Succession Planning for Closely-Held Business and Partnership Interests
Creation and funding of grantor retained annuity trusts and intentionally "defective" grantor trusts to accomplish succession of closely-held business and partnership interests through sale and gifting programs.
Gifts of Residential Real Estate
Structuring gifts of residential real estate to a donor advised fund under the management of a public charity.
Complex Estate Tax Returns
Preparation of complex estate tax returns involving business and real estate valuation issues and sophisticated tax elections.
Family Limited Liability Companies to Preserve Real Estate
Creation and funding of family limited liability companies as vehicles to preserve real estate for future generations.
Gift and Estate Tax Audits
Representation of families in gift and estate tax audits with federal taxing authorities.
Provincetown Commons: A Home for Creativity and Innovation
Representation of Provincetown Commons, Inc., in connection with corporate formation, governance, obtaining tax exempt status, lease/contract review and negotiation, and obtaining local permits and approvals.
Provincetown Commons is renovating, adapting and programming a nearly century-old community center located in the heart of Provincetown, MA, for use by the local community. The revitalized community center will provide year-round working space and professional support to area artists, other members of the local creative economy, and start-up businesses, and will serve as a gathering space for educational and community initiatives, as well as for the Outer Cape Cod community at large. Aiming to contribute to strengthening Provincetown’s year-round economy, the Provincetown Commons will serve as a nexus for creativity, collaboration, and new economic opportunity.
As general counsel to Provincetown Commons, Goulston & Storrs attorneys created formation documents, registered the corporation with the Secretary of the Commonwealth and Massachusetts Attorney General, and obtained 501(c)(3) tax exempt status from the IRS. We worked closely with Provincetown Commons on all aspects of the re-development process, including negotiation of the lease and related documents with the Town of Provincetown, obtaining local permits and approvals and negotiating the construction contract with the contractor. Provincetown Commons had its grand opening in late 2018, and we continue to provide legal support and counsel to the transformative community center.
Provincetown Commons pre-renovation
Provincetown Commons post-renovation
Photos courtesy of Provincetown Commons