Since its formation, Teahan & Constantino has concentrated its practice on planning and administration of trusts and estates, besides tax law.   A client owning substantial assets faces potential difficulties connected with managing assets through old age (and possible incapacity).   After death, the large estates must pay Federal and New York estate taxes, sometimes at marginal rates of nearly 50 percent.  Our job is to help the client keep what he or she has, while at the same time helping the client build assets for the benefit of the family, charity, or both.  Lawyers in the firm’s tax and estates departments work together to organize client family business ventures so that, ideally from the start, the family can build assets for the long term, if possible on a tax-advantaged basis.

To be effective in accomplishing client goals, estate planning has to go well beyond mere consideration of tax advantages.   We stand ready, therefore,  to help clients build family wealth in a way that best serves their goals for overall family well-being.   This can often involve creation of multi-generational trusts for families.  It is in the combination of tax
planning and personal wealth planning that we seek to add value to the family’s estate planning equation.

After the death of a client, we administer  estates and trusts with a view toward successful resolution of possible estate tax audits  and maximum efficiency in asset disposal and distribution.

Vincent L. Teahan is charged with overall responsibility for managing the firm’s trusts and estates practice.

Trust and estate litigation makes up an important part of the firm’s practice, and we frequently represent clients in contested will and trust proceedings in Surrogate’s Courts throughout New York State.  Over the years, we have built up expertise in analyzing issues connected with  undue influence and lack of testamentary capacity, and their effect on wills and trusts.  We endeavor to fix what’s broken with plans that have adversely affected our clients.

Stephen C. F. Diamond is charged  with responsibility for managing the firm’s trusts and estates litigation practice.