Trusts and Estates
The attorneys at Newman & Simpson, LLP have decades of experience representing parties in trust and estate planning and estate administration matters. Our mission is to guide clients through these processes in a sensitive and respectful manner. The firm’s attorneys are admitted to practice in the states of New Jersey, New York and Florida allowing the firm to assist clients living in or contemplating a move to any of those states.
Newman & Simpson, LLP takes a comprehensive approach to estate planning, which includes addressing family relationships and closely-held business succession planning issues, and working in conjunction with our client’s other advisors, including financial planners, accountants and fiduciaries. The firm assists clients with lifetime transfers, preparation of revocable “living trusts”, gifting plans and charitable donations, as well as testamentary transfers. Whether a high or low net worth client, a traditional or “modern family”, a simple or complex estate plan, Newman & Simpson attorneys are able to prepare and explain complicated legal documents so that clients are confident that their plans for their finances and beneficiaries will be carried out. The firm has the expertise to customize estate plans to minimize taxes, costs and time of administration, and to provide for liquidity to pay taxes and administrative costs.
Newman & Simpson, LLP also provides services regarding the administration of estates, which include interacting with the surrogate’s office, appointment of fiduciaries, counseling fiduciaries on their duties, preparing formal and informal accountings, and filing necessary tax returns.
Laws and circumstances change, which requires clients to revisit trust and estate planning periodically. Newman & Simpson strives for an ongoing relationship with its clients so it is prepared to serve clients in the future when addressing these changes.
- Preparing wills, powers of attorney, health care proxies, and living wills.
- Preparing lifetime and testamentary trusts including credit shelter trusts, bypass trusts, marital trusts, grantor retained income trusts (GRIT), grantor retained annuity trusts (GRAT), irrevocable life insurance trusts (ILOT), charitable remainder trusts, dynasty trusts, retirement account trusts, qualified personal residence trusts (QPRT), revocable “living” trusts, and trusts for minors and incompetents.
- Advising clients regarding estate tax discount issues and asset valuations.
- Preparing agreements regarding liquidity and succession planning, including family limited partnerships and limited liability companies.
- Advising clients regarding lifetime gifting and charitable donations and preparation of gifting and donation documents.
- Assisting fiduciaries in the administration of estates, including organization and valuation of estate assets, preparation of tax returns, preparation of accountings, distribution of assets, and coordination with other professionals.
- Representing non-resident clients in ancillary proceedings and coordinating with out-of-state attorneys.
- Representing fiduciaries and beneficiaries in estate litigation.
- Counseling charitable organizations in governance and operational matters.
- Represented numerous individuals with assets valued from several thousand to multimillion dollars in preparation of sophisticated estate plans to maximize flexibility and minimize estate and inheritance taxes.
- Prepared estate plans for same sex couples residing in New York and New Jersey owning real property in multiple jurisdictions.
- Represented numerous individuals in establishing irrevocable living trusts for grandchildren for educational and other purposes, which provided more control over the use of the funds than would be available under the Uniform Transfer to Minors Act (UTMA) gifts.
- Represented individuals with real estate holdings outside the state of New Jersey by establishing irrevocable life insurance trust to hold those assets, so as to avoid probate in multiple states.
- Represented individuals in establishing a gift plan to reduce estate tax and to ensure orderly transfer of a family business.
- Assisted clients with probate administration, including preparation of state and federal estate and inheritance tax returns, funding of testamentary trusts, and preparation of estate accountings.
- Successfully defended challenges to probate as well as objections by beneficiaries to the administration of estates and trusts and successfully defended governmental audits.
- Assisted surviving spouse in identifying assets appropriate to fund bypass trusts, considering both tax and personal management issues.