About

About Alison Schrag

Alison Schrag is a law partner at a firm where she focuses her practice on trusts and estates planning and administration. She has significant experience advising clients on trust and estate litigation issues, including contested accounting proceedings. The firm operates in New York and New Jersey, providing services across various areas of practice. These areas include estate planning and administration, as well as art, media and entertainment law, corporate law, internal investigations, real estate, banking and financial services, broker‑dealer litigation and arbitration, intellectual property and technology, litigation, and taxation.

Two Decades of Experience

She is admitted to practice in both New York and New Jersey, with nearly twenty years of experience as an attorney. She began her career as a litigation associate at a firm where she represented financial institutions and corporate trustees in commercial disputes and breach of fiduciary duty proceedings. At that firm, the areas of practice included bankruptcy, business finance, litigation, corporate securities, real estate, trusts and estates, and equipment leasing. Before joining her current firm, she was a partner at a boutique firm in New York City that focused exclusively on trusts and estates.

Alison Schrag’s Role at Sherman Atlas

Alison Schrag of New York works closely with families and individuals to design and implement estate plans that reflect their priorities and long‑term needs. She provides guidance on creating estate planning documents that minimize taxes, enable orderly distribution of assets, account for the possibility of incapacity, and help mitigate the risk of future disputes.

Estate planning is a crucial way for individuals to create a lasting legacy. She takes the time to listen closely to those she serves, making sure she understands their priorities and concerns. By doing this, she can help them make well‑informed decisions about creating an estate plan that suits their needs, interests, and financial circumstances.

The clients she works with often have complex estate planning needs, which can range from family business succession planning and cross‑border estate planning concerns to special gifting arrangements and other nuanced planning questions. The people she works with frequently include first‑generation entrepreneurs, owners of closely held or middle‑market businesses, and those pursuing sophisticated charitable or philanthropic objectives.

She understands the importance of designing an effective estate plan that captures her clients’ priorities and leverages available planning tools. In doing so, she aims to minimize federal and state estate taxes, gift taxes, and income taxes while ensuring that the wishes of those she serves are clearly expressed and legally protected.

Representing Clients in Judiciary Proceedings

She has extensive knowledge and experience with the Surrogate’s Court practice and procedure, representing numerous clients in a wide range of proceedings, including probate, estate administration, contested accountings, and kinship determinations.

Throughout her career, she has represented individual executors, trustees, personal representatives, and beneficiaries in New York Surrogate’s Court proceedings. She has also represented clients in proceedings involving contested inheritances, working closely with them to establish their rightful inheritance from an estate. In doing so, she has utilized genealogical evidence and witness testimony to prove family connections.

If contested claims arise, she advocates diligently for those she serves, ensuring their interests are presented and protected and that they have the best chance of obtaining their rightful share of an estate.

With a thorough understanding of Surrogate’s Court practice, combined with a calm and measured approach, she guides those she serves through challenging proceedings, allowing them to make sound decisions during moments that can be highly emotional and complex.

A Trusted Voice in Estate Planning

She is frequently invited to speak to wealth advisory firms and their clients on topics such as estate planning, tax planning, and estate administration. In these presentations, she covers a range of core topics essential for effective planning and decision-making. These topics include the role and preparation of wills, trusts, powers of attorney, and medical advance directives, as well as the differences between revocable and irrevocable trusts and the designation of beneficiaries.

Additional topics she often covers include the federal and state estate tax implications for families, advanced planning considerations for high-net-worth individuals, and succession planning for family businesses. These areas may consist of transitioning ownership interests, utilizing buy-sell agreements, conducting valuations, and preserving the long-term value of a family-owned business.

Through these presentations, she provides practical guidance that allows families, businesses, and individuals to understand the fiduciary duties and responsibilities that arise in the planning process. She also discusses recent changes in legislation and regulations, ensuring that those she serves have the knowledge and tools needed to adapt their planning as required.

Education

She earned a BA from a university, graduating with honors, and later received a JD from a law school in New York. During law school, she served as an editor for the institution’s Law Review and was a member of its Moot Court Honor Society.

Charitable Contributions

Throughout her life, she has been committed to making a positive impact in the community. In the past, she served as a rape crisis counselor at hospitals located in New York. Today, she volunteers at local food pantries and coat drives throughout New York City, offering her time and support to those in need.

Personal Life

Alison Schrag lives in New York City with her husband and two sons. In her free time, she finds balance by traveling, hiking, running, and volunteering. She strives to create a meaningful balance between her professional life and her interests, ensuring that both her family and her community benefit from the time and effort she dedicates to them.