direct Assistant: Debbie Harris

Transcription

1 RICHARD A. JOHNSON Partner direct Assistant: Debbie Harris Nashville City Center 511 Union Street Suite 2700 Nashville, TN fax For nearly 30 years, large family-owned and closely held businesses, high net worth individuals, family offices including their private family trust companies, and tax-exempt organizations have sought out Richard Johnson to provide practical tax, business, and estate and trust planning solutions. Family-owned businesses, high net worth individuals, tax-exempt organizations, and large closely-held companies, rely on Richard to provide practical tax and business planning solutions. Clients benefit from Richard's vast experience with S-corporations, LLCs, private trust companies, and partnership law which, when combined with strategic tax planning, helps minimize corporate and personal tax liabilities on both the state and federal levels. Richard organizes and advises private family trust companies in Nashville, Tennessee. He formed the first private family trust company under Tennessee law and has been responsible for forming more than half of Tennessee's private family trust companies. He drafted new legislation updating Tennessee s private trust company law, which greatly expanded the definition of a private family trust company to make Tennessee s private trust company statutes more attractive than those in other states. The updated law now provides the family the option to allow the family s business to own the private trust company as a wholly owned subsidiary. Richard works with wealthy individuals, families, and their family offices to structure their assets and ownership interests to ensure security and financial stability. He does so by protecting and retaining wealth through sophisticated strategic planning related to: Estate taxes Generation-skipping transfer taxes Gifting Income taxes Trusts Clients appreciate his understanding of family dynamics and the unique challenges families encounter and have confidence in his ability to protect their wealth by applying common sense solutions. In this interview, Richard discusses his work with private trust companies, when a private trust company is an appropriate choice for a family, and why Tennessee is a preferred forum for setting up a private trust company.

2 Owners of large, closely-held companies in a broad range of industries also seek Richard's advice on entity restructuring and transition plans, including management team succession, to fulfill long-range goals and help ensure the smooth transition of ownership and operation from one generation to the next. A trusted advisor to 501(c)(3) and other tax exempt entities, Richard helps them structure fundraising activities to avoid unrelated business taxable income, create agreements between tax exempt and for profit entities, and address governance issues related to non-profit founders. Leadership and Recognitions Richard was one of only three attorneys in Tennessee to receive a top ranking (Band 1) in the 2018 edition of the Chambers High Net Worth Guide. He is a member of the American College of Trust and Estate Counsel and serves on the Family Office Exchange's Thought Leaders Council. Richard has been recognized since 2001 by Best Lawyers in America for his experience in Tax Law and Trusts & Estates. Best Lawyers named him Nashville's Lawyer of the Year in Tax Law in 2017 and 2015, and in 2012 the publication honored Richard as Nashville Lawyer of the Year in Trusts and Estates. Richard has served as Chairman of the Tax Sections of both the Tennessee Bar Association Tax and the Nashville Bar Association. Additionally, he is a fellow of the Nashville Bar Foundation, and he is recognized as a "Mid-South Super Lawyer." Education J.D., with honors, University of Tennessee, 1986 LL.M., University of Florida, Taxation, 1987 B.A., cum laude, University of Mississippi, Accounting, 1983 Bar Admissions Tennessee Florida Court Admissions U.S. Tax Court U.S. District Court, Middle District of Tennessee Experience Formed the first family private trust company in Tennessee Drafted Private Trust Company legislation enacted in 2013, revising Tennessee's Private Trust Company law Gave testimony to the U.S. Senate Finance Committee with regard to possible new regulations and Reforms aimed at curbing abuses in the management of not-for-profit organizations Successfully represented the State of Tennessee in its efforts to return the $100 million Maddox Foundation to Tennessee after its controversial move to Mississippi Chaired the Tennessee Bar Association's Nonprofit Corporate Law Revision Committee

3 Assisted in drafting legislation for the Tennessee Revised Limited Liability Company Act enacted in 2005, as a former member of the Tennessee Bar Association's committee Professional Member, Family Office Exchange Member, Thought Leaders Council Member, Nashville, Tennessee, Florida and American Bar Associations Member, American College of Trust and Estate Counsel Fellow, Nashville Bar Foundation Former Treasurer, Tennessee Bar Association Member, Tax Section of the American Bar Association Member, Probate Trust and Real Property Section of the American Bar Association Co-author of The Tennessee Chapter, ABA Property Tax Handbook Former Director, Nashville Estate Planning Council Former Chairman, Tax Section of the Tennessee Bar Association Former Chairman, Committee of the Tax Section of the Nashville Bar Association Former co-author, Tennessee Chapter, ABA Sales & Use Handbook Commentator and lecturer at various tax seminars Community Member, The Rotary Club of Nashville Volunteer, Room In The Inn Volunteer, Nashville Rescue Mission Volunteer, Food Bank Up Close Richard enjoys spending time with his family, and participating in outdoor activities that include hunting, fishing, and golf. He has also run several half marathons, and competed in an Olympic distance triathlon. Articles "Considerations When Forming a Private Family Trust Company in the United States," Richard Johnson in Family Office Magazine In the Wake of Federal Tax Reform, Family Offices Should Consider Restructuring "Home Away from Home: Factors to Consider When Choosing Where to Locate a Private Family Trust Company," by Richard Johnson, Richard Hills and Mike Yopp, Bloomberg BNA Tax Management Estates, Gifts and Trusts Journal "Private Family Trust Companies Find New Homes in Tennessee," by Richard A. Johnson, Family Office Elite Magazine Richard Westling, Daniel Patten Post, "CMS Finalizes Rule Implementing the ACA s 60-Day Report and Return Provision for Self-Identified Overpayments" on Waller Healthcare Blog

4 Bulletins The Door Isn t Closed, But It s Closing: New IRS Regulations Will Restrict Valuation Discounts President Obama to Propose Significant Changes to How Capital Gains and Investment Income Are Taxed Both During Life and at Death On Being a Private Trust Company Attorney, an Interview with Richard Johnson Tennessee Gift Tax Repeal and Tennessee Inheritance Tax Phase Out Signed Into Law By Governor Estates of Decedents Passing in Extension of Election to Opt Out of Estate Tax and Allocation of Basis to Assets Estate and Gift Tax Provisions Contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Events Richard Johnson presenting "Growing Role of Family Office in the Middle Market" at Association for Corporate Growth (ACG) Tennessee April Meeting Richard Johnson presenting "What Does it Really Mean to be a Trustee? How Well Can a Private Trust Company Satisfy the Requirements?" at 2018 FOX Private Family Trust Company Workshop - Elevating the Benefits of the PFTC to a Higher Calling Richard Johnson presenting "Creating Great Beneficiaries by Developing Robust Distribution Processes" at a Family Office Exchange (FOX) Webinar Eighth Annual Nonprofit Seminar Nonprofit Seminar

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