Donald S. Hendel, Attorney at Law
Mr. Hendel has been practicing wealth preservation planning for over thirty-five years. He is a graduate of the University of Rochester, has a Masters in Business Administration (concentrating in finance and accounting) from Cornell University, and received his law degree from the University of Connecticut, with honors. In addition, he is a Certified Public Accountant. This background enables him to appreciate and understand the legal as well as the financial objectives of his clients, and to design and recommend planning that is not only consistent with a client’s economic goals but also is cost effective.
Mr. Hendel represents successful professionals, families, and businessmen who own closely held businesses. He participates in a “virtual law firm” with several attorneys with differing areas of expertise. This allows Mr. Hendel’s clients to benefit from the legal advice of experts in many areas, and to insure that their wealth preservation plans incorporate the knowledge of several disciplines. He also has numerous legal and financial contacts throughout the world that enable him to provide clients who have international needs with planning that takes into account both US law as well as the laws of any other applicable country, and to enable clients to obtain expert advice overseas.
Mr. Hendel is admitted to practice law in the States of Connecticut and New York.
Mr. Hendel represents successful professionals, families, and businessmen who own closely held businesses. He participates in a “virtual law firm” with several attorneys with differing areas of expertise. This allows Mr. Hendel’s clients to benefit from the legal advice of experts in many areas, and to insure that their wealth preservation plans incorporate the knowledge of several disciplines. He also has numerous legal and financial contacts throughout the world that enable him to provide clients who have international needs with planning that takes into account both US law as well as the laws of any other applicable country, and to enable clients to obtain expert advice overseas.
Mr. Hendel is admitted to practice law in the States of Connecticut and New York.
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"I counsel my clients on strategies to preserve wealth by integrating creative tax planning with sophisticated asset protection techniques" - Donald Hendel |
Philosophy
Many tax attorneys specialize in either estate and gift taxation or income taxation. Mr. Hendel is an expert in both subjects. He believes that a client is best served with advice that combines both disciplines. Too often, an individual is given advice that is appropriate under either the income or estate and gift tax regime, but fails to take into account the other subject. The result is advice that fails to maximize total tax savings, or perhaps results in unnecessary taxes being due.
Taxes, creditors and divorce settlements may dissipate wealth. Donald S. Hendel’s clients benefit wealth preservation planning that minimizes income, estate, gift and generation skipping taxes, and at the same time, the planning allows his clients to protect assets from lawsuits and divorces that involve the client and his family members. Other attorneys advise an individual on tax planning techniques, but recommend plans that needlessly expose assets to creditors or a divorced spouse.
Perhaps one of the most overlooked aspects of estate tax and asset protection planning is that an inheritance or gift received in trust rather than received directly by the beneficiary offers substantial tax and non tax benefits. A traditional estate and trust attorney concentrates only on the tax benefits of trusts. A creative attorney who is aware of the non tax uses of trusts uses innovative drafting techniques to ensure that the beneficiary is able to take advantage of all of these tax and non tax benefits, while at the same time have the greatest control over the assets in his trust as possible (of course, there are times when it is not appropriate to give a beneficiary control over his inheritance; in this event, the trust may be drafted to limit a beneficiaries control). I call this trust a “Wealth Preservation Trust,” because it ensures that a family’s wealth will be preserved from generation to generation to the maximum extent possible. The Wealth Preservation Trust allows a beneficiary to:
The Wealth Preservation Trust avoids the hazards of outright ownership of assets while also avoiding the restrictions and controls that are commonly present in traditional trusts.
Taxes, creditors and divorce settlements may dissipate wealth. Donald S. Hendel’s clients benefit wealth preservation planning that minimizes income, estate, gift and generation skipping taxes, and at the same time, the planning allows his clients to protect assets from lawsuits and divorces that involve the client and his family members. Other attorneys advise an individual on tax planning techniques, but recommend plans that needlessly expose assets to creditors or a divorced spouse.
Perhaps one of the most overlooked aspects of estate tax and asset protection planning is that an inheritance or gift received in trust rather than received directly by the beneficiary offers substantial tax and non tax benefits. A traditional estate and trust attorney concentrates only on the tax benefits of trusts. A creative attorney who is aware of the non tax uses of trusts uses innovative drafting techniques to ensure that the beneficiary is able to take advantage of all of these tax and non tax benefits, while at the same time have the greatest control over the assets in his trust as possible (of course, there are times when it is not appropriate to give a beneficiary control over his inheritance; in this event, the trust may be drafted to limit a beneficiaries control). I call this trust a “Wealth Preservation Trust,” because it ensures that a family’s wealth will be preserved from generation to generation to the maximum extent possible. The Wealth Preservation Trust allows a beneficiary to:
- Manage his inheritance
- Use his inheritance for his benefit and the benefit of his family
- Control the ultimate disposition of the assets upon his death
- Protect the assets from his creditors and achieve maximum tax savings
The Wealth Preservation Trust avoids the hazards of outright ownership of assets while also avoiding the restrictions and controls that are commonly present in traditional trusts.