If you own a business or real estate in New York, you’ve already done the hard part: building something valuable. But without a clear estate plan, all of that can be put at risk—either through probate, taxes, or uncertainty over what happens next.rnrnThis is a common issue I see with clients who have substantial real estate, investment properties, or closely held businesses. They often have a will, or maybe nothing at all, and believe that’s enough. It’s not.
Reena Gulati Blog
Many people believe that once they’ve signed a will or even created a trust that their estate plan is complete. In reality, this assumption is one of the most common and costly mistakes families make.rnrnAs an estate-planning attorney, I regularly meet clients who are confident they are “all set,” only to discover that their documents no longer reflect their lives, their assets, or their intentions. When that happens, even well-meaning plans can unravel at exactly the wrong time.
Estate tax planning helps reduce the tax burden on your estate when you pass, especially important in New York, where state-level estate taxes can catch families off guard. This post explains key strategies to protect your wealth and transfer it efficiently.
For high-net-worth individuals, estate planning is more than just deciding who gets what. How assets are titled, transferred, or held can trigger unexpected legal and financial consequences — especially when it comes to capital gains. While many focus on estate and gift taxes, overlooking how capital gains interact with your legal structures can derail your legacy goals.
Many families today hold real estate through LLCs for asset protection and liability reasons. At the same time, more and more are using revocable and irrevocable trusts as part of their estate plan to avoid probate, protect privacy, and plan for smooth wealth transfers.rnrnBut what happens when those two tools intersect?rnrnCan a trustee automatically step into the shoes of a deceased LLC member? Will the operating agreement recognize that trustee as a valid decision-maker? And what if it doesn’t?rnrnThese questions often come up during moments of transition—after the death of a parent, during a refinance, or when it’s time to sell inherited real estate. At that point, if the documents weren’t set up to speak to each other, the result is confusion, delay, and sometimes conflict.
