Guiding Families Through Administration
This firm provides clients with the experience and knowledge to help them navigate the estate administration process. We understand that when a family member passes away, the rest of the family not only loses a loved one, but also loses a sense of certainty and routine. This can make facing the estate administration process, which can appear complicated and costly, a point of stress. We believe that the estate administration process should be demystified and that those involved with the estate are given clear expectations as to the timeline and tasks at hand.
Supporting the Decedent's Team
Clients are not best served if their legal team maintains a monopoly on knowledge and client communication. Our team is committed to working along with other professionals, including, accountants, financial advisors, and corporate fiduciaries, to provide a comprehensive and coordinated approach. By sharing our experience with other advisors, the family will get better results when compared to each professional advisor taking a siloed approach leaving the family to coordinate matters. We appreciate the opportunity to build relationships and work with other professionals in a way where the client isn't hearing from many--but a united team.
Estate Administration Services
Probate
We have extensive experience in probate proceedings in Connecticut and New York. The word "probate" has become a dirty one as people hear horror stories and fear that might become their own experience. Probate is a process and there is no need to sensationalize it. The truth is that it is a judicial process to admit a will and oversee the administration of the estate. The key to probate is having legal counsel that not only has the knowledge and experience to comply with court rules on routine matters, but the ability to identify problems before they occur and implement practical solutions to them. Our ability to proactively spot issues and solve them has given us a reliable track record and makes us a valuable resource, which will make the probate process appear less daunting.
Estate Tax Returns and Audits
The preparation of the estate tax return is one of the most important tasks that an estate must complete. From the outset of the estate, we work with fiduciaries to help them understand which forms must be filed, when they must be filed by, and how to pay an estate tax liability if there is one. We both prepare necessary estate tax filings and help others prepare the return. The decision of whether we or another party, such as an accountant or corporate fiduciary, prepares the estate tax return is made by the fiduciary and is decided based on what is best with the estate. If we are asked to prepare the estate tax return, we obtain the necessary information and complete the returns. If another professional has the primary responsibility of preparing the return, we remain involved as a resource to address questions and provide a thorough independent review prior to filing.
Statistically speaking, many returns are selected for further examination (also known as an audit) by the IRS or state taxing authority. Having representation that has knowledge of the audit process and experience handling complex audits is essential to protect the estate and fiduciary. We bring this skills set and background to the audit process regardless of whether our firm prepared the return, we helped another professional prepare the return, or are being retained only after an audit notice is received.
Post-Mortem Estate Planning
While the most effective estate planning should be done during an individual's life, death is not necessarily a bar to implementing effective planning as there are potential opportunities that may be pursued. As part of the estate administration process, we encourage a comprehensive review of the decedent's estate plan to determine whether additional steps must be taken to achieve the intended dispositive and estate tax outcomes. In working with fiduciaries, we help estates identify various elections that can save the family additional estate or income taxes. We also work with the appropriate parties to help simplify unwieldly structures so that the beneficiaries are best served.
