We provide a full range of estate and trust services, from the preparation of a simple will to the creation of a complex estate plan. Regardless of a person's age or family circumstances, the Trusts and Estates Department assists our clients in focusing on the critical issues involving the preservation and transfer of wealth and in tailoring estate plans best suited to a client's unique concerns.
Estate Planning: Our Estate Planning services include assisting clients in structuring their assets and devising them in the most tax efficient manner possible. A client must consider U.S. and state estate tax, generation skipping transfer (GST) tax and income tax on assets such as IRA's and 401(k)'s which will be subject to income tax when distributed to a beneficiary. We prepare all documents needed to implement an estate plan, including but not limited to: Wills and revocable trust agreements utilizing estate and GST tax exemptions, QTIP trusts for a spouse, QDOT trusts where the spouse is not a U.S. citizen, irrevocable life insurance trusts, qualified personal residence trusts, living wills/health care proxies, and durable powers of attorney.
Consideration must be given to non-tax issues as well. A beneficiary's special needs, the need to protect assets from a beneficiary's existing or future creditors, the desire of the testator to control the future disposition of assets and many other non-tax issues can be even more important than tax reduction.
Estate planning areas that require extensive planning include family business succession planning and charitable planning. A succession plan for a family business is essential to insure the survival of the business and the successful transition to a new leader of the business. Of great importance to the family of a deceased business owner is insuring that they receive financial remuneration for their interest in the business in the most tax efficient manner possible. Charitable planning offers many opportunities to assist charitable organizations while resulting in significant tax savings to the donor and his or her family. Charitable remainder trusts, charitable lead trusts and family foundations are important vehicles to accomplish these objectives.
Estate Administration: We handle all aspects of estate administration, from probate to assisting the executor in marshalling assets and paying debts, preparing Federal and State income and estate tax returns and accountings. We represent many New Jersey and New York banks as well as individual executors and trustees.
Trusts & Estates Litigation: Robert M. Jacobs has substantial experience in the litigation of trusts and estates matters, both at trial and appellate levels. He has handled matters including will contests (issues of undue influence and lack of capacity), the construction of wills, elective share and omitted spouse claims and contested accounting actions, representing both fiduciaries and beneficiaries.
Our senior Trust and Estates partner is a fellow of the American College of Trust and Estates Counsel, a nationally selected group of leading probate practitioners. One of our Trust and Estates partners has a special interest and background in elder law, and each partner has an advanced degree in tax law. Practice area members are: Robert A. Hetherington III, Robert M. Jacobs, Martin J. Dever, Jr., Matthew Cohen and Melissa A. Terranova.