ROSELAND, N.J./November 6, 2008 -- Anthony F. Vitiello, Chairman of the Tax and Estate Planning group with Connell Foley LLP of Roseland, New Jersey, was featured in the November 2008 Edition of New Jersey Business Magazine in an article about establishing trusts. The article, “A Primer for the Businessperson: In Trusts We Trust,"discusses the variety and complexity of trusts, as well as their benefits.
“A trust may allow for a consolidation of business ownership and control under one owner (the trust), even though there may be many beneficiaries of that trust (and thus many beneficiaries of the business’ profits),” said Mr. Vitiello. “Trusts can assist in minimizing estate and gift taxes on the transfer of business from one family generation to the next. Trusts can also prevent a beneficiary from creating havoc among the business’ operations and other owners since a properly designed trust can provide profits to the beneficiary, yet avoid a beneficiary’s creditors or divorcing spouse from levying upon the business’ assets or ownership.”
For more information, please contact Mr. Vitiello at (973) 535-0500 or avitiello@connellfoley.com.