Arthur E. Gibbs III is a partner in the Trusts and Estate Planning Group and is licensed to practice law in Ohio and Florida. Art is an Ohio State Bar Association Board Certified Specialist in Estate Planning, Trust and Probate Law and focuses on providing creative estate, tax and business planning advise to business owners and other wealthy individuals, as well as representing individuals, financial institutions, and non-profits in estate disputes.
Estate Planning and Estate Administration
Art’s estate planning practice includes estate, gift, generation-skipping transfer, charitable, business succession, and family tax planning; drafting of wills, trust agreements, powers of attorney, and associated documents; education planning; and post-mortem tax planning.
Art handles all aspects of estate administration in order to assist a personal representative or trustee with, and provide advice regarding, settlement of an estate, including: probate administration; identification and transfers of probate assets; non-probate asset transfers and claims of beneficiaries of life insurance; annuities and retirement assets; disposition or distribution of real estate, household goods and personal effects; preparation of final individual income tax returns and fiduciary income tax returns for the estate and trust; preparation of federal estate and generation skipping tax returns and representation of the estate in any audit of the returns; and post-death planning to minimize estate, gift or income taxes or to address problems in the estate plan.
Closely Held Businesses
Art guides the owners of closely held businesses through the options and steps for a successful transition, including buy-sell agreements, stock transfer restriction agreements, buyouts, voting control arrangements, close corporation agreements, operating agreements for limited liability companies and spin-off discounted valuations.
Art’s fiduciary litigation practice includes beneficiary disputes over estate and trust administration, will contests and breach of fiduciary duty claims. His services include: prosecuting claims on behalf of the beneficiaries of trusts and wills; defending claims brought against trustees, administrators and executors; representing estates in tax controversy matters; representing parties in contested guardianships; and advising clients through the estate planning and administration process in order to avoid litigation among family members.
Art has extensive experience advising on the role of life insurance in estate planning. He works closely with clients and their insurance advisors to determine the amount, duration, and type of insurance that best suits their needs. He also works closely with them to implement irrevocable life insurance trusts to ensure the preservation of wealth for the next generation, and advises his clients on matters such as the exchange of life insurance policies, split dollar arrangements, and the role of life insurance to fund buy-sell agreements for closely-held businesses.
Art assists his clients with a number of issues involved with relocating to and establishing a permanent residence in Florida. His services include: advising as to establishing Florida domicile and terminating Ohio domicile, advising as to the potential Ohio tax consequences after establishing Florida domicile, advice with regard to Florida’s homestead laws, assistance with the closing and settlement on the purchase of a residence in Florida, and the preparation and filing of a Florida Declaration of Domicile and related documents.
Case Western Reserve University School of Law, J.D., cum laude, 1996
Fordham University, B.A. in Political Science, cum laude, 1991
St. Ignatius Student Program, Past Member
The Humanitarian Society of The United Way of Greater Cleveland, Past Member, Former Co-Chair
The First Tee of Cleveland, Former Board Member and Committee Chair
John Carroll University Entrepreneurs Association, Former Board Member, and Prior Programs Committee Chair
Near West Center, West Side Ecumenical Ministry, Former Member of PAC
The Best Lawyers in America®, Trusts & Estates, and Litigation – Trusts & Estates , 2010-16 and 2018 – 2022)
Best Lawyers® 2022 Litigation – Trusts & Estates “Lawyer of the Year” in Cleveland
Ohio Super Lawyers®, 2011-2021
Ohio Rising Stars, Ohio Super Lawyers, 2009
State of Ohio, 1996
Northern District of Ohio, U.S. Federal Court, 1997
State of Florida, 2010
Lorain County Bar Association, Member
Ohio State Bar Association, Member
Cleveland Metropolitan Bar Association, Member, Probate & Trust Law Section
Estate Planning Institute of the Cleveland Metropolitan Bar Association, Past Chair; Member, Planning Committee
National Association of Estate Planning Professionals
Estate Planning Council of Cleveland, Member, Board of Directors
Ohio State Bar Association, Certified Specialist in Estate Planning, Trust and Probate Law
Accredited Estate Planner® (AEP®) by The National Association of Estate Planners & Councils