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Firm Watch

Jan. 3, 2001

Helping the Newly Rich Cope With Wealth

Jon Gallo specializes in estate planning for high-net-worth individuals, including technology entrepreneurs and sports and entertainment figures. He also represents middle-income individuals who suddenly come into a great deal of money, like an inheritance.

        A six-year-old child comes home from school and asks his parents, "Are we rich?" In the same breath, the mother answers, "yes," while the father responds, "no."
        Such scenarios illustrate the risks of raising kids in this age of affluence, says Jon Gallo, a senior lawyer in the estate planning department of Century City's Greenberg Glusker Fields Claman & Machtinger.
 ...

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