Estate Planning in New York for Business Owners and High-Net-Worth Individuals

When your balance sheet includes an operating company, real estate, illiquid partnership interests, or a concentrated stock position, a generic will leaves real money and real control on the table. New York’s estate-tax system, its probate process in the Surrogate’s Court, and the way business interests pass at death all demand a plan built for complexity. We focus on owners, founders, and high-net-worth families across New York who need their wealth to transfer cleanly, privately, and tax-efficiently.

Why a standard plan fails affluent New Yorkers

Two issues dominate. First, New York imposes its own estate tax separate from the federal system, and in 2026 the basic exclusion is $7,350,000. The state uses a so-called “cliff”: once a taxable estate exceeds 105% of the exclusion (roughly $7,717,500), the exclusion vanishes entirely and the whole estate is taxed from the first dollar. A business that appreciates between signing and death can push an heir over that edge. Second, business interests are often the least liquid asset in an estate yet trigger the largest tax and valuation disputes.

Core documents we coordinate

A complete plan typically integrates a will executed under EPTL §3-2.1, one or more trusts under EPTL Article 7, a New York statutory durable power of attorney under General Obligations Law §5-1513, and a health care proxy under Public Health Law Article 29-C. For owners we layer in buy-sell agreements, succession provisions, and entity-level planning so the documents reinforce each other rather than contradict the operating agreement.

Protecting the operating company

Closely held businesses raise questions a public-securities holder never faces: Who votes the shares during a probate delay? Can a surviving spouse force a sale? Will the IRS and New York agree on the company’s value? Trust structures, voting provisions, and properly drafted POAs can keep the business running and in family hands while the estate is administered in the Surrogate’s Court under the SCPA.

Privacy and the public record

Probate is a public court proceeding. For families who prefer that the size and composition of their wealth stay confidential, a funded revocable trust keeps assets out of the Surrogate’s Court file. Trusts do not save estate tax by themselves, but they buy privacy, speed, and continuity of management.

How we work

We start with a full picture of your entities, real estate, and liquidity, model the New York estate-tax exposure including the cliff, and then design documents that move wealth on your terms. Every plan is tailored; nothing here is legal advice for your situation. New York law changes and exclusion figures are adjusted over time, so you should consult a licensed New York estate planning attorney before acting on anything you read on this site.