Estate Planning for Small Business Owners in New York

If you own a small business in New York, your estate plan must do more than protect your personal assets—it should also secure the future of your company. Without proper planning, your business could face legal and financial uncertainty if something happens to you.

Why Estate Planning Matters for Business Owners

Unlike salaried employees, business owners often have:

• Business equity or shares

• Key-man responsibilities

• Family members or partners relying on them

• No automatic succession in place

Without a plan, your business may be frozen during probate, creating delays, disputes, or even forced closure.

What to Include in Your Plan

1. Business Succession Plan

   Decide who will manage or inherit the business. A succession plan can avoid disruption and protect the value you've built.

2. Buy-Sell Agreements

   For businesses with partners, these agreements set rules for what happens to an owner’s interest upon death or incapacity.

3. Revocable Living Trust

   Placing business interests in a trust can ensure a smooth transfer of ownership without court delays.

4. Power of Attorney

   Designate someone to handle business operations if you become incapacitated.

5. Life Insurance

   Policies can fund buy-sell agreements or provide liquidity for estate taxes or business expenses.

Protect Your Business and Your Legacy

Estate planning is not just about distributing wealth—it’s about preserving what you’ve built. At The Law Office of Jin-Wook Kim, P.C., we help New York entrepreneurs create plans that protect their families, partners, and businesses.