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

Brooklyn has changed. The brownstone purchased decades ago is now a seven-figure asset. The corner business has become a multi-location operation. The family that once worried about paying rent now worries about preserving wealth across generations. For business owners and high-net-worth individuals in Kings County, estate planning is no longer about a simple will. It is about protecting an enterprise, managing real estate, planning for the New York estate tax, and ensuring that a sudden incapacity does not freeze the operations that support your family and your employees.

This site explains how New York law applies to people with substantial and complex estates. The emphasis throughout is on closely held businesses, appreciated Brooklyn real estate, and the specific exposure that comes with crossing the New York estate tax threshold.

Why Standard Plans Fail Owners and HNW Families

A boilerplate will rarely accounts for an operating company, a commercial lease, partnership agreements, or buy-sell provisions. When an owner dies without coordinating the will, the operating agreement, and the beneficiary designations, the result is often disputes among partners, frozen bank accounts, and a forced sale of the very assets the family hoped to keep. High-net-worth estates also face the New York estate tax, which has features that surprise even sophisticated clients.

The New York Estate Tax and the Cliff

In 2026 the New York basic exclusion amount is $7,350,000 per individual. New York does not allow portability between spouses, and it imposes a steep “cliff.” If your taxable estate exceeds 105% of the exclusion, roughly $7,717,500, you lose the exemption entirely and the tax applies to the first dollar. For Brooklyn families whose real estate and business interests have quietly appreciated past these numbers, planning to stay under or manage the cliff can preserve hundreds of thousands of dollars.

Core Documents Every Owner Should Have

A comprehensive plan typically includes a properly executed will under EPTL 3-2.1, a revocable living trust to avoid Surrogate’s Court probate, a durable statutory power of attorney under General Obligations Law 5-1513, and a health care proxy under Public Health Law Article 29-C. For owners, these are supplemented with business succession provisions and, where appropriate, irrevocable trusts for tax and asset protection.

Coordinating the Business With the Estate

Succession is where personal planning and business planning meet. A buy-sell agreement funded with insurance, a clear management transition plan, and trusts designed to hold business interests can keep a company running while the estate settles. Without coordination, a thriving Brooklyn enterprise can stall during the very months it can least afford disruption.

Speak With a New York Attorney

This site provides general information about New York estate planning concepts and is not legal advice for your situation. Estate tax thresholds, trust selection, and business succession depend on facts unique to you. Before acting, consult a licensed New York attorney who can review your assets, your business structure, and your goals and design a plan that fits your circumstances.