Grant Park Legal Advisors, LLC Blog

As business partners ourselves, we understand the pros and cons of forming a business partnership or an LLC. Working with someone else allows you to pool your talents and your resources to provide better service to your clients. But it also means that you sink or swim together; you are as responsible for your partner’s actions as you are your own. If you and your business partner disagree about which path forward your business should take, it may be better to split up than to continue on together.

Unfortunately, when business partners decide to call it quits, the resulting fight can be worse than the nastiest divorce. Claims of disloyalty and betrayal are common, and bitter fights over money or the business itself are par for the course. Hiring an experienced business law attorney to protect yourself and your business is a smart move. Our firm can help business partners in the Chicago area breakup and move on with their respective lives and business interests.

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Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded.

In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The revenue from these stamps was used to build the navy for an undeclared war with France, which had begun in 1794. When the crisis ended in 1802, the tax was repealed.¹

Estate taxes returned in the build up to the Civil War. The Revenue Act of 1862 included an inheritance tax, which applied to transfers of personal assets. In 1864, Congress amended the Revenue Act, added a tax on transfers of real estate, and increased the rates for inheritance taxes. As before, once the war ended the Act was repealed.²

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New Belgium Brewing makes one of the most popular independent beers in America, and it is sometimes credited with starting the craft brewing craze, so are you surprised that it is also doing things differently when it comes to succession planning? Instead of selling out to a larger brewer, or bringing on investors, New Belgium has gone 100% employee owned. 

When Kim Jordan and her then-husband Jeff Lebesch first started brewing beer in the late 1980s, it was in their basement. They slowly gained a cult following from beer lovers who couldn’t find similar tasting suds anywhere else.
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Most people know they need an estate plan. But few people know what that actually means. This has become quite clear to us, as over the years people have come into our office expecting to spend thousands of dollars to make a simple will.
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“You better think (think)
Think about what you're trying to do to me
Think (think, think)
Let your mind go, let yourself be free”

When the late, great Aretha Franklin penned this power ballad of the 1960s she made sure she held the right to collect royalties from it. She also demanded to be paid in cash before many performances. Her business savvy helped her amass a fortune worth an estimated $80 million.

But she made one big mistake that is going to cost her children a lot of money — she thought about making an
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Running a closely-held business can be a rewarding experience as well as a lucrative adventure, however, a lifetime of hard work can be undermined without proper planning. One common mistake of many small business owners is failing to plan for the possibility of incapacity or the inevitability of death. If you intend for your business to survive into the next generation, it is crucial to establish a business succession plan.

Key Elements of Succession Planning

The first consideration in designing a business succession plan is selecting a successor, whether that individual will be a family member, another partner or business owner.

Regardless of who takes the reins, it is crucial for a successor to have the necessary skills, experience, as well the desire to lead the business. At times, a family member may be positioned to take over, however, often times other business partners or key people are better equipped to do so. In any event, the succession plan must clarify the rights and responsibilities of the successor, specify guidelines for operating the business, and establish a method for resolving disputes. Of course, a critical component of any business succession plan is determining the value of the business.

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Let’s face it: anyone can suffer a serious injury or illness at any time and be unable to manage their affairs or make decisions about their healthcare. One way to protect yourself, your assets and your loved ones is by consulting with an estate planning attorney about advance medical directives, such as a healthcare proxy and a living will.

What is a healthcare proxy?

A healthcare proxy -- or durable power of attorney for healthcare -- allows you to designate a trusted person such as a spouse, a parent, an adult child, or a close friend to make medical decisions according to your preferences.
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Your daughter or son has just turned 18 and they are getting ready to head off to college or start a gap-year plan. Congratulations! They are taking those long-awaited first steps into the adult world. Of course, we still need to be there to give them a helping hand when the chips are down. The question is: “Will we be able to?”

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