Balsam & Goldfield

Balsam & Goldfield has an of counsel relationship with The Law Office of Daniel Felber, together, our two law firms have joined forces to better assist each other’s client relationships, by providing a more diverse perspective on our clients’ legal issues, utilizing our combined experience and expertise, while at the same time giving us the ability, if called upon, to meet our clients’ litigation-related staffing needs. In addition, Balsam & Goldfield can provide practice areas to prospective clients that The Law Office of Daniel Felber do not provide, and which may produce efficiencies in the event the matter ends up in as a litigation or alternative dispute resolution.

The practice areas of Balsam & Goldfield include:

• Wills, Trusts, Estates & Probate

  At Balsam & Goldfield, the attorneys assist clients in the preparation and execution of their Last Will and Testament. The drafting of a Will is a serious matter. While the most obvious objective is the planned distribution of one’s estate, there are many other considerations, including estate tax consequences and the care of children or other relative or beneficiary who may be in need of a Guardian or Trustee.

  When drafting a Will, the client must consider who the estate executor(s) could be. The simple requirement is that the executor must be either a U.S. national or a U.S. resident, residing in New York State. The executor is charged with the responsibility to probate the Will and administer the estate. In many estates there are trusts established; these trusts could be living trusts or testamentary trusts, but in all cases a Trustee will be required. The Testator or grantor of the trust must select Trustees from either qualified family members, close friends or professional fiduciaries. The choice is a personal choice, and may be dictated by the financial complexities anticipated for the testator’s estate.

  When considering the appointment of an executor or other fiduciary, you must always consider the appointment of successor fiduciaries. While generally not efficient, depending on the complexity of the potential estate it may also be appropriate to select multiple fiduciaries (co-executors or co-trustees). The use of co-fiduciaries should be carefully discussed with your attorney as there can be potential conflict between or among the fiduciaries. The potential for conflict requires the testator to carefully consider the fiduciaries which are needed.

  When considering estate tax issues, the use of trusts must be considered, and trusts may have objectives other than only being used to save estate taxes. Both New York and Federal estate taxes must be considered.

  Probate is a proceeding brought to approve a Will, and appoint the executors to execute the provisions of the Will. While a Will may nominate executors, the executors do not have any official power until their appointment is confirmed by the court. It is always possible that an heir, more formally known as a distributee, could contest the probate of the Will.

  Balsam & Goldfield represents clients both in the probate and Will contests.

  When a person dies without a Will (Intestate), their Estate is administered according to statutory rules of inheritance set forth in the New York Estates, Powers and Trust Law (EPTL). The fiduciary appointed in this situation is an Administrator. The Administrator has many of the powers of an Executor, except that real estate owned by a decedent is usually devised directly to the distributees, except when the Administrator petitions the court to allow the Administrator to sell the realty. The Administrator is responsible for the orderly management of an estate.




• Estate Planning

  What solutions are best to help you and your family protect your financial success from high tax burdens now and after your passing? It's not a question that can be answered in a few short sentences. Your family's financial and probate needs are unique. At Balsam & Goldfield, they have been helping clients find customized estate planning solutions for nearly 30 years. A strong estate plan can accomplish several tasks. Typically, the most important of these tasks is to outline how assets will be passed to heirs and to develop a plan for the care and welfare of minor children.
  Of course, to successfully accomplish your goals, an estate plan must be designed in compliance with a variety of complex laws that frequently change. The attorneys at Balsam & Goldfield know the law and keep abreast with the legal changes and creative ways to meet your objectives. They will build an estate plan that works for you.




• Entertainment Law

  Balsam & Goldfield represents photographers, musicians and writers involved in the arts and entertainment industry. No matter what kind of deal is on the table:

  • They will give you a line-by-line explanation of the contract, and suggest clauses that might be added to protect you.
  • They will help you keep ownership of your work, making sure you understand what rights you are giving away before you sign.
  • They will help you maximize your creative opportunities, adding terms that give you financial reward, creative control and greater exposure.
  • They will protect your business relationships, by doing the (sometimes) dirty work of negotiating the terms of the contract. You are then free to focus on your craft, and to develop positive relationships with the people offering you the deal.



• Commercial Transactions

  The commercial transaction practice at Balsam & Goldfield is broad and deep, ranging from simple sale agreements to complex financings. As reflected in their list of significant commercial transactions, their experience includes representing:

  • Secured and unsecured lenders
  • Borrowers and equity investors
  • Developers
  • Purchasers and sellers in multimillion-dollar projects



• Real Estate Transactions

  Balsam & Goldfield handles both residential and commercial real estate transactions in New York City and the surrounding areas, including matters such as:

  • Purchase and sales of homes
  • Condominium and cooperative representation
  • Purchase and sale of residential units
  • Transitioning commercial units into residential units

Contact us online or call us at (212) 425.4250 and we will arrange a consulation for you with Balsam & Goldfield