Abbey Magnuson is an associate with Foley & Lardner LLP and a member of the firm’s Estates & Trusts Practice. She has experience working with high net worth individuals and families in estate planning matters. Abbey concentrates her practice in estate and income tax planning, trust and estate administration, and other wealth planning issues, including:
• Developing comprehensive estate plans to make use of available estate, gift and generation-skipping transfer (GST) tax exemptions.
• Advising trustees and personal representatives on management and administrative matters to fulfill fiduciary responsibilities.
• Tax planning for estates, trusts and beneficiaries.
• Coordinating and working with family offices, including facilitating a CEO search for a multi-generational family office.
Abbey also has experience in overall charitable planning. She works with both individuals and organizations in all aspects of charitable giving, including:
• Planning for special purpose charitable vehicles, including charitable remainder trusts (CRTs) and charitable lead trusts (CLTs).
• Administering ongoing operations of a $60 million private foundation, including grant-making, grant agreements, distribution calculations, self-dealing and conflicts of interest, investment and cash management, succession planning, and review of annual Form 990-PF.
• Advising trustees of a $100 million single purpose, donor-created charitable trust, including review of distribution and beneficiary communication requirements to maintain special “supporting organization” status and review of trust accounting and requirements of trust beneficiaries.
• Long-term planning for private foundations and implementation of strategic goals.
• Preparation of formation documents, including bylaws and conflict of interest policies.
Abbey graduated first in her class from Marquette University Law School (J.D., summa cum laude, 2016), where she was a comment editor of the Marquette Law Review. She obtained her undergraduate degree from Marquette University studying in political science with a minor in economics (B.A., magna cum laude, 2013).
• Presenter, “Introduction to Terms and Concepts,” 18th Annual Planned Giving Workshop Series, Milwaukee, WI (April 2019)
• Presenter, “Charitable Gift Annuities, Gifts of Life Insurance & Gifts of Special Assets,” 17th Annual Planned Giving Workshop Series, Milwaukee, WI (May 2018)
Abbey is admitted to practice in Wisconsin. She is the co-chair of the Milwaukee Association for Women Lawyers Estate Planning Discussion Group.
Abbey was a participant in the 2018 -2019 Young Professional Adviser Council (YPA) with the Greater Milwaukee Foundation.
- Developed and administered a charitable lead trust funding strategy for a high-net worth client to save millions in estate tax (and income tax). A Foley attorney continues to serve as trustee and assists family trustees in implementing the strategy. The payments from the trusts have allowed the family a significant and lasting philanthropic impact on the community
- Advised Senator Herb Kohl on the sale of the Milwaukee Bucks and on Senator Kohl’s landmark $100 million charitable gift to the Greater Milwaukee Foundation fund a new arena for the NBA Milwaukee Bucks
- Worked with client foundations and trusts to provided due diligence of private equity and real estate investments to confirm investment terms, negotiate investment terms and investment side-cards, as well as provide advice and counsel to investment committees/trustees in making complex, illiquid investments
- Negotiated a significant (+$100 million plus) gift to name a medical school
- Successfully resolved IRS audit focusing on client’s income tax deduction for multi-million payments made to a public policy, social welfare organization. The IRS’s initial position was that the client owed millions in additional income tax and penalties; the IRS closed the audit while assessing the client with a de minimis adjustment
- Included in a team of Foley attorneys managed and administered the interview process and the hiring of a new CEO for the family office, including developing a strategic plan and new position description, screening and soliciting qualified candidates, and coordinated for interviews with the family. Foley then negotiated the pay package and employment contract (including confidentiality provisions) for the CEO. Foley was integral in developing an onboarding process and new review process for the CEO
- Included in a team of Foley attorneys worked closely with a family office to develop an education series focused both on investment management (diversification, types of investments, and costs) and legal roles of trustees and beneficiaries. The education series culminated in a new investment policy statement developed with significant input from the family and the investment consultant. Family members report a large improvement in family engagement in the overall investments of the trusts and general ownership of the family office
- Included in a team of Foley attorneys, serving as trustees and advisors, led an investment consultant selection process for a significant single family office. This included selecting, coordinating and summarizing submissions from over 12 different possible providers, working with a committee of family members to develop a family-centric scorecard and criteria for selection, and assisting family members with reviewing submissions and interviewing potential providers. Foley attorneys assisted the family committee in reporting to the larger to obtain agreement for the new investment consultant. Foley attorneys assisted the new investment manager in plans for a tax-efficient transition