The Huffington Post reports that the owner of a popular Upper East Side restaurant has left the business to its longtime manager.
New York estate lawyers frequently report here on our New York Probate Lawyer Blog about the challenge of leaving a business to heirs. Without proper estate planning, the results can be tragic. It is not unusual for heirs to be forced to sell a business to pay taxes and satisfy other obligations as a result of an inheritance.
State and federal inheritance taxes, capital gains taxes and property taxes are just a few of the issues that can plague the transfer or sale of a family business. In some cases, life insurance is bought to assist with the cost but can have its own implications if not properly purchased and structured.
Business owners should do themselves and their heirs a favor and make visiting an estate planning attorney a resolution in 2011.
In this case, the New York Times reports that Elaine Kaufman's death in December left many wondering what would become of "Elaine's" the popular eatery on the Upper East Side. Turns out, the owner has left the restaurant to her longtime manager Diane Becker.
Kaufman also left much of her estate to Becker and to her longtime maitre d'hotel, Giovanni Adamo, known by regulars as Gianni.
The new owners promise to run the restaurant the way it has always run, saying "the only missing link is Elaine."
New York City Probate Attorney Jules Martin Haas handles all types of probate cases, including Wills, estate planning, estate settlement, advanced directives and guardianship matters. Please call me at (212) 355-2575 for a free consultation to discuss your rights.