MDM&C Expands Cross-Border Capabilities to Address Needs of Chinese Investors and Entrepreneurs

MORRISTOWN, N.J., Oct. 2, 2018 /PRNewswire/ -- McElroy, Deutsch, Mulvaney & Carpenter, LLP ("MDM&C" or "the Firm") today announced that the Firm has expanded the scope of its Private Client Services / Wealth Management Group through the addition of two attorneys as Counsel to the Firm – Jim Chengyu Hou and Robert J. Schmitt – who will provide cross-border legal counsel and advisory services covering a wide range of important and sensitive matters facing wealthy Chinese citizens, multi-generational families, privately held or controlled businesses, and investment entities. They will also provide legal representation for executors, trustees, and other fiduciaries of Chinese clients.

MDM&C's expanded practice group will provide tax planning services for Chinese Green Card holders who could be unknowingly subject to U.S. estate taxation or U.S. tax reporting requirements. The group will also create customized and proprietary solutions for Chinese individuals (both non-U.S. tax residents and U.S. tax residents) involving wealth transfer and succession planning, estates & trusts (including private trust companies), business planning and structuring, private foundations and charitable organizations, and immigration.

Mr. Hou, who speaks both Mandarin and English, practices in the areas of corporate law, commercial real estate, and commercial immigration. He holds an MBA in banking and finance from Nanyang Technological University in Singapore, and a law degree from Columbia University Law School.

Mr. Schmitt has over 40 years of experience in international tax law, and most recently was associated with a large New York-based law firm. He has also served as Chief Tax Officer for a global pharmaceutical company, was head of U.S. taxation for Unilever Group, and was a member of the Deliotte international tax group in New York. He holds an undergraduate degree from John Carroll University, a J.D. from Notre Dame Law School, and an LLM in tax from New York University School of Law.

MDM&C Managing Partner, Edward B. Deutsch, said, "The rapid growth of private wealth in Asia over the past decade, combined with an increased willingness of Chinese entrepreneurs to consult professional offshore advisors, represents an opportunity to expand the boundaries of the Firm's cross-border advisory capabilities. The addition of these two professionals, who possess such a depth of knowledge and experience, will provide wealthy Chinese individuals and companies with a level of expertise and service available from very few firms in the U.S."

The Firm's Private Client Services / Wealth Management Group's cross-border capabilities encompass legal advice and customized solutions for both non-U.S. tax residents and U.S. tax residents, and their companies. In addition to China, the Firm's international expertise covers several European countries as well.

About McElroy, Deutsch, Mulvaney & Carpenter, LLP

MDM&C is a diverse practice with lawyers who place the client first. MDM&C has approximately 300 lawyers in fourteen offices in nine states and offers a full range of legal services. Please visit www.mdmc-law.com for more information.

SOURCE McElroy, Deutsch, Mulvaney & Carpenter, LLP

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