Mary C. King is a partner in the Trusts & Estates, Elder Law & Special Needs, Tax, Corporate, and Family Business Succession Practices. She focuses her New York and Florida practices in the areas of estate planning, trust and estate administration, estate and gift taxation, elder law, Article 17-A guardianships, special needs planning, corporate formations, and acquisitions and sales. Ms. King is also the Chair of the Firm’s Business Development Committee.
Ms. King’s legal experience includes: preparation of Wills, Powers of Attorney, Health Care Proxies, Living Wills, Revocable Trusts, Irrevocable Life Insurance Trusts, Medicaid Trusts, Qualified Personal Residence Trusts, Spousal Lifetime Access Trusts, Charitable Remainder and Lead Trusts, and Supplemental Needs Trusts; trust administration; estate administration for simple to complex taxable estates; negotiating settlements of family disputes; Medicaid planning; tax planning to minimize estate, gift, and other taxes; private wealth strategic planning; family business succession planning, entity formation for businesses; and buy/sell agreements.
Representative Matters
- Worked with private wealth client with a magnitude of business interests to get all corporate books in order, form holding company for real estate interests, put buy-sell agreements in place for all entities, and develop comprehensive estate plan to assist in transferring wealth to the next generation using spousal lifetime access trusts and reduce estate tax through the use of charitable trusts.
- Handled a complex estate administration matter with primary probate in Florida and ancillary probate in New York, which required the facilitation of a short sale of real property, transfer of a closely held business interest, and the filing of Estate Tax Return.
- Successfully obtained settlement in multi-trust litigation matter with multiple beneficiaries resulting in resignation of trustees and trust funds being reimbursed to beneficiaries.
- Successfully petitioned Surrogate’s Court for the resignation of a corporate Trustee of a multimillion-dollar supplemental needs trust and obtained judicial settlement of a corporate trustee’s intermediate trust account.
- Developed a comprehensive estate plan for a high-net-worth client, which included the preparation of a charitable remainder annuity trust, an irrevocable life insurance trust, and a qualified personal residence trust.
- Successfully petitioned Surrogates court for approval for the creation and funding of a multimillion-dollar first party supplemental needs trust, as a result of funds received from a personal injury settlement involving injuries sustained from severe birth trauma.
- Participated in a contested Article 17-A Guardianship of the Person for a disabled individual and was successful in having the initial primary petitioners appointed as guardians by the Surrogate’s Court.
- Prepared Settlement Preservation Trust for proceeds from a multimillion-dollar medical malpractice action for birth-related injury and obtained approval of Trust from the New York Medical Indemnification Fund (“MIF”).
- Handled transfer of multimillion-dollar family business interests from one generation to the next, including formation of Limited Liability Companies, amending and restating Shareholder Agreement, drafting of Buy/Sell Agreement, stock powers, lease agreements, promissory notes, and consulting agreement.
