Phillips Lytle’s Trusts and Estates Practice Group offers a wide range of services tailored to the needs of individuals, families and corporate entities. Our attorneys have extensive knowledge, skill and experience in a wide range of trusts and estates-related matters that include:
Our attorneys are members of, and hold leadership positions, in trust and estate sections of national, state and local bar associations and professional organizations dedicated to the trusts and estates practice. They have substantial experience speaking to community groups, professional organizations and other attorneys on all aspects of trusts and estates.
Thoughtful and Detailed Trust and Estate Planning and Administration
Estate plans are tailored to meet our clients’ broad range of diverse needs using a collaborative and informative client approach. We prepare estate planning documents such as wills, revocable trusts and irrevocable trusts, and provide advice regarding tax planning, including planning for minimization of estate taxes, business succession planning, probate avoidance, philanthropic and charitable planning and giving, and planning with retirement benefits and life insurance. Our attorneys also have experience with cross-border planning, and assist clients with planning for second homes or vacation homes located in other states or foreign countries.
In addition, our attorneys provide advice and guidance regarding a variety of lifetime trusts, including:
Our attorneys take a holistic approach to the estate planning process, considering the client’s assets, income, intended beneficiaries, charitable inclinations and various other factors before making appropriate recommendations and implementing an estate plan. Whether a client is interested in ensuring a surviving spouse is well supported, transferring wealth to the next generation, or benefitting the community through philanthropic gifts, our attorneys are ready to provide advice and guidance through our established estate planning process.
Included in the estate planning process is preparation for unexpected and problematic lifetime events such as sudden illness or incapacity. Through the use of advance directives, such as powers of attorney, health care proxies and living wills, an agent is appointed to make financial or medical decisions on a client’s behalf, and the client can express his or her ultimate wishes in the case of incapacity. Our attorneys prepare and implement advance directives for clients and provide guidance to appointed agents who must make financial and medical decisions on behalf of the client.
A substantial portion of our trusts and estates practice consists of assisting individual and corporate fiduciaries serving as executors, administrators and trustees, as well as beneficiaries of trusts and estates, as they navigate the complex process of estate and trust administration. We work with fiduciaries and beneficiaries in all facets of administration, including the appointment of fiduciaries, marshaling assets, preparation of accountings, and the distribution of assets. We also provide guidance on New York State law regarding prudent investing and other key fiduciary duties.
In addition, our attorneys have extensive experience providing advice and direction regarding efficient fiduciary income tax planning and prepare fiduciary income tax returns for fiduciaries of trusts and estates. Further, experience and knowledge of our attorneys is demonstrated in their analysis of estate taxes along with preparation of estate tax returns.
Our understanding of the estate and trust administration process ensures that our attorneys and paralegals can assist clients with the administration of trusts and estates in a timely, cost-efficient manner.
Proper tax planning is a vital part of the trust and estate planning and administration processes. Our attorneys provide advice and assist with the preparation of tax returns and required filings related to estate taxes, gift taxes and generation-skipping transfer taxes. We are equipped to provide effective counsel regarding tax liability issues related to trusts and estates and provide assistance in the event a client is subject to the audit process.
Owners of closely held businesses often face difficult and complex decisions regarding succession planning. Our attorneys stand ready to assist business owners in developing a plan to ensure a smooth transition to the next generation of ownership, ensuring that businesses are properly structured for an efficient transfer of ownership, integrating and compensating key employees who are not family members, and providing equitable arrangements for family members who are not involved in the business. Management of assets within a company or other benefits related to the transfer of ownership or succession planning are among other aspects of the succession planning process our attorneys assist our clients with on a regular basis. In addition, our attorneys provide tax planning advice to minimize estate taxes or planning for payment of estate taxes for business owners.
In the event litigation becomes necessary in a trust or estate matter, our attorneys represent fiduciaries and beneficiaries in a variety of situations. These matters can include contested probates of wills, discovery and accounting proceedings, spousal right of election matters, and proceedings for the construction and reformation of wills and trusts. In addition, our attorneys bring proceedings on behalf of clients to protect them from liability, enforce their rights as beneficiaries, or resolve disputes between parties interested in the trust or estate proceeding.
Our experience in estate planning and the administration of trusts and estates enables our attorneys to provide the advice necessary for the resolution of disputes prior to trial and the successful outcome of matters that proceed to trial. Attorneys in our Litigation Practice Group regularly assist in these matters to ensure our clients are best represented in litigated matters.
Special consideration must be given when planning for the needs of individuals with disabilities. Our attorneys assist families to create personalized plans that provide financial protection for children, grandchildren and other family members with special needs. We have experience in the creation of supplemental needs trusts as a tool to financially support such individuals while protecting benefits and services provided by governmental agencies.
We also guide clients in the creation and administration of all types of guardianships and assist in situations involving emergency and contested guardianship proceedings.
As the costs of long-term care continue to increase, Medicaid planning has become a touchstone for consideration in clients’ estate plans. Our attorneys are experienced in Medicaid planning, including the creation and implementation of income-only Medicaid trusts and emergency Medicaid planning to preserve assets. We also assist clients in navigating the Medicaid application process.
The laws related to trust and estate planning and administration in the states of New York and Florida can differ. Attorneys in our Trusts and Estates Practice Group are licensed to practice law in both states. Whether you have relocated to Florida, are considering a move to Florida, or travel between two part-time homes, our attorneys can assist with your trust and estate planning and administration needs.
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