Farrell Fritz lawyers help preserve, protect, and transfer assets for individuals, families, and the owners of closely held and family businesses. Clients across New York rely on our trusts & estates attorneys for business succession and tax planning, as well as estate planning and administration. We manage the creation of complex wills and trusts and other important estate planning documents, ensuring our clients’ wishes are carried out completely, compassionately, and efficiently.
Our estate planning attorneys are deeply knowledgeable about all of the legal, tax, and personal issues that accompany estate planning. We also advise clients as they transfer ownership of closely held businesses to the next generation, as well as in connection with asset protection, planned giving, and private foundations. We create and implement sophisticated planning techniques to protect our clients when transferring assets to their beneficiaries. Across all we do, we provide personalized attention to clients, emphasizing efficient methods for minimizing the impact of estate, gift, and income taxes.
In addition to estate planning, our team handles the full range of trust and estate administration, managing the disposition of clients’ assets with sensitivity and care. Our administrators work closely with surviving family members, executors, and trustees to meet their needs, achieving a smooth transition that obtains optimal results. We provide perpetual administration of trusts and also provide cutting-edge advice on immediate needs in connection with federal and New York State estate, gift, and income tax issues affecting estates, trusts, beneficiaries, and fiduciaries.
Our trusts and estates team works with clients to resolve disputes as well. This includes providing direct access to our highly experienced estate litigators should a matter arise. Our litigation team is known for handling some of the most complex, high-profile matters in New York, advising on the complex estates of Doris Duke, Jean Stralem, Andy Warhol, Arthur Sackler, Brooke Astor, and Huguette Clark. Our team is deeply trusted and possess the expertise required to handle any estate or trust related proceeding before the Surrogate’s Court, appellate courts, federal district court, tax court, and state Supreme Court.
To safeguard assets for both present and future generations, our team employs a comprehensive approach to asset protection planning. This process encompasses a meticulous examination of a clients’ current financial situation, coupled with a forward-looking assessment of their long-term goals. Our process begins with a thorough analysis of any unique circumstances, identifying potential risks and vulnerabilities. We then work with clients to establish clear objectives and craft customized strategies to meet specific needs. Throughout this process, we are deeply committed to mitigating the impact of estate taxes, employing sophisticated tax planning strategies to minimize tax liability and maximize the transfer of assets to intended beneficiaries.
Our team represents many founders and entrepreneurs, often from the technology sector, who seek out our guidance for practical income tax planning advice, especially in connection with the qualified small business stock (QSBS) exclusion under Section 1202 of the Internal Revenue Code.
International Estate Planning
For clients with international estate planning needs, we skillfully structure plans that minimize cross border tax implications while protecting assets. In these particular situations, we apply in-depth cross border experience with both the interpretation and application of planning vehicles to meet personal and business goals.
We also help families with global ties, including U.S. expatriates, with international estate planning. We ensure plans work within the intricate regulations concerning domicile, succession, generation-skipping transfer, and gift tax laws applicable in every jurisdiction where distribution is intended, as well as where assets are situated upon the decedent’s passing.
Advanced planning helps mitigate issues when navigating wealth transfer. We help clients accomplish this often complicated, strategic planning process.
