Trusts & Estates

Our attorneys understand the difficulty of dealing with an estate after a death, and we strive to minimize the additional stress placed on surviving loved ones. We provide our clients with tailored representation in all phases of estate administration, including asset collection, inventory, and appraisal; collecting and paying debts and taxes; and distributing remaining assets to beneficiaries. Our clients include executors and trustees, as well as estate beneficiaries.

Should probate be necessary, we advise on the required documents that must be executed and the individuals who must be contacted in order to comply with probate laws. We also assist with the valuation of the estate for tax purposes and determine the cash needed to satisfy expenses, claims, and taxes.

Since managing tax issues can be complex, we work with executors and trustees every step of the way to ensure that all tax planning options and consequences are considered and that all required tax returns are filed properly and in a timely manner. We also assist with the often onerous requirements for asset transfer that are unique to every financial institution. After estate valuation has been determined and tax matters resolved, we facilitate payment of claims, disposition of assets, funding of trusts, and distribution of remaining assets to beneficiaries.

A power of attorney, a document which grants financial and property powers, is one of the most important legal documents in estate planning, and one of the least understood. Our estate planning attorneys have found that most people have inadequate powers of attorney, using either the wrong form for the year executed, thereby rendering it invalid by financial institutions, or lacking in appropriate trust and gifting powers. We ensure that our clients’ intended financial and property powers are in place, clarifying the powers listed on the form and the designated areas where the principal may provide additional trust and gifting powers to the agent. These additional powers are crucial when acting on behalf of an incapacitated loved one, whether filing a tax return, navigating a disability insurance application, or handling health care billing. We consider each client’s unique situation to formulate the appropriate power of attorney form, safeguarding our clients against the cost and time involved in applying to guardianship court and providing peace of mind regarding the future of their estate.

The attorneys at Hollis Laidlaw & Simon guide our clients through the complicated process of New York probate proceedings and New York estate administration proceedings, not only ensuring that our clients’ interests are protected but that they understand exactly what happens during probate and estate administration and how it affects the estate in question. Operating on the knowledge that executors or administrators of the estate are held personally liable for tax obligations and asset distribution, we position our clients to act in compliance with the decedent’s wishes and the law, and in a timely manner. Our goal is for our clients to be as informed and unburdened as possible while closing an estate.

Wills

Our attorneys understand the invaluable role that a will plays as part of an estate plan. We have years of experience drafting wills that are legally sound and tailored to our clients’ needs. We believe that everyone should have a will in order to avoid leaving the division of their estate to New York State’s laws of intestate succession, which identify the decedent’s heirs and specify the division of the estate, and may not conform to the decedent’s wishes. A will is also critical in assigning a property guardian for minor children.

Trusts

A trust can be a critical part of an estate plan, regardless of the size of the estate. Among their many uses, trusts can be utilized to protect against creditors (including Medicaid as a creditor), keep assets private and out of probate, maximize tax benefits, plan for minors and family members with special needs, facilitate planning for Medicaid, and provide a means for asset distribution and preservation. We are well-versed in the formation of all types of trusts, including Irrevocable Medicaid Trusts, which must appropriately comply with federal and state Medicaid requirements, and is the only type of trust that will protect life savings and a family home in the event of a catastrophic illness. Whether our clients’ circumstances and objectives are simple or complex, our attorneys can create a trust to help secure their financial future.