Areas of Practice

The law firm of Fair FitzGerald & Hershaft, PC in White Plains, New York, specializes in providing quality legal representation to all its clients.
Trust and Estates, Probate and Estate Administration
Real Estate Sales and Leasing
Pension, Profit Sharing, and 401(k) Plans
Business Creation and Continuation

Trust and Estates, Probate and Estate Administration

The attorneys of Fair, FitzGerald & Hershaft, seek to protect the firm's clients from excessive taxes that may severely diminish the value of their estates. Its lawyers carefully review all documents to make sure they comply with applicable laws. The firm coordinates with accountants, financial planners, and other advisors so an estate plan addresses all relevant issues.
The firm’s estate planning and administration practice assists clients with:
  • Wills and Trust Agreements
  • Probate and Estate Administration
  • Estate tax returns
  • Powers of Attorney
  • Living Wills and Health Care Proxies
Wills and Trust Agreements
Wills and trusts are two of the most important elements of estate planning. The primary method of dividing assets after a person's death, wills must be drafted and executed in accordance with specific legal requirements for them to be valid. It is important to have an experienced estate planning lawyer to help avoid potentially disastrous mistakes. Trusts can be used in conjunction with or as an alternative to wills. They are excellent tools for reducing estate taxes, protecting assets from creditors, and managing assets for beneficiaries unable to capably do so themselves. Trusts can hold cash, other personal property, and real property.
Probate and Estate Administration
Probate is a required court proceeding whereby a will is declared valid and the executor is appointed to administer the estate, which involes settling the decedent's affairs, paying estate taxes, and transferring the remaining assets to the beneficiaries.
Estate Tax Returns
Federal and New York estate tax returns generally must be filed within nine months after the date of death, but a six month extension is available. Any taxes must be paid within the nine month period, however. Fair, FitzGerald & Hershaft's attorneys can help complete the required paperwork within the designated time period. They protect their clients from problems that may otherwise arise due to improper filing.
Durable Powers of Attorney
Giving a power of attorney to one or more persons should not be taken lightly. The designated agent gains the right to control assets and make a variety of important decisions on behalf of the principal. Since an agent’s degree of control is dictated by the signed document, it is important to carefully determine how much power should be transferred.
Agents typically have the power to:
  • Handle day-to-day financial affairs, including paying bills
  • Manage and transfer assets
  • Deal with the IRS
  • Create and amend trusts
  • Make gifts
Living Wills and Health Care Proxies
A living will is a statement of an individual's wishes regarding medical treatments in the event of serious illness or injury, or mental incompetence. Though New York State does not have a specific statute addressing living wills, it does permit the appointment of a proxy to make and communicate health care decisions for those who are incapable of doing so.
Living wills address such things as the use of:
  • Mechanical breathing machines (respirators and ventilators)
  • Tube feeding
  • Resuscitation
  • Heart-lung machines

Real Estate Sales and Leasing

The firm of Fair, FitzGerald & Hershaft is fully familiar with the details of applicable federal and New York laws involving real estate transactions.
The firm's capable lawyers specialize in:
  • Residential and commercial sales
  • Residential and commercial leasing
  • Contracts, deeds, and other documents
  • Mortgage refinancing
  • Title problems
Residential and commercial sales
It is important to consult an attorney well-versed in property law when buying or selling a home, office building, or business or professional space. The lawyers of Fair, FitzGerald & Hershaft thoroughly examine all real estate documents to ensure they comply with state and federal laws and eliminate potential risks that may arise at a later date. Thorough advance preparation ensures a smooth closing, and can save clients valuable time and money.
Residential and commercial leasing
Landlords and tenants alike come to Fair, FitzGerald & Hershaft for assistance with residential and commercial leasing matters. The firm's attentive attorneys carefully review, negotiate, and draft leases designed to protect clients' interests.
Contracts, deeds, and other documents
Purchase and sale agreements are necessary to protect each party's rights during a real estate transaction. When improperly written, however, they can pose a great risk and put buyers in a position where they may lose their deposit. The firm's lawyers provide sound legal advice regarding the terms and conditions of purchase and sale agreements and work directly with their clients until all necessary stipulations are met.
Mortgage Refinancing
Refinancing property with a new loan may be a good way to lower interest rates and make additional funds available. Fair, FitzGerald & Hershaft can assist with clients in determining whether refinancing their mortgage is the best option in their current situation.
Title Problems
Unresolved issues regarding liens, boundary disputes, or violations of local laws must be addressed before a closing can take place. Fair, FitzGerald & Hershaft will deal with these issues in a timely way in order to keep time-sensitive transactions on schedule.

Pension, Profit Sharing, and 401(k) Plans

Creating qualified retirement plans for the employees (including the owners) is an essential task when running a business or professional practice. The attorneys of Fair, FitzGerald & Hershaft have extensive experience working with business owners and employers in developing pension, profit-sharing, and 401(k) plans to clients specifications.
A founding member of the firm, attorney Andrew Fair is a nationally recognized expert in designing qualified retirement plans for all types of business entities through:
  • Approved regional prototype plan documents, or individually designed plans submitted to the Internal Revenue Service for approval
  • Preparation of profit-sharing, pension, 401(k), and other retirement plans for all types of business entities
  • Evaluation of options for plan distributions at death or retirement
  • Intergenerational minimum distribution planning
  • Design and implementation of plan termination strategies
During development, Mr. Fair and his associates also make sure a client’s qualified retirement plans comply with applicable laws, including the Employee Retirement Income Security Act (ERISA).

Business Creation and Continuation

For more than three decades, Fair, FitzGerald & Hershaft has made it their business to know how to guide clients in starting and selling their own businesses. Their attorneys have helped hundreds of clients throughout the New York metropolitan areas reach their goals. The firm takes pride in helping clients achieve their dreams and establish an identity for their businesses.
Fair, FitzGerald & Hershaft's services include:
  • Providing advice on how to structure a business
  • Document drafting and filing
  • Negotiations
  • Contract preparation and review

Forming A New Business

At least 90 percent of all new businesses fail in the first five years. The firm's attorneys have an intimate understanding of the problems many businesses face soon after their creation.
They have the knowledge and experience necessary to walk clients through the formation of:
  • Corporations
  • Partnerships
  • Limited liability companies
  • Sole proprietorships

Transitioning Businesses To New Ownership

The lawyers of Fair, FitzGerald & Hershaft believe planning a strong professional future is just as important as planning an estate.
They are skilled in the preparation of buy-sell agreements and helping clients smoothly navigate businesses through the various legal phases of business continuation plans in the event of an owner’s:
  • Death or disability
  • Sale to a third party
  • Retirement
  • Divorce or bankruptcy
The firm's attorneys protect their clients through the careful execution of buy-sell agreements. They know and appreciate the hard work that goes into making a business succeed. They advise clients on a variety of factors, such as whether to include a non-competition clause in a buy-sell agreement, and make sure each company’s financial health is not jeopardized by unforeseen circumstances. Business security is important to them.