Bad Things Happen To Undocumented Business People

If you don’t take care of those who depend on you, bad things (often involving lawyers) tend to happen: A promise is not a will:  Charles Kuralt, the TV commentator, lived with Patricia Elizabeth Shannon for 29 years, many on 90 acres of Montana land with a renovated schoolhouse and a view. He sent her…

Business Issues In Estate Administration

Just delivered a talk to the DuPage County Bar Association on family business issues in estate disputes. Reminded those present that most buy-sell agreements are not funded with “Key Man” insurance, that most spouses and children are incompetent to manage the business but want money, and that even rich people like the Wrigleys and the…

Buy-Sell Agreements

There are two times that business partners argue: when they have money, and when they don’t. Those alternatives cover all available time segments, so if you’re advising people on how they should organize their business, some rules for the arguments may be in order. The classic horror story about such arguments is the Illinois appellate…