Effective Estate Administration of a High-Value Fine Art Collection in NYC

The Client          

The estate of a high net-worth Manhattanite.

The Problem    

The Executor of the Estate was tasked with administering Decedent’s pour-over will and Revocable Living Trust to benefit heirs. Estate assets primarily consisted of a private fine art collection comprised of 700+ pieces, a sizable outstanding judgment requiring multi-jurisdictional enforcement, and several substantial investment accounts. The Executor was also responsible for evaluating and resolving multiple creditor claims against the Estate.

What We Did    

  • Lemery Greisler prepared and filed a petition with the New York County Surrogate’s Court to properly authorize the Executor to act on behalf of the Estate.

  • We provided legal support during the Executor’s commission of a professional appraisal of the fine art collection, which was incorporated in our preparation and filing of an estate tax return with the IRS and NYS Department of Taxation.

  • We  served as consultant and liaison with the Estate’s accountants to file several personal and fiduciary income tax returns.

  • Lemery Greisler assisted in securing adequate insurance for the collection, maintaining a record of pieces sold on commission by fine art galleries nationwide, and communicating with beneficiaries and their separate counsel to distribute the balance of the collection in kind.

  • We investigated and ultimately collected an outstanding judgment in favor of the Estate issued by a court in Georgia, which necessitated solicitation of, and collaboration with, local counsel.

  • We negotiated directly with multiple legitimate creditors regarding their claims against the Estate and settled to the parties’ mutual satisfaction.

  • Lemery Greisler prepared and regularly updated an Estate accounting summary to keep beneficiaries informed of the financial status of the Estate and to encourage a more efficient procedure for closure of the Estate once administration was complete.

The Result          

Lemery Greisler’s management of the estate led to good-faith cooperation with heirs and their legal counsel, which in turn helped avoid expensive and time-consuming litigation. Fair negotiation with creditors and experienced estate tax return preparation preserved as much value for estate beneficiaries as possible and careful valuation of the fine art collection provided beneficiaries with reliable evidence of tax basis in their inheritance.

Attorneys Who Served the Client:

Claire McRae, Esq. and Bob May, Esq.