Holly A. Beecher

Attorney, Practice Group Leader, Phillips Lytle LLP

Years in current role: 3 (25 as Attorney)

What do you enjoy most about your position?

As Practice Group Leader, I enjoy working with each member of our group to help them attain their personal and professional goals, representing our group in the management of our firm as a whole, and acting as “traffic controller,” so to speak, for new matters and clients to ensure excellent service is provided to them.

What are the biggest current challenges in trusts and estates law?

One of the biggest challenges for New York practitioners continues to be planning for the difference between the federal estate tax exclusion and the New York estate tax exclusion amounts. With a significant difference in exemption amounts (i.e., $12.92M federal vs. $6.58M New York), planners need to be cautious to not trip a New York estate tax when trying to protect assets using the full federal exclusion amount. Another challenge is planning around the New York estate tax “cliff,” which subjects an estate to New York estate tax on the entire estate value if the taxable estate is too high.

What do you think the biggest change in your practice area will be over the next 3-5 years?

The sunsetting of the current federal estate and gift tax laws on 12/31/2025 could result in a large change and likely increased planning for a number of clients.

This profile is part of The Daily Record's Power List for Trusts & Estates for 2023. Information used in this profile was sourced from the honoree. View the full list here.