Own a Business or Property in NY? Your Will Isn’t Enough
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.
This 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.
The Risk of Doing Nothing
Without proper planning, your estate could face:
- Probate court delays
- New York estate tax exposure
- Family disputes over who controls the business or property
- Forced sales of real estate or business interests
- Lack of direction if you become incapacitated
You’ve worked too hard for too long to let poor planning undo it.
How I Help Clients Protect What They've Built
When I work with business owners or real estate clients, I take a step-by-step approach that looks at the full picture:
- Entity & Ownership Review
We start by examining how each asset is held—whether in your personal name, an LLC, a partnership, or a corporation. We identify whether those structures actually serve your goals, both for asset protection now and for smooth transition later. For example, holding real estate personally may expose it to probate or liability, while outdated LLC operating agreements can lead to confusion over who takes control if something happens to you.
We also look at how ownership interests are titled and whether they coordinate with your estate plan. Many business owners are surprised to learn that a well-drafted will can be completely undermined by inconsistent titling or beneficiary designations.
- Incapacity Planning
Estate planning isn’t just about what happens when you die. If you become incapacitated due to illness, injury, or age, your business and real estate operations still need to function. We make sure there are clear powers of attorney in place for financial and legal matters, and that any LLCs or corporations have properly drafted operating agreements or bylaws with built-in succession protocols.
Without this, your business partners or family could be stuck waiting on court-appointed authority—while bills go unpaid or deals fall apart.
- Probate Avoidance
Probate is public, time-consuming, and often unnecessary. Where appropriate, we use revocable living trusts, assignment of membership interests, and beneficiary designations to keep business and real estate assets out of court. This helps your family or partners avoid costly delays and ensures that key properties or business operations aren’t frozen due to court process.
If your estate includes multiple properties or out-of-state assets, we also look to avoid ancillary probate in other jurisdictions.
- Tax Planning
New York’s estate tax exemption is significantly lower than the federal level, and the state imposes a steep “tax cliff.” That means if your estate is just over the threshold, you could lose the entire exemption.
We assess the current and projected value of your holdings and explore tax-minimizing tools such as:
- Gifting strategies to family or trusts during lifetime
- Use of irrevocable trusts (such as SLATs or IDGTs)
- Entity restructuring to create valuation discounts
- Life insurance trusts to provide liquidity
- Coordinated business succession structures that reduce taxable estate value
Even modest planning can result in substantial savings for your heirs.
If your estate is near or over New York’s estate tax exemption, we look at strategies to reduce exposure—often through gifting, trusts, or business succession techniques.
- Transition Planning
We help clarify exactly what happens to your business or real estate when you’re no longer able to manage it. That includes naming who inherits each asset, who steps into leadership or management roles, and how those transitions are legally and practically handled.
We also plan for fairness where necessary—helping clients divide assets among children, business partners, or multiple heirs in a way that avoids disputes and supports long-term stability.
Whether you want to keep a business in the family, sell it smoothly, or transfer income-producing property, we help you plan that process now—so it doesn’t become a crisis later.
Why It Matters
Real estate and business assets are complicated. They often involve co-owners, income, debt, and future appreciation. Without the right plan, these assets can become a source of stress instead of security.
The right estate plan simplifies all of that for you and for your family.
Ready to Protect What You’ve Built?
If you own a business or real estate and want to make sure your estate plan actually works, I can help. Contact my office @516-570-4016 to schedule a consultation.
