Allan T. Young

Shareholder

Professional Bio

Allan (Al) Young focuses his practice on advising small and medium sized businesses, their owners and key personnel in the areas of taxation, business transactions, and real estate, and advising individuals in the areas of taxation, estate planning, probate, and real estate.

The core of Al’s practice is taxation. Al is both a lawyer and a CPA. He works with businesses and individuals to minimize income taxes, sales and use taxes, and estate and gift taxes. Al has successfully represented dozens of clients in federal and state tax audits. He also prepares income tax returns for individuals, estates, trusts, partnerships, limited liability companies, S corporations, C corporations, and private foundations.

Al works with individual clients to develop and implement estate plans that minimize estate and income taxes, minimize the cost of administration and achieve the client’s personal goals for the distribution of his or her estate. Some of the techniques implemented by Al to minimize taxes and achieve client-specific goals include estate freezes, the creative use of trusts, charitable transfers, targeted lifetime gifting, and proper titling of assets.

Hand-in-hand with estate planning, Al represents personal representatives and trustees in administering a decedent’s assets. Al counsels fiduciaries in day-to-day matters, and assists in minimizing taxes through the effective use of available tax elections and the creative use of disclaimers.

For many clients, the largest single asset is an interest in a qualified retirement plan or individual retirement account. Al advises clients in the effective use of beneficiary designations to maximize plan assets available to the plan participants, as well as to their beneficiaries.

Al’s tax expertise plays a pivotal role in organizing and advising start-up companies. The most common forms of business organization used by start-ups are S corporations and limited liability companies. Each type of organization has its advantages and disadvantages, from both a tax and operational standpoint. Al counsels start-ups in the use of these types of organization and drafts all necessary organizational documents.

A key issue for all privately held businesses is succession planning. Al counsels business owners and implements succession plans for businesses when the successors are both family members and non-family members. Al successfully uses creative buy-sell and other agreements to implement a smooth transition of ownership of a business from one party to another.

Al’s tax background is invaluable to clients in purchasing and selling businesses. Al has represented several buyers and sellers of businesses over the years in outright purchases and sales, mergers, divisions, and split-ups.

Al also counsels businesses in the use of qualified and non-qualified executive compensation plans for key executives. Some of the strategies implemented include the use of stock options, restricted stock, and phantom stock plans.

Real estate is often a key asset in the purchase and sale of a business. Al represents business owners and others in the purchase and sale of real estate, including the use of like kind and deferred exchanges.

Al also assists the firm’s family law attorneys in using available tax code provisions to maximize the cash flow available to both spouses after divorce, and to minimize the tax consequences of a property division.

Al joined Fox, O’Neill & Shannon, S.C. in 1986. He became a shareholder in 1988.

Personal Bio

Al was born in Milwaukee, Wisconsin and later moved with his family to West Allis. He attended Marquette University High School.

Al earned his undergraduate degree from Marquette University, where he majored in Accounting and Economics. Al is a member of The Beta Gamma Psi business honor society and the Alpha Beta Psi accounting society.

Al earned his law degree from Marquette University Law School. While in law school, Al gained practical experience. He worked on special projects for a local manufacturing company, interned with a Big 8 CPA firm and clerked for a local law firm.

Upon graduating from Marquette University Law School, Al joined the Tax Department of a Big 8 CPA firm in Milwaukee. While there, he enjoyed a short-term assignment to the firm’s Toronto office serving as a U.S. tax resource for the Toronto office’s expatriate tax practice.

Al is married to Susan, a native of Davenport, Iowa. Together, they have two children, Emily and Michael. They’ve lived in New Berlin for more than 20 years.

Al is active in several professional organizations. He has served on the Board of Directors of the Wisconsin Bar Association Taxation Section for several years and was the 2010-2011 Chair of the Board of Directors. He is a member of the WICPA State Taxation Committee. He is a member of the Milwaukee Bar Association Taxation Section and is a former Chair. Al is a member of The Waukesha County Estate Planning Council. He is also a member of the Greater Milwaukee Foundation’s Herbert J. Mueller Society.

Al is an avid golfer and is the reigning champion of the Fox Open (the firm’s annual golf tournament). He is a baseball fan and has attended games in many major league cities. Al is active in his church and was active in his son’s Boy Scout Troop. Al served as the Troop’s merit badge counselor for the Law, American Business and Water Sports merit badges. He also served as the Troop’s Treasurer.