Most people assume that Special Needs Trusts ("SNTs") are only for families raising a child with a significant disability. In reality, many families encounter special needs planning unexpectedly—and often much later in life than they anticipated.
As an estate planning attorney, I frequently meet clients who have thoughtfully addressed guardians for minor children, asset distribution, retirement accounts, and tax planning. Yet one question often remains unanswered:
Reena Gulati Blog
In Parts 1 and 2, we reframed succession planning as a business survival strategy and not a “someday” project. We walked through the most common mistakes that quietly derail otherwise strong businesses. Now let’s talk about what a good plan actually looks like.
Most business owners don’t avoid succession planning because they’re careless. They avoid it because the business is busy, the future feels far away, and talking about it feels uncomfortable.
But succession planning rarely becomes urgent on your schedule.
It becomes urgent when someone gets sick. When a partner wants out. When a key employee leaves. When a buyer shows up with a real offer. Or when something happens that no one wants to imagine, and suddenly the business is expected to keep running anyway.
Most business owners think of succession planning as something to deal with “later” — when retirement is closer, when the children are older, or when there is finally more time. But that mindset can create one of the biggest hidden risks in an otherwise successful business.
If you own a business or real estate in New York, you’ve already done the hard part: building something valuable. But without a clear estate plan, all of that can be put at risk—either through probate, taxes, or uncertainty over what happens next.
This is a common issue I see with clients who have substantial real estate, investment properties, or closely held businesses. They often have a will, or maybe nothing at all, and believe that’s enough. It’s not.
