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Creating a trust for your New York family-owned business

For many Americans, owning a family business is the pinnacle of entrepreneurial success. Family business owners often enjoy the benefit of sharing the experience of growing the company with their loved ones. Another benefit of owning a family business is that successful owners can rest assured that the fruits of their labor will continue to provide for their families even after death or separation.

This is especially true for family business owners who wish to transfer their businesses onto their children. If this is your plan, then you should know that there may be income, gift and estate tax consequences for handing over the reins of your company.

That is why the formation of a trust can often prove beneficial. Careful estate planning can help you reduce your tax liabilities while also allowing you to relinquish only the amount of control of your business that feels most comfortable to you.

For example, one form of transferring your family business might involve establishing a buy-sell agreement with your children. Under this type of agreement, you would sell your interest of your business to your children, yet retain control over it in the event of certain circumstances.

Essentially, these buy-sell agreements are contracts that specifies what will happen in the event of your retirement, divorce, disabling injury or death. One example might be that your children will be bound to buy your interest in the business from you after one of those events have been triggered. Furthermore, you can also specify the terms of the sale of your company to your children as well as the price.

Of course, the buy-sell strategy is only one form of estate planning that could potentially reduce your overall tax liabilities. Careful estate planning can be tailored to suit your specific individual needs. Based in Rochester, our law firm has over 50 years of combined legal experience providing clients with personalized services.

Prospective clients are encouraged to contact us and schedule a free initial consultation with one of our attorneys. We represent clients in upstate New York, Western New York and throughout the Finger Lakes Region cities.

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  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
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    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
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    --Ajia and David Cherry, Fairport
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Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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