Estate Planning & Administration Lawyers in NY
Leveraging our background and expertise in tax and accounting, the Firm was founded to provide estate planning advice to mid and high net-worth individuals. This remains an important part of our practice today.
We advise individual clients on a wide assortment of methods and techniques for estate and wealth optimization, including freezing the size of an estate while simultaneously providing growth in assets that will ultimately be left to subsequent generations.
Administration and Estate Planning
Our Estate Planning & Administration lawyers will work with clients in New York to plan for business succession, special needs, anticipated liquidity issues and many other issues that add color and complexity to the lives of our clients and their families. We also counsel clients on wealth management and protection, with a particular focus on issues such as:
- Defining and prioritizing a client’s objectives;
- Preservation of wealth; and
- Tax consequences.
There are a few important steps that we strongly recommend each of our individual clients to consider undertaking as part of an estate planning exercise; other techniques we use as warranted. Here are some of the most important estate planning services we provide to clients:
- Last Will and Testament: A document that expresses wishes and desires at the end of life. The purpose of a Last Will and Testament is to provide clear direction of what the client wants to happen to their assets upon their death.
- Living Will and Final Directives: These documents are not part of a traditional “estate” plan, but they contemplate end of life decisions. At a time of medical incapability in making decisions, a Living Will and Final Directive will provide guidance to loved ones on the sometimes difficult and always highly personal decisions. As loved ones experience unplanned for grief and shock, a Living Will and Final Directive will help them move through the situation in a defined and preferred manner.
- Intentionally Defective Grantor’s Trusts: A trust that allows long term benefits of appreciating assets to be passed to subsequent generations while continuing to reduce the individual’s overall estate value. This allows substantial value to be preserved while minimizing tax liability.
- Qualified Personal Residence Trusts: A special type of trust designed to freeze the current value of home that is expected to increase in value. The goal being to establish a lower value for estate or gift tax purposes, while allowing a subsequent generation to benefit from the long-term growth in value.
Each engagement starts by establishing and defining a client’s goals, such as maximizing tax benefits or planning for the future of children and grandchildren. After determining the client’s priorities, the Firm creates a personal and customized estate plan that best achieve them.