Business Succession Planning on Long Island

Estate-Informed Planning for Long Island Business Owners

A business owner’s interest in a closely held company is almost always one of the largest assets in that owner’s estate. Who takes over, on what terms, and at what cost to the estate are questions that belong in a succession plan long before they become urgent. At Jonathan E. Kroll & Associates, PLLC, we bring over 20 years of estate planning and probate law experience to the particular challenge of integrating business ownership into a comprehensive estate plan.

We don’t apply a standard template. Every business structure, family dynamic, and ownership arrangement is different, and the succession plan we build reflects that. Whether you’re transferring a business to a family member, a key employee, or a co-owner, the strategy needs to match both your business goals and your personal estate plan.

Long Island business owners can schedule a free attorney consultation with Jonathan E. Kroll & Associates, PLLC by calling (516) 324-3138.

What’s at Stake Without a Plan

Without a succession plan, a Long Island business owner’s death or incapacity can trigger serious consequences: disputes among heirs or co-owners, forced sales to cover estate costs, and disrupted operations that diminish the very asset you spent years building.

New York’s estate tax adds another layer of exposure. For deaths in 2026, the basic exclusion amount is $7,350,000. LLC memberships, S-corporation shares, and partnership interests all count toward that figure. What makes New York’s tax particularly punishing is the “cliff”: if a taxable estate exceeds 105% of the exclusion amount (roughly $7,717,500 in 2026), the exemption disappears entirely, and the estate is taxed on its full value, not just the excess. New York also doesn’t allow portability of the exemption between spouses, which limits options that might otherwise be available under federal law.

How We Approach Business Succession Planning

We begin by understanding how your business is structured and how it fits into your overall estate. From there, we identify the right mix of legal tools to accomplish your goals. Common components of a business succession plan include buy-sell agreements, revocable and irrevocable trusts, life insurance funding, and family limited partnerships. Each tool interacts with your will and the rest of your estate plan, and we work to align those pieces rather than let them conflict with one another. A full description of each instrument appears in the sidebar below.

Why Our Litigation Background Matters Here

Over the past 20-plus years, we’ve represented heirs, executors, trustees, spouses, and fiduciaries in contested matters involving wills, estates, and trusts. That background isn’t separate from succession planning. It’s the reason our plans are built the way they are.

We’ve seen what breaks down after a business owner dies without an adequate plan: fiduciary accounting disputes over LLC interests held in an estate, co-owner conflicts in Surrogate’s Court, and beneficiary disagreements that might have been addressed in advance with clear documentation. When we draft a succession plan, we draft it with those failure points in mind.

Talk to a Succession Planning Attorney on Long Island

If you own a business and haven’t addressed succession in your estate plan, there’s no better time to start that conversation. Jonathan E. Kroll & Associates, PLLC offers free consultations conducted by an attorney, so you can get a clear picture of your options before making any decisions.

Call (516) 324-3138 to schedule your consultation with a succession planning lawyer serving Long Island.