Own a Family Business? An Estate Lawyer in Chicago Can Help Plan an Orderly Succession

by | Dec 24, 2018 | Real Estate Law

It is exciting for a family to work together to create a profitable business. Grandparents, parents, and children can spend several decades working together to create a business environment that nurtures their family and finances. They reach a point where they realize that death or retirement could jeopardize their years of hard work. It’s a good strategy for them to work with an Estate Lawyer in Chicago from Starr, Bejgiert, Zink & Rowells to create an orderly succession plan. This will maintain the family harmony and just as importantly it will minimize the tax burden.

After people have worked a lifetime to accumulate assets and wealth, they want to determine how these assets are passed on to future generations. A carefully drafted will outlines all of their assets and how they are to be distributed. The person then has to establish who the executor will be. The executor is responsible for shepherding it through probate court. Often they need to use the services of an Estate Lawyer in Chicago to fend off any challenges. If minor children or handicapped adults are involved in the distribution of assets, it is important to state who is responsible for caring for them.

People are living longer given the advances in medical care. Unfortunately this means that sometimes their bodies last longer than their mental capacity to make decisions. It’s responsible for people to discuss this possibility with their lawyer and determine who will care for them and their estate if this should occur. Not only will someone have to make decisions regarding their medical care, but someone will have to manage their finances as well.

Today’s blended families can contain several former spouses and children with different sets of parents. There may be many people who expected to inherit certain homes or assets. In fact, at one time it may have been promised to them. They may even have a copy of the will as it was written at that particular time. However, as divorces and remarriages occur those promises may change and become outdated. That’s why only original documents can be submitted to the probate court. Normally, it is the persons estate attorney who keeps the original in a secure place.


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