High-net-worth individuals and families rely on Herrick for astute personal planning advice (including structuring and preparing Wills, trust agreements, powers of attorney and health care directives), trust and estate administration, family business advice and representation in Surrogate's Court litigation. We'll help you make the most of the legacy you've built and plan for your family's financial future.
Personal Planning, Trusts and Estates
We have decades of experience assisting our high-net-worth clients in minimizing, or deferring income, gift, estate and generation-skipping taxes. We also provide day-to-day trust and estate administration and planning to take advantage of opportunities for maximum income and estate tax savings and deferral.
Trusts and Estates Administration
We provide day-to-day trusts and estates administration and planning to take advantage of opportunities for maximum income and estate tax savings and deferral.
Family Business Management and Business Succession
Proper planning of business transactions can result in significant tax savings. Working closely with our Corporate Department, we can reduce gift and estate taxes that might be incurred in such transactions and provide for appropriate ownership succession and control for succeeding generations.
Documents such as Health Care Proxies, Powers of Attorney and Living Wills, when properly drafted, assist in avoiding the need and expense of guardianship proceedings.
In the key area of valuation for estate and gift tax purposes, we generally call upon the resources of our full-service firm and our many years of experience in valuation. Where appropriate, members of our Real Estate or Corporate Departments work closely with outside appraisers to ensure an appropriate valuation.
Surrogate’s Court Litigation
Most disputes among estate or trust fiduciaries and beneficiaries can be resolved without litigation. However, our litigators regularly handle Surrogate’s Court litigation, if necessary. Our lawyers have significant experience in will contests, will construction and other complex legal matters involving estates, trusts and taxes.
We counsel our personal planning clients on the most tax effective methods of charitable giving. We also advise public and private charities seeking to promote their causes. Our services in this area include formation of not-for-profit entities, obtaining tax-exempt status, advising board members regarding tax and administration issues, and resolving disputes among board members.
Tax Forbearance for Non-U.S. Citizens
A non-U.S. person who owns United States property, including real estate, art or shares in a U.S. company, might be surprised to discover that such property may be subject to a very significant U.S. estate tax. With proper planning, this tax can be substantially reduced or even avoided altogether. For non-U.S. citizens who, directly or indirectly, own property connected with the U.S. we can explain and implement techniques to avoid or minimize U.S. estate and gift taxes.