Estate Planning & Administration
Estate planning for business owners is not just about who gets what. It is about making sure the business survives the transition and your family is protected without unnecessary tax exposure or legal complications. When the time comes to administer an estate, we handle that work too.
What We Handle
Wills
A properly drafted will is the foundation of any estate plan. We prepare wills that clearly express your wishes, name appropriate fiduciaries, address specific bequests, and coordinate with your business ownership structure. For business owners, the will must work together with operating agreements, buy-sell provisions, and any existing trusts to avoid conflicts that create litigation for your heirs.
Trusts
Trusts serve multiple purposes: avoiding probate, protecting assets, managing distributions to beneficiaries, and reducing estate tax exposure. We draft revocable and irrevocable trusts tailored to your specific situation, including credit shelter trusts, qualified personal residence trusts, irrevocable life insurance trusts, and grantor retained annuity trusts where the structure fits the goal. For business owners, we pay particular attention to how business interests are held and transferred through trust structures.
Estate and Trust Administration
When a loved one passes, the surviving family inherits not only assets but also obligations: probating the will, marshaling assets, paying creditors, filing estate tax returns, and distributing the estate. We represent executors, administrators, and trustees through every stage of administration in New York Surrogate's Court, including fiduciary accountings, kinship proceedings, and contested matters when they arise. We also represent beneficiaries when fiduciaries are not acting properly.
Business Succession Planning
What happens to your business when you retire, become incapacitated, or pass away? Without a succession plan, the business may be forced into sale, dissolution, or disputes among heirs and co-owners. We work with business owners to create succession plans that address management transition, ownership transfer, funding mechanisms, and tax implications.
Powers of Attorney and Health Care Directives
Incapacity planning is as important as death planning. We prepare durable powers of attorney, health care proxies, and living wills that ensure your affairs can be managed and your medical wishes honored if you are unable to act for yourself. For business owners, the power of attorney must be coordinated with your business governance documents.
Coordinating Personal and Business Planning
The biggest mistake business owners make in estate planning is treating personal and business planning as separate exercises. Your will, trusts, operating agreement, buy-sell agreement, and insurance policies all need to work together. We approach estate planning as part of a comprehensive strategy that accounts for your full financial picture.
Common Questions
Do I need a will in New York?
Without a will, New York's intestacy laws dictate who inherits your assets, which may not match your wishes. A surviving spouse gets the first $50,000 plus half the estate; the rest goes to children. If you have no spouse or children, assets pass to increasingly distant relatives or ultimately to the state.
Source: N.Y. EPTL § 4-1.1
What makes a will valid in New York?
You must be at least 18 years old and of sound mind. The will must be in writing, signed at the end by you (or by someone at your direction in your presence), and witnessed by at least two people who also sign. Witnesses should not be beneficiaries. Oral and handwritten (holographic) wills are not valid in New York.
Source: N.Y. EPTL § 3-2.1
What is the difference between a will and a trust?
A will takes effect only at death and must go through probate. A revocable living trust takes effect immediately, avoids probate, maintains privacy, and provides for incapacity management. Trusts are more expensive to set up ($2,000-$5,000+) but save time and money at death. Most people with assets over $100,000 benefit from a trust.
How does probate work in New York?
Probate is the Surrogate's Court process that validates a will and authorizes the executor to distribute assets. It typically takes 7-12 months and costs 2-5% of the estate in legal and court fees. All beneficiaries and heirs must be notified. Probate is public record, meaning anyone can see the will and asset details.
Source: N.Y. SCPA Art. 14
What is a power of attorney and why do I need one?
A power of attorney authorizes someone to handle financial and legal matters on your behalf if you become incapacitated. New York requires a specific statutory form. Without one, your family must petition the court for guardianship ($5,000-$10,000+ in legal fees) to manage your affairs.
Source: N.Y. Gen. Oblig. Law § 5-1501B