Estate Planning & Wealth Preservation Practice Group
Welcome to the Estate Planning and Wealth Preservation Practice Group of the Scolaro Law Firm. We are pleased that you have chosen to work with us to design and implement your estate plan.
Since our firm’s inception more than 35 years ago, we have focused our practice largely on assisting our clients
- as they accumulate assets and grow their estates,
- as they develop and grow their businesses or professional practices,
- as they plan for the eventual disposition of their estates,
- as they plan for retirement,
- as they work to preserve their estates in light of the ever changing rules governing the imposition of income taxes as well as gift, estate and generation-skipping taxes,
- as they seek to protect their assets from the potential claims of creditors, and
- ultimately, as their estates are passed on to later generations or other beneficiaries.
Wealth Planning and Preservation comprises the accumulation, conservation, and eventual transfer of one’s wealth through the design and implementation of a comprehensive estate plan. Our overall purpose is to work with our clients and their other financial advisors to develop a plan that maintains the client’s financial security and that of their families while at the same time facilitating the management of their assets during lifetime and the orderly and efficient transfer of their estates at death.
Many members of the firm’s Estate Planning and Wealth Preservation Practice Group overlap their practices with our Business & Tax Practice Group, Agricultural Services Practice Group, and our Employee Benefits Group. Estate Planning and Wealth Preservation members are often involved in structuring new businesses, creating and implementing business succession plans and designing and establishing employee benefit plans.
Charitable Giving is often an important component of our clients’ estate plans. Members of the Estate Planning and Wealth Preservation Practice Group have developed an expertise in all types of charitable giving including the creation of Charitable Remainder Trusts, Charitable Lead Trusts, Private Foundations and the use of Donor Advised Funds through local Community Foundations.
The Estate Planning and Wealth Preservation Group works closely with the firm’s clients (individuals as well as businesses) to design and implement estate plans that achieve the client’s goals of asset distribution among beneficiaries in a tax effective manner.
In addition to working directly with the firm’s clients, the Estate Planning and Wealth Preservation Practice Group typically works in conjunction with the client’s other financial and planning professionals in order to maintain a coordinated approach throughout the estate planning process.
Probate & Administrative Services
Our Estate Planning and Wealth Preservation Practice Group provides a complete range of probate and administrative services including representation of estates in Surrogate’s Court, guidance for trustees and executors in connection with their administration of trusts and estates and post-mortem estate planning.
We assist families in all aspects of estate administration including the commencement of appropriate court proceedings to effect the probate of a decedent’s will, working with executors in marshaling estate assets and in the disposition of those assets, the preparation and filing of all required estate and inheritance tax returns as well as fiduciary income tax returns, and the finalization of the estate’s administration in Surrogate’s Court. We also offer advice and counsel with respect to post-mortem estate planning options designed to reduce estate and income taxes. In addition to the preparation and filing of state and federal estate tax returns, the Estate Planning and Wealth Preservation represents executors and trustees before the Internal Revenue Service and in the United States Tax Court.
To aid the executor or trustee, the Estate Planning and Wealth Preservation Practice Group employs the latest in accounting and tax compliance technology. This technology allows us to undertake the preparation of trust accountings in an efficient and cost-effective manner.
The Estate Planning and Wealth Preservation Practice Group also administers various types of trusts. These include life insurance trusts, living trusts, charitable trusts, private foundations and trusts created under wills. This service includes assisting the client in funding these trusts, coordinating ongoing contributions to the trust, maintenance of trust bank accounts and undertaking all required communications between trustees and trust beneficiaries. We also provide services with respect to the preparation of gift tax returns required in connection with the implementation of our clients’ estate plans.
The attorneys in the Estate Planning and Wealth Preservation Practice Group are licensed to practice in New York State, Pennsylvania and Florida. Working with correspondent law firms in other states, we frequently accommodate clients with estate and trusts matters outside of New York State.
Our highly skilled professionals are experienced in all aspects of probate matters, estate, gift and fiduciary income taxation and trust administration. Sensitive to our clients’ needs, our professional staff offers these services in a caring and compassionate manner.
- Estate Planning
- Wills, Revocable Trusts, Irrevocable Trusts, and Beneficiary Designations
- Elder Law and Medicaid Planning
- Estate Planning for Disabled and Special Needs Individuals
- Asset Protection Planning
- Estate and Trust Administration
- Estate, Gift, and Generation-Skipping Tax Planning and Compliance
- Fiduciary and Individual Income Tax Planning and Compliance
- Powers of Attorney, Health Care Proxies, and Living Wills
- Probate, Intestate Succession, and other Surrogate’s Court Proceedings
An Introduction to Estate Planning and planning documents that cover the following
- ESTATE PLANNING BASICS
- An Introduction to Estate Planning
- Probate and Non-Probate Property
- Potential Pitfall – Joint Ownership of Bank Accounts
- Potential Pitfall – Informally Prepared Beneficiary Designations
- IMPORTANT ESTATE PLANNING DOCUMENTS
- Last Will and Testament
- Revocable Trust or Living Trust
- ANCILLARY ESTATE PLANNING DOCUMENTS
- Durable General Power of Attorney
- Health Care Power of Attorney or Health Care Proxy
- Living Will
- Planning For Long-Term Care
- THE FEDERAL ESTATE, GIFT AND GENERATION-SKIPPING TAX
- Federal Applicable Exclusion Amount (or “Unified Credit”)
- Generation Skipping Transfer Tax
- Unlimited Marital Deduction
- NEW YORK ESTATE AND GIFT TAX
- New York’s Limitation
- Anthony J. Grizanti, Chair | [email protected] | Biography
- Jeffrey M. Fetter | [email protected] | Biography
- Shane M. McCrohan | [email protected] | Biography
- Stewart M. McGough | [email protected] | Biography
Last-Minute Medicaid Planning for Loved Ones in Nursing Homes, by Shane M. McCrohan
An Introduction to Estate Planning, John S. King – This memorandum is designed as a preliminary introduction to a number of important concepts and terms involved in the estate planning process.
Boomers Be Advised and Be Aware, John S. King
Budget Bill Changes Social Security Claiming Strategies, John S. King
But I Don’t Need A Will, Richard D. Boyle
Charitable Gift, 2016, by Jeffrey M. Fetter
Digital Asset Planning, by Meghan McGrattan Pompo
Estate Planning the Second Time Around, John S. King, Elder Law Attorney, vol. 8, no. 3 (Summer 1998): 11-14. The purpose of this article is to suggest to the estate planning lawyer that he or she seriously consider counseling clients to go through the estate planning process a second time around, but that this time they consider working on the estate plans of their children as well as their own.
Estate Plan Questionnaire – Short Form
Estate Plan Questionnaire – Long Form
“Estate Planning for Closely Held Business Owners”, John S. King for the June 3, 2005 edition of the Central New York Business Journal.
IRA Qualified Charitable Distribution (QCD) Provision Now Permanent, by Thomas Bezigian, Jr.
Is an Annual Exclusion Gift on Your List?, by Steven A. Walker
New Estate Basis Reporting Requirements, by Anthony J. Grizanti and Meghan A. McGrattan
New York Approves Tax-Advantaged Savings Account (“ABLE Account”) for Disabled, by Shane M. McCrohan
New York Imposes Estate Taxes on Non-Residents Owning New York Real Property, by Stewart M. McGough
New York Just Can’t Seem to Let You Go, by Jeffrey M. Fetter
New York Medicaid Eligibility and Limits, 2017 Changes, by Shane M. McCrohan
New York State Estate Tax Alert, by John King
New York Supplemental Needs Trust, by Anthony J. Grizanti
Planning For Your Final Arrangements,
Proposed IRS Regulations to Curtail Valuation Discounts to Family-Controlled Entities, by Thomas Bezigian, Jr.
Should I Update My Estate Plan?, by Meghan A. McGrattan
The Perils of IRA Beneficiary Designations: When Even a Judge Can’t Save You, Thomas Bezigian, Jr.
The Use of Revocable Trusts in Your Estate Plan, by Anthony J. Grizanti and Meghan McGrattan
To Probate or Not to Probate – The Potential Life Insurance Policy/Stock Quagmire, by Jeffrey M. Fetter
Wait! I Thought that New York Didn’t Have a Gift Tax?!, by Anthony J. Grizanti