Tax laws, family circumstances, and financial goals change over time. An irrevocable trust created years ago may no longer operate as intended or may contain provisions that have become unnecessarily restrictive.

We review existing trusts and advise regarding possible strategies such as:

• Trust modification

• Decanting

• Nonjudicial settlement agreements

• Trustee changes

• Situs and governing-law changes

• Exercise of powers of appointment

• Division or merger of trusts

• Grantor trust modification

• Trust protector provisions

• Distribution and termination options

Not every trust can or should be changed, but a careful review may reveal opportunities to improve administration, flexibility, tax treatment, or beneficiary protection.

Clients living in New York must consider both federal and state estate tax rules. As of 2026, the New York state estate tax exemption is $7.35 million and the federal estate tax exemption is $15 million.

These systems operate differently, and a plan that addresses only federal estate tax may still leave a family exposed to substantial New York estate tax.

New York’s estate tax structure can be particularly unforgiving for estates near or above the applicable exclusion amount. We help clients evaluate their current and projected exposure, identify planning opportunities, and understand the tradeoffs associated with different tax-reduction strategies.

Our analysis may include:

• Federal estate and gift tax exposure

• New York estate tax exposure

• The effect of New York’s estate tax “cliff”

• The impact of lifetime gifts on the taxable estate

• The New York three-year inclusion rule for certain taxable gifts

• Portability and the use of a deceased spouse’s unused federal exemption

• Marital deduction and credit shelter planning

• Generation-skipping transfer tax considerations

• Income tax and capital gains consequences

• Basis planning and potential step-up in basis

• Liquidity needs for taxes, expenses, and administration

Tax planning is rarely about minimizing one tax in isolation. A strategy that reduces estate tax may create adverse income-tax consequences, reduce access to assets, or introduce unnecessary complexity. Our role is to help clients understand the full picture and make informed decisions.

Irrevocable trusts can be used to remove assets and future appreciation from a taxable estate, provide structured protection for beneficiaries, and accomplish goals that cannot be achieved through a revocable living trust alone.

Depending on the client’s objectives, planning may include:

• Spousal lifetime access trusts

• Irrevocable life insurance trusts

• Dynasty, descendant, and GST trusts

• Annual exclusion gifting and Crummey trusts

• Intentionally defective grantor trusts (IDGTs)

A spousal lifetime access trust, commonly called a SLAT, may allow one spouse to use available gift tax exemption while creating a trust that can benefit the other spouse and future generations.

A properly structured SLAT can remove transferred assets and future appreciation from the taxable estate while preserving indirect access to trust assets through the beneficiary spouse. Because these trusts involve significant legal, tax, and practical considerations, careful drafting and coordination are essential.

We counsel clients regarding:

• Selection of the beneficiary spouse

• Trustee structure

• Distribution standards

• Access and control

• Appropriate assets to transfer

• Reciprocal trust concerns

• Divorce and premature death risks

• Long-term planning for descendants

Life insurance proceeds are generally income-tax-free, but they may still be included in the insured person’s taxable estate. An irrevocable life insurance trust, or ILIT, may be used to keep insurance proceeds outside the taxable estate while providing liquidity and financial protection for family members.

We assist with:

• Establishing and funding ILITs

• Transferring or acquiring life insurance policies

• Reviewing the federal three-year rule for transferred policies

• Structuring withdrawal rights and beneficiary notices

• Coordinating premium payments

• Planning for estate liquidity

• Reviewing the role of insurance within the broader estate plan

Rather than leaving assets outright to children or grandchildren, clients may choose to create continuing trusts that provide long-term management, tax planning, creditor protection, and divorce protection.

These trusts can be designed to give beneficiaries meaningful access and flexibility while preserving assets for future generations.

Planning may include:

• Lifetime trusts for children

• Separate shares for descendants

• Independent or family trustees

• Powers of appointment

• Creditor and divorce protection

• Generation-skipping transfer tax planning

• Flexible distribution standards

• Opportunities for beneficiaries to participate in trust management

An intentionally defective grantor trust, or IDGT, is an irrevocable trust structured so that the grantor is treated as the owner for income tax purposes, but not for estate tax purposes. This allows trust assets to be excluded from the grantor’s taxable estate while the grantor continues to pay the income taxes on trust earnings.

Paying the income tax on behalf of the trust is often described as an additional tax-free benefit to the trust beneficiaries, allowing the trust assets to grow more efficiently over time. IDGTs are frequently used with gifts or installment sales of appreciating assets and require careful drafting and administration.

Annual exclusion gifting allows individuals to transfer wealth each year without using lifetime gift tax exemption. Crummey trusts are commonly used to structure these gifts.

Beneficiaries are given temporary withdrawal rights, allowing the gifts to qualify for the annual exclusion. Over time, consistent annual gifting can meaningfully reduce the size of a taxable estate. Assets gifted during life generally do not receive a step up in basis at death.

Certain irrevocable trusts may be structured so that the grantor continues to pay the income taxes attributable to the trust’s income. In the appropriate circumstances, this can allow trust assets to grow without being diminished by annual income-tax obligations, effectively transferring additional value to the beneficiaries without an additional taxable gift.

We work with the client’s tax advisors to evaluate whether grantor trust treatment supports the overall planning objectives.

For married couples, estate tax planning often involves balancing access, flexibility, and the use of each spouse’s available estate tax exemption.

We advise clients regarding:

• Credit shelter and bypass trusts

• Disclaimer trusts

• Qualified terminable interest property trusts

• Marital deduction planning

• Portability elections

• Trusts for a surviving spouse

• Blended-family planning

• Protection of children from a prior relationship

• Planning for a non-U.S. citizen spouse

• Qualified domestic trusts where appropriate

The right structure depends on the couple’s assets, family relationships, projected estate growth, state of residence, and desire for simplicity or continuing protection.

Business owners require careful coordination between their estate plan and their business agreements. A business interest may represent a substantial portion of the taxable estate while also creating unique valuation, control, liquidity, and succession issues.

Our planning may address:

• Transfer of LLC, partnership, or corporate interests

• Business succession planning

• Buy-sell agreement coordination

• Operating agreement review

• Voting and nonvoting interests

• Lifetime gifts of business interests

• Trust ownership of business interests

• Valuation considerations

• Liquidity for estate taxes

• Planning for active and inactive family members

• Coordination with corporate counsel, accountants, and valuation professionals

The goal is not simply to transfer the business, but to preserve its value, protect its continuity, and reduce the likelihood of future conflict.

Many of our clients hold substantial value in real estate, investment entities, or multiple properties. These assets may require specialized planning due to appreciation, illiquidity, management responsibilities, and state-specific tax considerations.

We advise clients regarding:

• Ownership of real estate through trusts or entities

• Gifts of real estate interests

• Fractional-interest planning

• Trust planning for income-producing property

• Multi-state property ownership

• Coordination of real estate with revocable and irrevocable trusts

• Capital gains and basis considerations

• Succession of property management responsibilities

• Planning for family properties and vacation homes

We also help clients understand that transferring real estate can have consequences beyond estate tax, including transfer taxes, mortgage issues, property tax concerns, insurance requirements, and loss of control.

Retirement accounts require special attention because they are governed primarily by beneficiary designations rather than by a will or revocable trust.

We help clients coordinate retirement accounts with the overall estate plan, including:

• Reviewing primary and contingent beneficiaries

• Evaluating whether a spouse, individual beneficiary, charity, or trust should be named

• Planning for minor beneficiaries

• Planning for beneficiaries with special needs

• Creditor and divorce protection

• Income-tax implications of inherited retirement assets

• Required distribution rules

• Charitable use of retirement accounts

• Coordination with the client’s financial and tax advisors

Because inherited retirement accounts may carry substantial income-tax consequences, beneficiary planning should not be treated as an afterthought.

Clients who are relocating, own property in several states, or divide their time among multiple residences may face complex estate tax and domicile issues.

We counsel clients regarding:

• New York domicile considerations

• Estate planning before and after relocation

• Coordination with counsel in another state

• Ownership of out-of-state real estate

• Potential ancillary probate

• State estate and inheritance taxes

• Evidence supporting a change of domicile

• Coordination of New York documents with a new state of residence

• Continued New York tax exposure after relocation

Changing domicile involves more than obtaining a new driver’s license or filing a declaration. We help clients understand the broader pattern of facts that taxing authorities may examine.

Families with international assets, foreign residences, non-U.S. citizen spouses, or beneficiaries living abroad may face additional estate, gift, income-tax, and administrative complications. International planning is highly fact-specific and often requires collaboration with accountants and attorneys in other jurisdictions.

Our work may include:

• Planning for non-U.S.-citizen spouses

• Qualified domestic trust analysis

• U.S. estate tax exposure for non-citizens and non-domiciliaries

• Foreign property and cross-border succession concerns

• Coordination with foreign counsel

• Trust distributions to beneficiaries living abroad

• International ownership structures

• U.S. reporting and tax coordination

• Planning for families with multiple citizenships or residences

Important planning opportunities do not necessarily end at death. Executors, trustees, surviving spouses, and beneficiaries may have decisions to make that materially affect the tax and administrative outcome of an estate.

We advise regarding:

• Federal and state estate tax return requirements

• Portability elections

• Marital deduction planning

• Disclaimer planning

• Funding of marital and credit shelter trusts

• Allocation of generation-skipping transfer tax exemption

• Valuation issues

• Basis and asset-allocation decisions

• Elections affecting estate and trust taxation

• Distribution of appreciated assets

• Fiduciary income-tax considerations

• Coordination with accountants and tax-return preparers

Early advice is important because many post-death tax elections and disclaimers are subject to strict deadlines.