I once met with a family whose patriarch, a successful Manhattan restaurant owner, had passed away suddenly. He had a will, and his children assumed it was a simple matter of following his instructions. They were shocked to learn that the will first had to be validated by the Surrogate’s Court—a public process called probate. For months, his business accounts were frozen, supplier relationships frayed, and the family’s private financial details became a matter of public record. His will was just a starting point; it was not a complete plan.
Many people think of estate planning as a single document—a will—that dictates who gets what. But my work with New York families is about stewardship. It’s about building a structure that achieves specific, positive outcomes long after you are gone. A deliberate plan is not about paperwork; it’s about control, privacy, and legacy.
Here are four of the most critical outcomes we work to achieve.
Preserving Generational Wealth
The first duty of a steward is to preserve what has been built. In New York, this means confronting the state estate tax. Many otherwise financially prudent people are unaware of the “cliff” in our state’s law. If the value of your estate is even slightly more than 5% over the exemption amount—$6.94 million as of 2024—the entire estate, not just the overage, becomes subject to tax.
A properly structured plan anticipates this. We don’t just plan for the transfer of assets; we plan for the preservation of their value. Through instruments like irrevocable trusts and strategic gifting, we can position an estate to legally minimize its tax exposure. This isn’t about finding loopholes. It’s about using the established rules of the Estates, Powers and Trusts Law (EPTL) to ensure that more of your life’s work passes to the next generation, rather than to the tax authorities.
Maintaining Family Privacy
As the restaurant owner’s family discovered, probate is a public affair. The will, a list of assets, the names of beneficiaries, and the identity of the executor are all filed with the court. This information becomes accessible to anyone—a curious neighbor, a disgruntled former employee, or a predatory litigant looking for a deep pocket to sue.
The alternative is a private administration, typically accomplished through a revocable living trust. A trust is a private agreement. It does not require court oversight to become effective. Assets held in the trust can be managed and distributed by your chosen trustee, according to your instructions, without ever entering a public courthouse. This privacy protects your family from unwanted scrutiny at a time when they are most vulnerable.
Appointing Your Chosen Stewards
Perhaps the most personal decision in any estate plan involves who will care for your minor children if you cannot. If you fail to name a guardian in your will, that decision falls to a judge. The court will do its best, following the guidelines set forth in Surrogate’s Court Procedure Act (SCPA) Article 17, but a judge who does not know you or your family will be making one of the most important decisions of your children’s lives.
Designating a guardian is an intentional act of stewardship. You are not just naming a caretaker; you are appointing a custodian for your children’s future. Similarly, choosing an executor for your will or a trustee for your trust is about entrusting someone with a profound fiduciary duty. Your plan is only as strong as the people you choose to carry it out. We spend a great deal of time with our clients thinking through these choices, ensuring the people selected have the integrity, judgment, and ability to fulfill their roles.
Ensuring Continuity for Your Life’s Work
For executives, professionals, and business owners, a legacy is often tied to the enterprise they built. What happens to a medical practice, a consulting firm, or a real estate portfolio when the principal is gone? Without a plan, the answer is often chaos, followed by a fire sale. A business succession plan integrated into your estate plan provides an orderly transition.
This might involve a trust that holds your business interests, with a trustee empowered to oversee operations or manage a sale on favorable terms. It could involve a buy-sell agreement funded by life insurance, allowing a partner to purchase your shares and provide liquidity to your family. The goal is continuity—to ensure your business survives as a productive asset for your beneficiaries, not a liability that must be liquidated under duress.
These outcomes—wealth preservation, privacy, designated stewardship, and continuity—are not accidents. They are the product of deliberate and thoughtful planning. They transform an estate plan from a simple set of documents into a lasting framework for your family’s future.
A productive first step is often to create a simple list of your primary assets and the people you are responsible for. When you are ready, our firm can schedule a private call to discuss how these pieces fit into a coherent legacy plan.
