Bronx Business Owner Estate Planning Attorney
At Cavallo & Cavallo, we understand that business owners in the Bronx work tirelessly to build their dreams. Whether you’re running a small shop, managing rental properties, or guiding a professional practice, safeguarding your legacy and assets is essential. Our approach blends tenacity, deep legal knowledge, and heartfelt concern to help you plan for today, while protecting tomorrow.
The Importance of a Thoughtful Estate Plan for Business Owners
Estate planning for business owners extends well beyond a simple will. You’ve invested blood, sweat, and heart into your enterprise. It deserves a plan that will:
- Maintain your business’s continuity if something unexpected happens
- Shield your personal assets from business liabilities
- Preserve income streams, like rental revenue, for your family
- Ensure your wishes are honored by those who step into your shoes
Our Bronx business owner estate planning attorneys specialize in drafting estate and asset protection plans that reflect your values and your hard work.
Choosing the Right Entity: S Corporations and LLCs
Many owners wonder how best to structure their businesses. Two common options in New York are LLCs and S Corporations, or combining them:
- LLCs (Limited Liability Companies) help separate your personal and business liability. If you own rental properties or operate a storefront, holding them in an LLC can shield your home and personal savings from lawsuits or creditor claims.
- S Corporations offer the tax benefit of pass-through income while potentially reducing self-employment taxes for owners who pay themselves a reasonable salary. If your business generates enough profit, electing S Corp status may yield tax advantages.
In many situations, business owners form an LLC and then elect to treat it as an S Corporation for tax purposes. Each structure has benefits, and we guide you toward the one that suits your business size, revenue, and goals.
Planning for Rental Property Owners
Rental properties are both an investment and a risk. They bring rental income, and potential legal exposure. Strategic planning may involve:
- Holding each property in a separate LLC to isolate liabilities
- Ensuring proper insurance coverage and forming LLCs with well-drafted operating agreements
- Aligning rental income and ownership documents with your broader estate plan, so properties pass smoothly to beneficiaries without probate delays
We help Bronx landlords integrate rental property safeguards into their estate strategy with precision and care.
Estate Tools beyond Wills
Wills are important, but alone, they may not offer the level of protection business owners need. We often recommend additional tools such as:
- Living trusts, which help avoid probate and simplify transfer of your business interests or rental properties
- Irrevocable trusts, which can protect certain assets from creditors, lawsuits, or Medicaid spend-down rules
- Powers of attorney and health care proxies, ensuring someone you trust can make decisions about your business or health if you become incapacitated
Our family-oriented Bronx attorneys help you craft a plan that respects your business and preserves your family’s security.
Coordination with Tax and Financial Advisors
Because business, tax, and estate decisions overlap, we often work hand-in-hand with your CPA, financial planner, or insurance advisor. This ensures your entity elections, retirement accounts, and real estate holdings align seamlessly with your estate roadmap, saving costs, taxes, and time in the long run.
Bronx Business Owner Estate Planning FAQs
What’s the difference between an LLC and an S Corporation for estate purposes?
An LLC provides liability protection and flexible ownership structure. Electing S Corporation status determines how you’re taxed, potentially saving money on self-employment taxes. Estate planning blends these tools to protect your business and your heirs.
Should each rental property be in its own LLC?
Often, yes. Holding properties separately helps avoid a lawsuit affecting your entire portfolio. Each property can be insulated from liability risks tied to others.
Will a living trust protect my business from creditors?
A living (revocable) trust helps avoid probate but does not shield assets from creditors or lawsuits. Irrevocable trusts offer stronger protection, but must be set up carefully and well before any claims arise.
How do I ensure someone can manage my business if I become incapacitated?
You can use a durable power of attorney tailored for your business operations. It names a trusted individual to act on your behalf under specified circumstances, ensuring the business continues smoothly.
How often should I review my estate plan as a business owner?
It’s wise to revisit your plan after major changes, such as acquiring or selling real estate, forming a new business entity, changes in revenue, or family milestones like marriage or birth of a child.
Is this planning only for large companies?
Not at all. Even small shops or modest rental businesses benefit from entity structuring and an estate plan. These tools protect your livelihood and give you peace of mind.
Cavallo & Cavallo Stands With Bronx Businesses
We’ve been serving neighborhoods like yours across the Bronx and Westchester for decades, welcoming clients as neighbors, supporting them as family, and empowering them with legal clarity. When you choose us, you benefit from:
- A caring, attentive Bronx-based team that treats your business like ours
- Estate and business advice grounded in New York law and local experience
- Comprehensive planning that considers both your business and personal legacy