Karen Schiele - Advising clients on various aspects of intergenerational wealth transfer, Karen Schiele focuses her practice on estate planning, trust and estate administration, and charitable giving. She handles income, gift, estate, and generation-skipping tax issues, as well as international tax considerations. Karen also advocates for clients in fiduciary litigation and negotiates prenuptial and postnuptial agreements. Additionally, she assists in the formation and provision of tax and governance advice to private foundations and other tax-exempt organizations.
With a diverse client base in the greater New York City area, Karen helps high-net-worth individuals who have accrued wealth in a variety of ways, including through inheritance and careers in financial services such as banking, private equity, and hedge funds. She finds it gratifying to gather essential information from clients and then plot their best courses forward, avoiding legalese when communicating with her clients and thoroughly explaining her reasoning and strategies in ways they can understand.
Karen diligently monitors the continuously evolving regulatory and tax landscape, staying on top of any changes promulgated by the federal and state governments. Involvement in trusts and estates associations and committees, and regular meetings with the trusts and estates partners keep everybody informed on developments that will potentially impact clients’ interests. Karen’s background in economics and corporate tax law and her sharp analytical skills enhance her ability to serve clients optimally. Drawing on her topnotch writing ability, Karen pens monthly updates on various aspects of tax law.
With the utmost sensitivity for the often volatile nature of the combination of family dynamics and law, Karen stays keenly aware of the importance of diplomacy in promoting harmony and resolving contentious disputes. She understands that clients seek to balance their desire to protect and pass along assets to their heirs with their wish to maintain a level of personal wealth that will allow them to preserve their own accustomed lifestyle. Her calming personality and ability to take a steady, orderly approach to heated or emergency situations engenders deep trust from those she serves.
This presentation will review the pros and cons of gifting during life, including current rules regarding income tax basis, transfer tax exclusivity and the valuation of assets for gift tax purposes. It will then discuss the utility of gifting by for...