Trust and Estate Planning

Freedman Fish & Grimaldi LLP develops and administers highly individualized estate plans for clients concerned about preserving assets against a catastrophic illness and estate and/or gift taxes. These strategies provide a clear blueprint for executors and trustees to follow when distributing your assets and protect them from catastrophic health care costs as well as minimize gift and estate taxes. Through it all, we remain highly sensitive to family needs, providing people-focused solutions that bring families closer together during a time of profound loss.

Notwithstanding recent changes in the tax laws, the estate tax remains in effect until at least 2010, and possibly longer. However, the new tax laws provide clients with new opportunities and challenges with regard to estate and gift tax planning.

Estate and Tax Planning

Freedman Fish & Grimaldi LLP creates wills and/or trusts that express the wishes of our clients, utilizing all available techniques to minimize potential estate and gift taxes as well as reduce administration or probate costs.

Creating a will or trust is never comfortable, but always necessary. Our firm takes a caring and compassionate approach, helping individuals and families plan for the future. We create wills and revocable living trusts, including documents for unusual cases involving planning for beneficiaries with disabilities, those with creditor problems, as well as those who cannot manage their finances.

To reduce estate and gift tax consequences, we utilize a variety of strategies such as:
• Credit shelter bequests
• Qualified Terminable Interest Property (QTIP)trusts
• Qualified Personal Residence Trusts (QPRT)
• Life insurance trusts
• Qualified personal residence trusts
• Grantor retained annuity trusts and unitrusts
• Charitable trusts
• Family limited partnerships

Often, a large percentage of a client's assets are invested in an IRA, 401(k), Keogh or other retirement accounts. Selecting beneficiaries and choosing among distribution options are also important factors in the planning process. We counsel clients in making these decisions and properly completing the beneficiary designations.

Our services also include the preparation of advance directives such as Health Care Proxies, Powers of Attorney and Living Wills.

Estate Administration

In the area of estate administration, our goal is to implement the estate plan in a comprehensive yet compassionate manner, assisting executors and trustees in distributing assets in accordance with the client’s wishes.

We counsel executors and trustees in carrying out their responsibilities, including:
• Admitting the will to probate
• Collecting and valuing assets
• Paying debts
• Preparing and filing estate tax returns and fiduciary income tax returns
• Distributing estate and/or trust assets
• Accounting to beneficiaries

We also handle post-mortem tax planning matters, as well as the often-sensitive issues relating to the disposition of a house, apartment or tangible property.

Contested Wills

Unfortunately, the passing of a loved one may lead to disputes among family members. Our firm represents executors and trustees who are defending a contested will or trust, as well as potential beneficiaries who are contesting a will or a trust. Whenever possible, we seek out solutions that are conciliatory rather than confrontational.