Trusts, Estates and Fiduciary Dispute Resolution Partner Andy Gelman was quoted in an article titled "Fortune's fate: Pritzker family agreement to divide billions in wealth comes to a close" in The Chicago Tribune.
The article reports that the Pritzker family reached the end of a tumultuous 10-year effort to divide its $19 billion fortune, one of the nations largest. The cousin's paths have already diverged, and according to the article, the future tax implications are unclear. Mr. Gelman says that wealthy families must work as a cohesive group to preserve certain tax benefits. Each person can't control what they receive. "In general," said Mr. Gelman, "you can't avoid taxes and have control at the same time."
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