanted to provide for her ailing mother as well as for the education of her extended family. The Client had been diagnosed with cancer and the prognosis was dire. Tom visited with the Client and explained how a trust could provide for her ailing mother as well as the education of her extended family. Tom’s ability to quickly translate complex trust and estate planning matters into a language the Client could easily comprehend allowed the Client the peace of mind of knowing that her ailing mother and extended family had been provided for as she dealt with her final illness.
Understanding the estate planning process can provide Clients the peace of mind to focus on the other challenges they face in life.
Tom represented a Client in the financial services industry. The Client called Tom, in somewhat of a panic, and advised that an employee’s email account had been compromised. Tom worked with the Client to put an immediate protocol into place to address the cyber security incident. By working with the Client to provide an immediate, reasoned response to the cyber security incident, Tom was able to assist the Client in emerging from the event with little or no media attention and no significant harm to its reputation or loss of clients.
Quick assessment of a cyber security incident, coupled with an understanding of the components of an immediate, appropriate response, can assist a Client in emerging from a potentially damaging cyber security incident with little or no media attention and no significant harm to its reputation or loss of clients.
- Notre Dame Law School (J.D., Magna Cum Laude, 1989)
- Creighton University (B.A., 1986)
- Nebraska (1992)
- Iowa (2007)
- Illinois (1989 (Inactive Member))
- Certified Public Accountant Certificate (Inactive)
In its newly released 2022 edition, The Best Lawyers in America® has recognized 47 McGrath North attorneys in the full range of specialty practice areas key to supporting businesses of all sizes across a broad range of industries. Of these partners recognized based on peer-review surveys, 11 were named “Lawyer of the Year.” This honor is awarded to only one attorney with the highest overall peer-feedback for a specific practice area and geographic location.
Stepping Up To The Plate: Taking A Final Swing At Stepped-Up Income Tax Basis For Veteran Irrevocable Trusts
At times in an estate planning practice, advisors are faced with long-term irrevocable trusts which own appreciated assets with a fair market value (“FMV”) far in excess of the income tax basis of such assets. In situations where such trusts are scheduled to terminate in the near term, and the appreciated assets are subject to likely sale by the trust remainder beneficiaries receiving the appreciated assets as a result of the trust termination, the resulting potential taxable gain is a significant concern. Discussed below are the following potential strategies to seek a “step-up” in the income tax basis of such appreciated trust assets to address this concern: (1) springing the Delaware Tax Trap; (2) decanting; (3) filing a late qualified terminable interest property (“QTIP”) election; and (4) trust reformation under state law. 
Unless you have been paying attention to data privacy news, you may not realize that January 1, 2020, is the implementation date of the California Consumer Protection Act (CCPA) and that July 1, 2020, is the current deadline for the California Attorney General to implement regulations under CCPA.
- Omaha Bar Association
- Nebraska State Bar Association
- Iowa State Bar Association
- American Bar Association
- Nebraska Society of CPAs
- Omaha Estate Planning Council
- International Association of Privacy Professionals
- Listed: “Best Lawyers in America”, Privacy and Data Security Law, Tax Law
- “Best Lawyers in America” Omaha Lawyer of the Year, Tax Law, 2016
- Listed: Martindale-Hubbell, AV/Preeminent Rating
- Chartered Advisor in Philanthropy® (CAP®)
- Certified Information Privacy Professional/United States (CIPP/US), International Association of Privacy Professionals
- Articles Editor, Notre Dame Law Review
- Beta Gamma Sigma
- Beta Alpha Psi
- Phi Alpha Theta
- Related Practices
- Banking and Commercial Financial Services
- Business and Corporate
- Intellectual Property
- Labor, Employment and Benefits
- Tax, Trusts and Estates
- Related Industries