Legal Blog

Charitable Enterprises

From the Desk of Herb

The new movie “The Founder” is about Ray Kroc’s purchase of the hamburger chain from the MacDonald brothers.  Although Mr. Kroc built his own empire, he was not alone. Philadelphia’s Herb Lotman supplied MacDonald’s with its hamburgers, chicken, fish and other products. Herb, then in the beef wholesale business on Callohill Street, started with MacDonald’s in the 1960s when he sold its management on the use of mass-produced frozen burgers. It is reported that Herb’s Philadelphia-based company Keystone Foods Corporation achieved yearly sales of over $5.0 Billion a year before he sold it in 2010. I had the pleasure of working with Herb Lotman for many years.

Herb was a very philanthropic individual. One of my earliest projects for Herb was to incorporate and obtain IRS approval for the MacDonald’s LGPA Championship as a tax-exempt charity. The 28-year-old tournament is still the largest fundraiser in the history of golf donating over $47 million to charity. Herb Lotman was quoted as saying “everything we did, we did for ‘The Kids'”.

Among the numerous public charities and private foundations I have formed, many have done great things for society.  In 1999, I incorporated and obtained IRS approval for ALS Hope Foundationthe idea of my friends, Jeffrey Deitch, PhD a researcher and Dr. Terry Heiman-Paterson, a researcher and clinician. The ALS Hope Foundation supports important research and the MDA/ALS Center of Hope clinic which has recently moved to the Temple Health system. We are proud to have worked with ALS Hope as their legal counsel over these many years.

Herb Fineburg, shareholder and managing principal of Offit Kurman’s Philadelphia office, presented with Joe Romano, executive director of Morgan Stanley’s Wealth Planning Center, for the Philadelphia Exit Planning Exchange monthly meeting. Fineburg and Romano presented “The 11th-Hour Estate Plan,” discussing the common questions, concerns and mistakes made when planning at the last minute before the sale of a client’s business. The two also explained the importance and necessity in planning ahead for the good of the business and most importantly the client and his or her family. Fineburg provides clients with strategic and cost-saving benefits in connection with commercial transactions, taxation and wills, trusts and estates matters.

 

ABOUT HERB FINEBURG

Mr. Fineburg is recognized as one of Philadelphia’s most respected business lawyers whose substantial knowledge of tax law provides clients with strategic and cost-saving benefits in connection with commercial transactions, taxation and wills, trusts and estates matters. Known for his ability to resolve complicated matters effectively, Mr. Fineburg has assisted businesses and individuals with the organization of their finances, business and real estate affairs, and the structure of their assets (i.e., in LLCs, partnerships, corporations, trusts or joint ownership). He has substantial expertise in the preparation of buy-sell agreements for co-owners who are family members or unrelated business partners and has handled the resolution of shareholder and partner disputes and buy-outs. In addition, to working on bank financings, business contracts and employment matters for his business clients, Mr. Fineburg also provides advice on business acquisitions and sales. Mr. Fineburg, who began his law career as a commercial litigator and bankruptcy lawyer, frequently provides litigation counsel and assistance to a wide range of firm clients. His articles have appeared in the Pennsylvania CPA Journal, the Journal of S Corporation Taxation and other publications. A graduate of Washington University in St. Louis, Mr. Fineburg received his law degree from the University of Missouri and a Master of Laws in Taxation (LL.M) from the New York University School of Law, Graduate Division.

 

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 135 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eleven offices serve individual and corporate clients in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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