Manhattan Business Owner Estate Planning Attorney
At Cavallo & Cavallo, we recognize the dedication it takes to run a successful business in Manhattan. Whether you own a boutique, operate a professional practice, manage investment properties, or lead a growing company, your business is a core part of your financial legacy. Proper estate planning ensures your enterprise, assets, and income are protected and can continue to benefit your family and successors for years to come. Contact our skilled Manhattan business owner estate planning attorneys today.
Why estate planning matters for business owners
Owning a business creates unique estate planning needs that go beyond those of individuals without business interests. A well-structured plan can ensure your business operates smoothly if you are unable to manage it, provide for a seamless transfer of ownership, protect your personal assets from business liabilities, preserve rental or business income for your heirs, and reduce the risk of disputes among partners or family members. By planning now, you protect both your company’s future and your family’s financial security.
Choosing the right business entity
The structure of your business plays a significant role in both liability protection and estate planning. In New York, two popular options are:
- LLCs (Limited Liability Companies), which help separate personal assets from business debts and legal claims while providing flexibility in management and ownership. They are also an excellent choice for holding rental properties.
- S Corporations, which offer pass-through taxation and may reduce self-employment taxes while still protecting personal liability.
Some Manhattan business owners form an LLC and elect S Corporation tax status to combine the benefits of both structures. The right choice depends on your company’s size, revenue, and long-term objectives.
Protecting rental and investment properties
For business owners who hold real estate, these assets must be integrated into the estate plan. We help you:
- Place properties in separate LLCs to isolate liabilities
- Coordinate ownership with your trust or will to avoid probate delays
- Ensure rental income continues to benefit your family or chosen beneficiaries
- Establish management plans for properties in the event of incapacity
Proper structuring ensures that these valuable investments remain protected and profitable.
Estate planning tools for business owners
A will alone is rarely enough for business owners. Additional tools may include:
- Living trusts to transfer business interests and property without probate
- Irrevocable trusts for asset protection and potential tax advantages
- Buy-sell agreements to govern the transfer of ownership shares in the event of death, disability, or retirement
- Durable powers of attorney granting authority for financial and operational decisions if you are incapacitated
- Key person insurance to provide liquidity for the business during transition
Our role is to coordinate these tools so they work seamlessly to protect both your company and personal assets.
Tax considerations and wealth preservation
Business owners in Manhattan face complex tax rules at the state and federal level. We work closely with your accountant or financial advisor to minimize estate taxes, preserve wealth, and ensure your business succession plan is tax-efficient. Strategies may include gifting shares, setting up trusts, and planning for liquidity to cover tax obligations without forcing the sale of valuable assets.
Long-term planning for business continuity
Without a clear succession plan, even a profitable business can face financial and operational challenges after the owner’s death or incapacity. We help you identify successors, outline their roles, and establish legal mechanisms to ensure your business continues to thrive. This can include training family members, securing management contracts, and planning for gradual ownership transfers.
Why Manhattan business owners choose Cavallo & Cavallo
We bring decades of experience helping New York business owners safeguard their companies and personal wealth. Our approach combines legal precision with an understanding of Manhattan’s business landscape, ensuring your plan is practical, protective, and tailored to your unique goals.
Manhattan Business Owner Estate Planning FAQs
Should I keep my business and personal assets separate?
Yes. Using the right entity structure, such as an LLC or corporation, helps protect your personal assets from business liabilities.
Can my LLC be taxed as an S Corporation?
Yes. Many business owners choose this approach for liability protection and potential tax savings.
How can I transfer my business to my children?
You can transfer ownership through gifts, sales, or a combination of both, often using trusts or buy-sell agreements to outline the process.
Do I need a buy-sell agreement?
If your business has multiple owners, a buy-sell agreement is essential for outlining what happens if one owner leaves, retires, or passes away.
How often should I review my business estate plan?
You should review it regularly and after major events such as business expansion, acquisition of new assets, changes in ownership, or shifts in family circumstances.
Will my business avoid probate if I have a will?
No. Business interests in a will still go through probate. Using a living trust can help transfer them more quickly and privately.
Protecting your business legacy in Manhattan
At Cavallo & Cavallo, we help Manhattan business owners design estate plans that protect their companies, secure their families’ futures, and provide peace of mind. Our personalized strategies address the complexities of owning and transferring a business so your legacy can continue for generations.