The Trusts & Estates practice team at Lippes Mathias provides comprehensive and sophisticated counsel to individuals, families, and business owners on the preservation, protection, and transfer of wealth in alignment with their long-term objectives and core values.

 

Our attorneys advise clients on the full range of estate and trust planning, from foundational wills and revocable trusts to complex multigenerational wealth transfer structures. We leverage advanced strategies, including grantor trusts, charitable planning vehicles, and dynasty trusts, to minimize transfer taxes while promoting long-term stewardship of family wealth to achieve long-term financial and philanthropic goals.

 

In addition to strategic planning, we regularly assist clients in trust and estate administration, contested probate court proceedings, and guardianship matters. Our attorneys work closely with fiduciaries to ensure the diligent and prudent execution of their duties, while mitigating the risk of conflict and litigation.

 

Collaboration and flexibility are central to our approach. We regularly coordinate with clients' existing legal, financial, and tax advisors to build cohesive and forward-looking plans capable of withstanding evolving tax laws, changing family circumstances, and shifting economic conditions.

 

At Lippes Mathias, we understand that exceptional wealth requires exceptional planning. Our team delivers the discretion, technical fluency, and strategic insight that sophisticated clients expect when entrusting their legacies to experienced counsel.

Our various practice areas include: 

Q:  When should I start estate planning? 

A:  The short answer is as soon as possible. Any person 18 years or older can execute a Will, and there is no minimum amount of assets you have to have in order to benefit from an estate plan. While it is never too late to start, certain life events should prompt you to act, such as getting married, having or adopting children, purchasing property, starting a business, receiving a significant inheritance, getting divorced, or being diagnosed with a serious illness.   The sooner you have a plan in place, the sooner you have peace of mind that your intent with your assets is documented, and your loved ones are protected.

Q: What is estate planning vs. a will?
A:  A Will is one document, while an estate plan is a full package.  A Will directs who gets your assets after you die and usually names guardians for minor children, but it only takes effect at death and must go through probate in New York's Surrogate's Court. An estate plan is a broader strategy that typically includes a Will, sometimes a trust, a power of attorney, a health care proxy, and a living will. Undertaking estate planning also includes examining how any assets you may own jointly are titled and reviewing any accounts with named beneficiaries. Think of the will as one piece of the overall estate planning puzzle.

Q: How do you do estate planning?
A:  The best approach is to work with an estate planning attorney.   Each state has very specific requirements for a Will to be considered valid and also has separate requirements for any ancillary documents such as a Power of Attorney, Healthcare Proxy, and Living Will. Errors in execution can void a document entirely.   A qualified attorney will review your family situation and assets, recommend the right combination of documents, draft them in compliance with your state’s law, and guide you through proper signing and funding if necessary.   Once your plan is in place, you should review it every three to five years or whenever you experience a major life change.

Q: Who does estate planning and what is an estate planning attorney?
A:  An estate planning attorney is a legal professional who helps individuals and families plan for the distribution of their assets both during their lifetime and upon their passing, while considering certain factors such as tax implications and complicated family situations.  This includes preparing documents such as wills, trusts and other legal instruments designed to protect a client’s wealth, minimize tax liabilities and ensure their wishes are carried out. 

Q: What estate planning documents do I need?
A: Everyone needs three (3) basic documents: (1) a Will to govern the distribution of assets titled in your name alone; (2) a Power of Attorney which appoints a trusted individual to act as your agent to step in and assist you with financial matters; and (3) a Healthcare Proxy which appoints an agent to make healthcare decisions for you if you become incapacitated.  From there, depending on your specific needs, you may contemplate other legal instruments such as trusts.

Q: What is estate planning and who needs it?
A:  Estate planning is the process of arranging for the management, preservation and transfer of your assets during your lifetime and upon your passing.  Every person can benefit from estate planning, but it becomes particularly important for those who have children, business interests or specific wishes when it comes to the distribution of your assets. 

Q: How can I find an estate planning attorney?
A: To find an estate planning attorney, you can seek referrals from trusted sources such as accountants, financial advisors, or even friends and family who have gone through the process. Many individuals will also seek referrals from their local bar association.