Scott J. Bakal specializes in finding tax-sensitive solutions to complex financial situations, business transactions, and estate planning matters. Scott works primarily with entrepreneurial companies and high net worth individuals. Scott frequently represents commodities and securities traders, family offices, owners of business jets and companies and executives in employment contract negotiations. Scott strives to provide individually tailored, holistic solutions to the problems faced by sophisticated high net worth individuals and privately held companies.
Scott's experience includes the following:
- Representation of an insurance brokerage firm in connection with the design and implementation of life insurance premium finance and life settlement programs.
- Representation of numerous clients who chose to participate in the Offshore Voluntary Disclosure Initiative, including finding exceptions to the penalty regime, where appropriate, for multiple clients who were told by other tax advisors that no option for avoiding penalties existed.
- Representation of numerous offshore investors in their real estate investments and active U.S. business activities, in order to create structures that were both income tax and estate tax efficient.
- Restructuring a controlling shareholder's position in a publicly held company in order for the shareholder's family to take advantage of available estate tax deferral provisions for certain concentrated holdings.
- Representation of numerous taxpayers in like-kind exchange transactions.
For a complete listing of Scott's representative matters, click here.
Scott has been selected by his peers for inclusion in The Best Lawyers in America (within "Trusts and Estates") since 2010 and has spoken at organizations including the Chicago Bar Association and the Illinois Institute for Continuing Legal Education on income tax matters, Scott has also served as an adjunct professor at IIT/Chicago-Kent College of Law. He is a member of the American Bar Association-Sections on Taxation and International Law.
- Glencoe Junior High Project – Treasurer
- Am Shalom – Board of Trustees
- American Youth Soccer Organization Region 425 (New Trier) - Board Member
- Jewish United Fund of Metropolitan Chicago (Professional Advisory Committee, Legacies and Endowments Committee)