Weinstein & Randisi
Toll free:800-768-1780

Resize the Content Text

Do business owners need to keep their estate planning current?

Many people consider estate planning something you do in preparation for your final days. As some people grow older, they become more concerned about things like drafting a will or creating powers of attorney should they become disabled by advanced age.

While both of those reasons are perfectly valid, people who own businesses should not wait until they grow old to establish their estate plans. Additionally, business owners who have already completed some estate planning need to ensure that those plans are still relevant and current with changing circumstances.

This is because estate taxes can seriously affect the value of your business in intergenerational transfers. Ideally, a business owner will want to pass on his or her hard-earned business to other family members or esteemed friends without losing much of the value of his or her life's work. Unfortunately, if you don't stay current with your estate planning strategies, you run the risk of incurring significant tax liabilities.

This is especially true of business owners that have more complicated arrangements. For example, businesses that employ sophisticated strategies like self-canceling installment notes and certain annuity or marital trusts may more vulnerable to changes in tax laws over the years.

One survey conducted amongst 513 business owners found that many of them had done at least some form of estate planning. Seven out of 10 of those business owners surveyed had completed at least a traditional will. Still, 138 of them had not taken any steps to protect their businesses in the event of their passing. Some of those business owners explain to researchers that they had not engaged in any estate planning because they found the process emotionally difficult. Some of them expressed anxiety about having to commit to naming certain individuals regarding the distribution of their assets.

New York has very specific probate rules that govern how your business will be taxed and then distributed among your surviving family members in the event that you die without a will. Don't let this happen to you. Your New York estate planning attorney can sit down with you and help you develop strategies that will help minimize your tax liabilities and transfer your business to your loved ones.

Source: Forbes, "Most Business Owners Do Not Have Up-To-Date Estate Plans, But They Should" Russ Alan Prince, Feb. 24, 2015

No Comments

Leave a comment
Comment Information
  • 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
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — 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
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Blog Feed


Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map


Call us now for a free, 100% confidential consultation: