Bashian P.C.

How do you transition a White Plains business to your heirs?

2026-05-26T14:34:36Z

High net worth business owners in White Plains often think about how to pass a company to family members without unnecessary disruption. Because each situation can differ, a structured approach may help you reduce uncertainty and keep the transition more organized over time.

1. Designing a business succession roadmap

A succession plan typically gives you a strategy for who may take over leadership and how that change could unfold. You usually set expectations for roles, timing and training so your heirs understand what the future may look like. While New York Estates, Powers and Trusts Law governs how personal assets pass through an estate, your business transition often relies more on your company’s governing documents. Under the New York Business Corporation Law or Limited Liability Company Law, these documents often guide how ownership interests transfer. With that in mind, you may consider:

Identifying who steps into management roles
Outlining when ownership shifts may occur
Clarifying how family members stay involved

After you set these expectations, you may find it easier to reduce confusion during the transition process.

2. Updating your business ownership structure

Your business structure can shape how smoothly ownership transfers. Corporations, partnerships and limited liability companies each handle succession in different ways. As a result, reviewing and updating operating agreements or shareholder rules may help limit uncertainty among heirs. In New York, the Surrogate’s Court Procedure Act sets the legal process for handling an estate. Unless you structure business interests to avoid probate, such as through a trust, those interests often move through probate before title transfers to heirs. Because of that, you may want to review how your ownership documents interact with your estate plan so the two work together more smoothly.

3. Evaluating current tax considerations

Tax issues often play a major role in business transitions. For 2026, federal estate tax rules under the One Big Beautiful Bill Act include an exemption of $15,000,000 per individual, which may create more flexibility for higher value estates. However, New York estate tax rules work differently. For 2026, the New York exclusion amount is $7,350,000. If an estate exceeds that threshold by more than 5%, the state may apply tax to the full estate value rather than only the excess. At this stage, you may also look at:

Business valuation methods that reflect fair market value
Lifetime gifting strategies that stay within legal limits

These considerations often help you better understand how taxes could affect the overall transfer.

4. Implementing estate planning tools for support

Wills, trusts and related documents often work alongside your business plan. When kept current, these tools may help align your personal wishes with your business ownership structure. For example, certain trusts may separate control of the business from financial benefit. This structure may support continuity by allowing the business to operate under set terms even as ownership shifts to the next generation over time.

5. Coaching family for the transition

Family involvement often plays a key role in long term business continuity. You may find it helpful to create space for discussions about expectations, responsibilities and readiness for leadership roles. Clear communication may help reduce misunderstandings and support a smoother shift in ownership and management. In addition, gradual involvement in business decisions can give heirs more familiarity with day to day operations.

A steady path forward

When you combine succession planning, ownership updates, tax awareness, estate tools and family preparation, you may create a more structured transition process. Taking time to coordinate these steps early can help support a more stable transfer of your White Plains business to the next generation and avoid any estate litigation.

Estate Litigation: When and Why Family Disputes Arise

2026-03-26T08:33:14Z

Although unfortunate, estate litigation often begins during a time of grief. You may expect a smooth transfer of your assets in White Plains, New York, yet tension can still surface when expectations do not match the written plan. When you consider large estates, businesses or blended families, even minor vagueness in paperwork can grow into huge disputes among family members.

What triggers estate conflicts?

Estate disputes often start when heirs believe the executor or administrator is treating them unfairly. But the most common causes of conflict arise when:

A new will gives an heir less than they expected
One child controls a parent’s finances or care decisions
A family business goes to one child, leaving others with little or nothing
The executor or trustee refuses to provide accounting records showing how they handled the estate or trust assets

These issues can prompt an heir to challenge a will in New York’s probate court.

Allegations of undue influence and lack of capacity

An heir can challenge a will if the signer lacked the mental capacity to understand its terms or if someone pressured them into changes. New York courts review medical records, drafting history, communications and witness testimony to resolve these claims. Disputes can become lengthy and expensive, especially when evidence is incomplete or inconsistent, so legal assistance may be essential.

Crucial update for legal heirs in White Plains

Electronic wills can be valid, but they introduce new risks in White Plains Surrogate's Court. Courts expect parties to file e-wills within 30 days and to include a clear audit trail. Judges often challenge DIY or AI-generated documents that lack proper authentication so that is something that heirs must take into consideration. Legal heirs should try to preserve original files, login credentials, metadata and witness records. They also need to gather valuations, bank statements, tax returns and appraisals in case disputes arise. Since the process is exacting and technical, speaking with a probate attorney can help to prevent familial and legal issues.

Why legal guidance is crucial

Estate disputes have strict deadlines and evidence that can disappear over time, so heirs should not delay if they wish to preserve their chance to contest the will. An experienced estate litigator can help assess their position, collect necessary documentation and recommend whether negotiation or litigation is the best path.

Creating an optimized estate plan to minimize taxes for heirs

2026-02-02T17:23:36Z

Testators creating estate plans frequently want to provide as much as they can for their beneficiaries. They create plans that allow them to maximize what their loved ones eventually inherit. Estate plans generally need to address liabilities, including personal debts. Testators also need to consider the taxes that their estate may be responsible to pay. The best estate plans include terms that acknowledge the risk of taxes and help minimize the obligations of the estate and the beneficiaries inheriting from it. What taxes may be a concern?

Large estates sometimes owe estate taxes

Both Connecticut and New York have state-level estate taxes. In Connecticut, the estate tax exemption threshold mirrors the federal exemption, which is $13.99 million in 2025. In New York, the state estate tax threshold is lower. An estate worth $7.16 million or more may be subject to state estate taxes. Neither New York nor Connecticut currently collects inheritance taxes from beneficiaries. Instead, the personal representative of the estate must cover estate taxes. Prior planning can help reduce estate tax obligations. Creating trusts, taking on co-owners and arranging for direct transfers outside of the probate process are all strategies for reducing estate tax obligations. Those who can decrease the value of an estate to less than the exemption threshold can completely avoid estate taxes. Those who diminish the value of the estate can reduce the tax rate that applies.

Income and capital gains taxes could apply

Testators may need to earmark funds to ensure that their estate has the resources to fulfill any outstanding income tax obligations they personally owe when they die. They may also need to address the possibility of asset liquidation during the probate process. The sale of estate resources, possibly due to their instructions to hold an estate sale, might result in the estate owing income tax. If beneficiaries intend to sell high-value assets that have appreciated in value, such as real property or business holdings, they may owe capital gains taxes. Estate planning moves, such as holding certain assets in trusts, can potentially help reduce the risk of taxes imposed due to the sale of assets. The nature of the property owned by a testator and the plans they have for their legacy can influence the best strategy for minimizing tax obligations. Reviewing current documents and overall intentions with an estate planning attorney can help people reduce how much of their legacy goes toward taxes instead of their selected beneficiaries.

Business succession planning: Protecting your company’s future

2026-02-02T17:22:29Z

Your business represents years of hard work, innovation and personal sacrifice. Business succession planning is more than a simple retirement strategy; it is a vital safeguard that ensures your company’s longevity and protects your professional legacy. By preparing for the future, you provide stability for your employees and your family. A proactive approach helps maintain your company’s value through inevitable transitions, ensuring that your life's work continues to thrive even after you step away.

Key components of effective planning

A successful plan addresses how your company will function when you are no longer at the helm. You should consider these foundational elements:

Identifying successors: Choose whether to pass leadership to family members, promote internal talent or sell to an external buyer.
Buy-sell agreement: This document dictates how interests transfer during "triggering events" such as disability, retirement or death.
Compliance check: As of 2026, the New York LLC Transparency Act is in effect. If you formed your LLC before this year, you have until Jan. 1, 2027, to report your "beneficial owners" to the state.

These components work together to prevent confusion during a crisis. Clear documentation ensures that every stakeholder understands their role in the transition process.

Tax considerations and strategies

Transferring a business involves complex tax shifts. While the federal OBBBA of 2025 raised the federal tax-free limit to $15 million per person for 2026, New York is less generous. The state’s exemption is only $7,350,000, and if your estate exceeds $7,717,500, you hit a "tax cliff" where your entire estate becomes taxable. To maximize wealth, owners often use:

Trusts: A grantor retained annuity trust (GRAT) can move business growth to heirs tax-free, provided you outlive the trust's term.
Life insurance: These policies provide quick cash to pay state taxes or buy out a partner without selling the business.
Gifting: Be mindful of New York’s "three-year add-back" rule, which was recently extended. Taxable gifts made within three years of death are still pulled back into your estate calculation for tax purposes.

Proactive planning helps you retain more wealth within your family. Even minor oversights can trigger New York taxes. Preparing for these potential economic consequences years in advance gives you the flexibility to adapt as laws change.

Preventing partnership disputes

Emotional transitions often lead to internal conflict. A well-drafted succession plan provides a roadmap that eliminates ambiguity and reduces litigation risk. By defining exit strategies and roles now, you protect surviving partners from disputes with a departing owner’s family. Transparency ensures the business remains operational while legal details are settled. A robust plan ensures a seamless transition and protects your legacy for future generations. Because commercial law and estate planning are constantly shifting, these complexities require skilled legal guidance to ensure your documents are enforceable and up to date.

3 signs a caregiver is influencing a will

2026-02-02T17:20:47Z

Realizing that a caregiver might be manipulating your aging parent is a distressing experience. You trust these individuals to provide comfort and safety, not to take advantage of vulnerability for personal gain. Undue influence occurs when a person uses their position of power to coerce a senior into changing an estate plan against their free will. Identifying these warning signs early is essential to protecting your family legacy.

Isolation from family members

Manipulators often begin by systematically cutting off communication between the parent and their support network. You might notice that a new friend or hired aid frequently makes excuses for why your mother or father cannot come to the phone. They may claim your parent is sleeping, unwell or simply does not wish to speak with you. This forced dependency ensures the senior hears only the perspective of the influencer. The caregiver often constructs a narrative that the family no longer cares, which makes the senior feel they must comply with the caregiver's demands to ensure continued care.

Sudden shifts in the estate plan

While it is normal for estate plans to evolve over time, drastic changes late in life often signal a problem. You should be concerned if a parent revokes a long-standing will to name a caregiver as the primary beneficiary or executor. This is especially suspicious if the new terms disinherit children or other close relatives whom the parent previously included. In New York, proving undue influence can involve a concept known as a confidential relationship. If a beneficiary held a position of trust, such as a caregiver, and was involved in drafting the will, the court may infer undue influence occurred. This often requires the beneficiary to explain why the bequest was fair and voluntary.

Excessive involvement in legal affairs

A caregiver should not manage the legal details of your parent’s estate. It is a significant red flag if the caregiver schedules appointments with a new attorney, drives the parent there and insists on remaining in the room during the meeting. Be on the lookout for controlling behaviors regarding legal counsel.

Answering questions directed at the senior
Keeping possession of all legal documents
Discouraging the senior from seeking independent advice

Attorneys usually prefer to speak with clients privately to ensure the decisions are independent and not the result of outside pressure.

Protecting the estate assets

Challenging a suspicious will is often the only way to honor the true intentions of a deceased loved one. The court examines whether the testator was in a weakened state that made them susceptible to pressure, even if they technically had the mental capacity to sign a will. Acting within the strict deadlines set by the Surrogate’s Court Procedure Act ensures you preserve your right to examine witnesses and file objections.

Blending families: 4 estate planning tips for second marriages

2025-10-02T16:37:33Z

A remarriage can be a joyful new chapter. It brings the promise of shared goals and a stronger family bond. But for many families, it also raises hard questions about how to protect both a new spouse and children from a prior relationship. Without a clear plan in place, New York law may divide property in ways that do not reflect your wishes. Thoughtful estate planning can help ease worries, protect your loved ones and reduce the chance of conflict. Here are four estate planning tips for blended families to consider.

1. Protect loved ones by updating key documents

After a major change such as marriage, many people forget to update their documents. Old wills or outdated beneficiary forms on retirement accounts or life insurance may still name an ex-spouse. In New York, beneficiary designations usually override what is written in your will, which means assets could pass to someone you no longer intend. By making updates now, you help ensure your current spouse and children are cared for according to your wishes, not left to the defaults of state law.

2. Provide balance with a family trust

A trust can give your family more options than a will alone. For example, you could set up a trust that provides income to your surviving spouse during their lifetime. When they pass away, the rest of the assets can then go to your children. This approach balances the needs of both your spouse and your children and can reduce family disputes.

3. Avoid disputes by defining property ownership

In New York, property gained during a marriage is usually marital property, while assets you owned before marriage may remain separate. But once you remarry, those older assets can lose their separate status if they are mixed with marital funds, for example, by adding your new spouse’s name to an account. This step is not about past marriages; it is about keeping clear lines in your new marriage so your spouse and children each receive what you intend. Clear records and estate planning tools, such as trusts or agreements, help ensure your wishes are honored.

4. Plan ahead to provide for your children

If you and your spouse both have children from earlier relationships, guardianship decisions may feel complicated. By naming a guardian in your will, you can avoid confusion and be sure your children are cared for according to your wishes. You can also set up financial support for them through a trust or custodial account. Together, these steps can help protect your blended family and prevent complications.

Practical estate planning guidance for blended families

Building a well-adjusted blended family takes love, patience and planning. Because every family is different, it is wise to seek guidance from a New York estate planning attorney who understands your unique circumstances and family dynamics. With the right estate plan, you can create structure, prevent disputes and give your family the security it needs to thrive together.

Steps to contest a will in New York successfully

2025-09-19T16:53:42Z

WILL CONTESTS

Contesting a Will in New York is a need that often arises when family members or beneficiaries believe that a testamentary document left behind by a loved one does not reflect the true intentions of the deceased. Successfully challenging a Will requires a clear understanding of the legal procedures involved, as courts in New York generally aim to uphold the validity of Wills unless strong evidence proves that an alternative approach should be honored. For those who feel their rightful inheritance is at stake, knowing how the process works and what grounds may justify a contest is, therefore, necessary. Usually, the first step in contesting a Will is establishing legal standing. Only certain individuals, including those named in the current Will, beneficiaries from a prior Will or heirs who would inherit if no valid Will is determined to exist, can file objections. Once standing is confirmed, a Will enters probate, and interested parties are allowed to raise objections. Timing is important, as objections must be filed within specific deadlines once the court notifies parties of probate proceedings. Several legal grounds can form the basis of a successful Will Contest. Lack of testamentary capacity is one of the most common. This argument asserts that the testator, or the person making the Will, did not fully understand the nature of their assets, the people who would typically inherit and/or the meaning of the document at the time it was signed. Evidence from medical records, witness testimony and/or expert opinions can play a key role in proving incapacity. Undue influence is another frequently raised challenge. This occurs when someone close to the testator exerts pressure or manipulates them into making decisions that benefit the influencer rather than reflecting the testator’s true wishes. Proving undue influence often requires demonstrating a relationship of dependency, suspicious circumstances and changes to the Will that deviate significantly from prior plans. Similarly, claims of fraud or forgery may succeed if it can be shown that the testator was tricked into signing the Will or that the signature or document itself is not authentic. Procedural errors also provide a basis for contesting a Will. New York law requires specific formalities, including the presence of at least two witnesses who must sign the Will. If these requirements are not met, the Will may be declared invalid. Courts are strict about adherence to these rules, and failure to follow them can undermine the entire document. Successfully contesting a Will can be lengthy and emotionally difficult, but it serves the important purpose of ensuring fairness and protecting rightful inheritances. In New York, careful strategy and legal support often make the difference between an unsuccessful challenge and a just outcome.

Creating or modifying an estate plan can be a smart move for new parents

2025-06-30T14:33:53Z

Parents often go to great lengths for the comfort and safety of their children. In addition to meeting a child's immediate needs, parents may also need to plan for their protection in the event of a sudden tragedy. While parents generally expect to be present throughout the formative years and a child's early adulthood, life is unpredictable. Car crashes, sudden medical emergencies and even criminal activity can leave children without their parents. Establishing an estate plan allows a parent to provide for their children and ensure their safety when they cannot be present with them. There are a number of important estate planning moves that parents may need to make for the benefit of their children, including the three outlined below.

Selecting an appropriate guardian

The best-case scenario when a parent dies is that the other parent survives. However, children are sometimes left without either parent. As such, selecting someone to act as a guardian is critical for the protection of the children. Parents need to consider factors including an individual's health, availability and proximity when determining if they could act as a guardian. Choosing the right person and selecting alternate candidates can protect children should the worst come to pass.

Addressing financial liabilities

Children typically have strong inheritance rights when their parents pass. Unfortunately, certain financial obligations take priority over inheritance rights. Taxes, personal debts and even estate administration expenses can consume most of an individual's resources, leaving their children with little or nothing. Testators with children often need to identify their financial obligations and ensure that they have life insurance or other resources earmarked to cover those costs to ensure their passing does not lead to financial devastation.

Protecting an inheritance

Children who directly inherit may not benefit from their inheritance. Minors usually do not have direct control over property or financial resources. Their surviving parent or guardian could potentially use most or all of their inheritance before they become adults and have the opportunity to choose how to use their inheritance. Parents hoping to help their children pay for college, afford a down payment on a home or start a small business may want to consider establishing a trust. Provided that the trustee is not the same person as the surviving parent or guardian, it is possible to preserve resources for the benefit of the children when they finally reach adulthood. Parents may also need to plan for the possibility of incapacity to preserve resources for their families and limit the pressure that they experience in a challenging situation. Children depend on their parents to provide for them, sometimes even after a parent dies. Creating or modifying an estate plan can be a smart move for new parents.

5 tax-saving tips for estate planning in New York

2025-05-22T13:35:11Z

Estate planning involves more than just deciding who gets your assets when you're gone. For many New York residents, taxes can consume a significant portion of their hard-earned wealth both during life and after death. With tax-efficient estate planning strategies, you can cut down on taxes and leave more to your loved ones. Here are five ways to save on taxes while making your estate plan.

Use annual gift tax exclusions

The IRS allows you to give up to $19,000 per person each year without paying gift tax. This strategy works well for gradually transferring money to your children or grandchildren while you're alive. One way to gift assets to children or grandchildren is an educational account or 529 plan. These grow tax-free when used for qualified education expenses and can reduce your taxable estate. Additionally, you can front-load five years of annual gift exclusions into a 529 plan at once, removing up to $95,000 per beneficiary from your estate immediately.

Create an irrevocable life insurance trust

When you die, the money from your life insurance still gets substantial estate taxes. One way to get around this is with an irrevocable life insurance trust. This transfers your money outside your taxable estate. Instead of you, the trust owns your life insurance policy and pays out according to your wishes without the extra tax burden.

Consider a qualified personal residence trust

If you’re like most people, your home is your biggest taxable asset. With a qualified personal residence trust (QPRT), you can transfer home ownership to your beneficiaries at a lower gift tax value. At the same time, you still get to retain the right to live there for a set period and enjoy a reduced home value for tax purposes.

Explore charitable giving options

Charitable donations offer excellent tax advantages. At the same time, you’re supporting causes you care about. Your options include donating to:

Charitable remainder trusts
Donor-advised funds
Private foundations

These structures provide income tax deductions now while reducing your taxable estate later.

Take advantage of New York's estate tax exemption

New York's estate tax exemption ($7.15 million in 2025) falls below the federal exemption. Strategic planning around this threshold helps avoid the "cliff" effect where estates slightly above the exemption face taxes on the entire amount, not just the excess.

Early and careful planning makes all the difference

Effective estate planning requires careful consideration of both federal and New York state tax laws. Working with experienced professionals ensures your plan addresses your unique circumstances while minimizing tax exposure. With early and comprehensive estate planning, you not only benefit from tax savings today but also get peace of mind for tomorrow, knowing your loved ones will receive the maximum benefit from your hard-earned legacy.

How business succession planning could lead to estate litigation

2025-03-24T16:18:03Z

Business succession planning can take on many forms. Similarly, estate planning can take on may forms. While in theory, estate plans are distinct from business succession plans, in practice, any business succession planning must be understood in conjunction with estate planning if one is to avoid litigation and best protect their personal and professional legacy.

Documents may be contradictory

Succession planning may require regular updates as the professionals working for a company change over time. Employers that mandate the creation of succession plans may also require annual reviews and updates to succession plans to protect the organization. Estate plans do not always receive the same attention after their initial creation. Testators may assume that their documents protect their personal and professional legacy, as well as their loved ones, indefinitely. However, failing to make any revisions to either of these sets of documents despite significant changes in their personal circumstances or their careers can lead to complications. Comparing a succession plan to an estate plan can potentially highlight how outdated a will or other testamentary documents have become, or vice versa. Particularly in scenarios where plans for ownership or leadership roles at the company directly contradict the terms included in estate planning documents, there may be reason to suspect that the estate plan is outdated and therefore ineffective to achieve your goals. Even in cases where estate planning and business succession documents do not directly contradict one another, litigation can ensue as those assuming authority within the business may need the court to approve any major choices they make about the organization before the completion of probate proceedings. Those expecting to inherit from an estate that may include business ownership interests, and those groomed to take over leadership positions at companies, may need to be ready to assert themselves when there is a conflict between a succession plan and an estate plan. Acting promptly by initiating probate litigation can potentially help to preserve not just the decedent's legacy but also the business that they helped operate.