Lowenstein Sandler has been hit with a legal malpractice lawsuit over a series of “dynasty” trusts it established for a high-powered real estate mogul.

The suit says Lowenstein’s Eric Weinstock failed to properly assess the risks inherent in transferring real estate assets belonging to Samuel Raia and his family into the dynasty trusts established by the law firm. The tax liability associated with the estate plan when the real estate assets pass from one generation to the next will be greater than anticipated, according to the Feb. 1 lawsuit filed in Bergen County Superior Court.

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