When I ask business owners who will eventually take over, most have someone in mind.
“My daughter/son knows the business.”
“My partner will buy me out.”
“My key employee can run everything.”
Those answers may be completely sincere. But they usually lead me to another question:
If you could not come to work tomorrow, who would have the legal authority to sign a contract, access the right accounts, make payroll, speak with the lender, or approve a major payment?
That is where the conversation often gets quiet.
Choosing the person is important. It is not the same as creating a workable succession plan.
Reena Gulati Blog
You know you need an estate plan.
You may have known it for a while.
Perhaps you first thought seriously about it when you bought your home, had children, started a business, lost a parent, or watched someone close to you struggle through an estate. You told yourself you would take care of it as soon as work slowed down or life became less hectic.
Then a few months passed. Maybe a few years.
Nothing terrible happened, so the planning stayed on the list.
If that sounds familiar, you are not irresponsible. You are human. Estate planning asks you to make decisions about circumstances you would rather not imagine. It competes with work, family, bills, appointments, and everything else that feels more urgent today.
But here is the honest part: life rarely becomes quiet enough to invite you to plan.
At some point, waiting stops being a scheduling issue and becomes a decision—even if it does not feel like one.
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:
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.
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.
