Estate Administration
Once an estate plan has been formulated, it must be implemented. We have decades of experience in administering estates and trusts, including both the mechanical and creative aspects of estate administration. A will must be admitted to probate, assets valued appropriately, an estate tax return prepared, distributions made in accordance with the will, and a final accounting rendered to the beneficiaries. In addition, there are many elections and decisions that can be made during the administration of an estate that can have a significant tax impact. These include legally valid disclaimer of interests in a will in favor of children, grandchildren or others, valuation of closely held assets funding of bequests and trusts, and navigation of the interrelation between income and estate tax. Estate tax returns may be audited. Our extensive experience in defending estate and gift tax returns before the Internal Revenue Service and other taxing authorities has yielded great benefits to our clients.
Administration also involves the funding and operation of trusts created by wills and during lifetime. We assist clients in complying with the provisions of trusts, including the selection of assets appropriate for the particular trust; preparation of accountings; assisting fiduciaries in selecting and monitoring investment advisors; and working with accountants on estate and trust income tax issues.
We regularly practice in the Surrogate’s Courts of New York, where we handle all manner of probate and administration issues. We work closely with the Charities Division of the New York Attorney General’s office when charitable beneficiaries are named in wills or trusts, and with the Estate and Gift Tax Division of the Internal Revenue Service, the New York State Department of Taxation and Finance, and other tax authorities.
Unfortunately, disputes sometimes arise in estate matters. We represent fiduciaries and beneficiaries in estate proceedings and litigation, including will contests and contested accountings.