Trusts & Estates: The Law Firm of Graubard Miller

Graubard Miller is experienced in all aspects of trust and estate planning and administration. Our attorneys are adept at handling basic and complex issues related to estate taxation, generation-skipping taxation, fiduciary income tax and post-mortem tax planning. We have broad experience in the settling of complex estates, both by judicial accountings and accountings agreed to by the parties. In addition, our firm has developed special expertise in meeting the unique needs of clients with substantial assets and in facing the challenges of transferring assets from one generation to the next. We also assist clients in estate planning matters not related to taxation such as providing for family members with special needs, assisting clients with their charitable giving programs, and health care matters.

Estate Planning

Estate planning today means more than a "simple" will or "standard" trust. It is a planning process which encompasses both lifetime and testamentary strategies to carry out personal objectives. With proper estate planning, it is possible to minimize gift and estate taxes, thereby maximizing the amount of property transferred to family and other beneficiaries. Recognizing that personal and financial circumstances vary among clients, in designing a plan our goal is to create a tax sensitive framework to carry out individual objectives with flexibility to accommodate future circumstances.

Depending upon the personal and financial circumstances and testamentary goals, an estate plan can be designed to:

     • Minimize estate taxes
     • Incorporate generation skipping planning
     • Reduce taxes by lifetime giving strategies
     • Provide for a surviving spouse or partner and children
     • Facilitate the orderly and tax efficient transfer of a closely held business
     • Preserve family real estate holdings and limit exposure to environmental liabilities
     • Provide for optimal disposition of insurance and retirement benefits
     • Maximize the tax advantages of charitable giving
     • Address tax planning for non citizen spouses and employ international tax planning opportunities.

Minimizing Estate Taxes

Although tax considerations alone should not control, the high marginal federal estate tax rate of 48% requires transfer tax considerations to play an important part in any plan. Typical vehicles for the reduction of estate taxes include use of the "credit bypass" trust, QTIP forms of marital trust for the surviving spouse and irrevocable life insurance trust. Strategies may include lifetime gifts of "leveraged" assets, valuation discounts, qualified personal residence trusts ("QPRTs") and family limited partnerships.

Estate Administration

     Whether we are named as Executor or serve solely as counsel, we seek to carry out your estate plan to its fullest extent. This means more than fulfilling our administrative duties of marshalling assets, preparing and filing court papers and tax returns, and overseeing the distribution of assets. To us, this means communicating with your family, being efficient in the settlement process and being alert to all post mortem tax planning opportunities.

     Keeping your family informed of the settlement process, providing a timetable for the administration of the estate, averting conflict and transferring assets to the ultimate recipients of your property -- in an efficient and timely manner -- is our paramount objective.

     In the course of settling an estate, our services generally fall into four areas:

     • Probate Court Proceedings
     • Tax Reporting
     • Tax Planning
     • Handling Special Assets

Probate Court Proceedings

If probate court proceedings are required, we prepare and file the petition for probate, notify or obtain the assents of interested persons, arrange for the allowance of the will, secure the appointment of the nominated Executor, obtain appraisals of personal and real property, prepare the inventory, marshal all assets, respond to the claims of creditors, and prepare and arrange for the allowance of accounts. Accounting is handled in house to ensure accurate and efficient preparation of probate accounts and tax returns.

Should proceedings be required to interpret a will or trust, to defend a claim, pursue any action or seek allowance of accounts, we represent the Executor (or Trustee) in connection with such proceedings.

Tax Reporting

Preparation and filing of estate tax returns and fiduciary income tax returns on a timely basis is the cornerstone of estate administration. Our practice is based on a thorough knowledge and understanding of the tax laws, rulings and cases, together with extensive experience in the practicalities of dealing with the federal and state tax authorities. We will determine tax liabilities and plan for the orderly liquidation of assets to meet these payments.

We are fully prepared to handle routine and comprehensive audits, as well as to institute legal proceedings.

Business Succession Planning

Many of our clients own family businesses or control large blocks of stock in privately traded companies. We counsel them on such issues as retaining the company's private status, providing continuity of management, transferring stock in the company to younger generations, and maintaining voting control of the company. We may also advise them on gifts to private foundations or public charities in connection with their estate planning. We draft shareholders' agreements defining the obligations among the various owners of the family business and design compensation packages for executives of both privately and publicly traded companies. We also help negotiate complex employment contracts.

Graubard Miller also assists clients in preparing privately held companies for sale and in the sale process. These services include structuring the most tax-advantageous method of sale and negotiating the sale documents.