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Amato Law, PLLC

New York Estate Planning Attorney | New York

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Family-Owned Businesses

Family-Owned Businesses

Family business owners and landowners face unique challenges surrounding how to preserve the family business—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.

However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Probate fees and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs.

Land Rich, Cash Poor

Estate taxes will be based on the current market value of all your assets. If your heirs can’t readily come up with the cash from other sources, they may have no recourse but to sell the business just to pay estate taxes and other settlement costs.

Estate Planning Solutions

Your business poses two estate planning challenges:

  1. How can you preserve it so that you can pass it on intact to the next generation
  2. How will you equitably distribute it among your heirs.

Achieving these two goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your business transfers. Contact our office for more information about your options.

Also be sure to read more about Business Planning and Asset Protection strategies here. For more assistance with your family-owned business, our attorney Linda Amato would be happy to help draft a strategy that protects your assets.

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At our firm, our philosophy about working with clients is that we always provide personalized service from beginning to end. When you become a client of Amato Estate Planning, our goal is to provide a collaborative approach with your trusted advisors and provide the most effective solutions for your most complex matters.

Contact Info

Amato Law, PLLC.
667 Madison Avenue, 5th Floor
New York, NY 10065
Phone: 212-355-5255
Fax: 212-937-3379

Mon-Fri : 9:00am – 5:00pm

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