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How can estate planning benefit my business?

There are a lot of ways that a sound estate plan can benefit your business. In fact, getting things organized in this regard should be an essential part of your business strategy. This is because -- if you die unexpectedly -- the government can hit your business with estate taxes and/or death taxes, which could serve to lower the value of your business by half. So, in order to encourage New York business owners to set up an estate plan, let's take a look at the following benefits.

Firstly, estate planning offers you the option of a buy-sell agreement. With such an agreement in place, if you have a business that includes multiple co-owners, then those co-owners will have the ability to purchase your business automatically at the moment of your death. This way, the deceased owners' beneficiaries will not immediately become the owners of the business, but they will receive the full value of their rightful share of the business.

Secondly, a soundly planned estate will ensure the longevity of your business. It takes a long time to build a good brand. Think of the following examples: McDonald's, Wal-Mart and Coca-Cola. These brands were not built overnight and they had to survive the death of their original founders in order to become what they are today. With estate planning, you can create a sound management team capable of protecting the sanctity of your business brand as it is passed down to future generations.

These are just two important benefits of estate planning for businesses. There are many more. By discussing your unique needs -- and the organization of your particular business -- with a New York attorney who is well-versed in estate planning law, you can determine the best strategies for planning your estate in a way that protects your business for future generations.

Source: Huffington Post, "5 Things Estate Planning Can Do for You and Your Business," Kc Agu, March 31, 2016

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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
  • 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
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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

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