Matthew J. Shea

Business/Farm Succession Planning

Created a tax-efficient transition plan for a large family-run agricultural operation, incorporating ILITs, grantor trusts and other structures to facilitate the business transfer to the next generation.

Designed an estate plan for a small business owner with multiple real estate and business interests, using a family limited partnership (FLP), generation-skipping trusts, LLCs and a business succession plan to transfer assets to the next generation in a tax-advantageous manner.

Developed a business succession plan for a family-owned construction management company, utilizing buy-sell agreements, Irrevocable Life Insurance Trusts (ILITs) and generation-skipping transfer trusts. This ensured management continuity and preserved family wealth.

Charitable Legacy Planning

Created an estate plan for a family with $100 million in assets, primarily from a closely held company. The plan utilized generation-skipping transfer trusts, Irrevocable Life Insurance Trusts (ILITs) and charitable trusts to minimize estate taxes, ensure the family’s long-term financial security and establish a lasting legacy in the community.

Helped a family establish a large private foundation to fulfill the client’s charitable goals.

Estate Planning

Assisted a family office in establishing and implementing a South Dakota Private Trust Company to serve as trustee for various family trusts.

Developed and implemented an estate plan for a client with over $600 million in assets, primarily from publicly traded companies. The strategy included multiple irrevocable trusts, Grantor-Retained Annuity Trusts (GRATs), a sale to an intentionally defective grantor trust (IDGT), generation-skipping trusts and a family limited partnership (FLP), significantly reducing federal and state estate and Generation-Skipping Transfer taxes upon the client’s passing.

Estate and Trust Administration

Administered a $50 million estate by establishing and funding charitable trusts and trusts for the surviving spouse and children, filing estate tax returns and ensuring the estate was smoothly transferred to the intended beneficiaries.

Assisted a family in navigating the complex estate administration process following the unexpected loss of the family patriarch. Guidance included managing probate, estate settlement, preparing estate, gift and fiduciary income tax returns, and resolving trust and estate disputes.

Represented a corporate fiduciary tasked with managing an estate previously mishandled by an individual fiduciary.

Tax Controversy and Fiduciary Litigation

Advised a client on income and estate tax residency matters, helping determine their tax domicile.

Defended and counseled a client during an income residency audit by the Minnesota Department of Revenue.

Participated in numerous audits and led seminars discussing the factors states use to assess domicile changes.

Represented a corporate trustee in litigation against baseless accusations from a beneficiary dissatisfied with their share of the trust.

Resolved a tax dispute with the IRS for a client who misunderstood the application of transfer taxes.

Settled a dispute between a surviving spouse and the decedent's children, where the decedent had not finalized his estate plan before passing.