Westchester Business Owner Estate Planning Attorney
At Cavallo & Cavallo, we know that Westchester business owners dedicate years of effort to building and growing their enterprises. Whether you operate a family business, manage professional services, or oversee rental properties, protecting your hard work through proper estate planning is essential. We provide strategies that preserve your assets, secure your income, and ensure your wishes are carried out.
The importance of a tailored estate plan for business owners
Estate planning for business owners in Westchester is about more than writing a will. You need a plan that will:
- Keep your business operating smoothly if you are no longer able to manage it
- Separate personal and business assets for liability protection
- Preserve rental and business income for your loved ones
- Make certain that the right people inherit and manage your enterprise
Our experienced Westchester business owner estate planning attorneys take time to understand your business and personal goals, creating a plan that safeguards your legacy.
Choosing the right entity: S Corporations and LLCs
Selecting the correct business structure is a key part of both tax efficiency and estate planning. In New York, two popular options are:
- LLCs (Limited Liability Companies), which separate personal assets from business liabilities. They are especially useful for owners of rental properties or those concerned about legal exposure.
- S Corporations, which can provide tax advantages by allowing profits to pass through to owners while potentially reducing self-employment taxes.
Some Westchester owners form an LLC and elect S Corporation status to combine the liability protections of an LLC with the tax benefits of an S Corp. The right choice depends on your revenue, number of owners, and long-term plans.
Planning for rental property owners
Rental properties are valuable assets that require careful planning. Holding property in an LLC can protect against liability, and each property can be placed in a separate LLC to isolate risk. Our firm also helps you integrate your real estate holdings into your estate plan so that properties pass smoothly to your heirs without delays. Proper structuring and insurance coverage protect both your income stream and your investment.
Estate tools beyond wills
Business owners often need more than a basic will to address the complexity of their assets. Additional tools may include:
- Living trusts to bypass probate and transfer business interests or properties efficiently
- Irrevocable trusts to protect assets from certain creditors and plan for Medicaid eligibility
- Durable powers of attorney and health care proxies to ensure someone can manage your business and personal matters if you become incapacitated
We design these tools to work together so that your business, rental income, and personal assets remain secure.
Working with tax and financial advisors
Your estate plan should coordinate with your tax and financial strategies. We work closely with CPAs, financial planners, and insurance professionals to ensure that your business entity selection, investment portfolio, and retirement accounts are aligned with your estate goals. This integrated approach helps minimize taxes and streamline asset transfers.
Westchester Business Owner Estate Planning FAQs
What is the main benefit of forming an LLC for my business?
An LLC separates personal and business liabilities, reducing the risk that your personal assets could be used to satisfy business debts or legal claims.
Can my LLC be taxed as an S Corporation?
Yes. Many owners choose to form an LLC and then elect S Corporation status for tax purposes, which can reduce self-employment taxes while maintaining liability protection.
Should I put each rental property in a separate LLC?
Often this is a good idea, as it limits liability to that single property and helps shield your other investments.
Will a living trust protect my business assets from lawsuits?
A revocable living trust does not protect assets from lawsuits but does help avoid probate. For creditor protection, other structures such as irrevocable trusts may be more effective.
How can I ensure my business keeps running if I cannot manage it?
A durable power of attorney can authorize someone you trust to manage your business and financial affairs if you are incapacitated.
When should I update my estate plan?
It is best to review your plan after major changes such as buying or selling property, restructuring your business, changes in income, or significant family events.
Why Westchester business owners trust Cavallo & Cavallo
Our firm has deep roots in Westchester and a long history of guiding business owners through important legal decisions. We provide personal attention, practical advice, and strategies that reflect New York law and local business realities. Clients count on us for:
- Personalized estate plans tailored to the unique needs of business owners
- Guidance that addresses both immediate concerns and future goals
- A commitment to protecting family, business, and community ties