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On Friday, October 15th, the Boston Bar Association's Trusts
and Estates Section and Estate Planning Committee will be sponsoring
Carried
Interest Planning Techniques, addressing wealth planning
strategies applicable to principals in private equity firms. BBA
Week decided to have a little fun with the wealth planning concept
by asking our members: |
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"You have just
recieved $1 million dollars. What are you going to do with it?
"
If you would like to respond to a future Voices of
the Bar, make sure you send a headshot,
and contact Eric Fullerton at efullerton@bostonbar.org.
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Stephen Riden - Beck Reed Riden
LLP "Three things: No more taxis to court -- just
helicopters. A lifetime membership with the Boston Bar
Association. And everyone's admission to next summer's Jimmy
Fund Scooper Bowl is on me."
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Crystal L. Lyons - Gesmer Updegrove
LLP "It's often said that education is the best
investment one can make. And many of us, myself included, have
*really* taken that mantra to heart. I would start by paying
down my student loans (which for two lawyers, borrowing
everything for both undergraduate and law school, amounts to a
substantial second mortgage each month) and setting aside
enough money for my children to attend college (whose
educational bills will start arriving just when I’ve paid my
own loans off). And I would like to use the balance to create
a scholarship for promising middle-class teenagers whose hopes
for college are pinned to the promise of borrowing against
future earnings. It would be nice to help the next generation
escape the debt trap that limits what one can do with this
wonderful but expensive degree." |
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Joshua Miller – Holland &
Knight "Pay off my student loans, take a vacation,
and invest the remainder with the people who earn carried
interest."
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Atinuke O. Diver - United States Department of
Transportation "I am assuming this is $1 million
dollars before taxes? If so, first I would set aside
about 30% for anticipated federal and state tax
liabilities. I would give 10% to my church and use
another 10% to set up a matching grant fund to benefit ZUMIX,
an amazing youth arts organization based in East Boston.
I would put the remaining 50% towards paying off law school
loans (both mine and my husband’s) and savings. And the
next morning, I would go back to work." |
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Colin Korzec - U.S. Trust, Bank of America Private
Wealth Management While I would like to come up
with something exotic and while my administrator tells me that
I should commit to giving it all to her in recognition of her
hard work and years of service, sadly I would be boring and
conservative and save it for my children's education -
which is fast approaching and looking economically scarier by
the moment!"
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Vanessa Hackett – Littler
Mendelson "First, I would pay off the remainder of
my law school loans, my husband's law school loans, and my
home mortgage to see what it feels like to be 100%
debt-free. With the little that is bit left-over, I
would splurge on an Yves Saint Laurent handbag, Valentino
shoes, dinner at Menton, and a vacation to Belize or St.
Lucia, and then bank or invest the rest (if there is
any!)." |
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Bryce A. Schintzius – New England
Financial Well, I'm not married, and I don't have
kids, so I don't have much need for the money. I would
probably use it to ensure the sustainability and growth of a
few of my favorite charities, especially my Tibetan Buddhist
Temple in Medford. I have both spiritual and practical beliefs
that tell me this would be the wisest use of the
funds.
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