LEGAL INSIGHTS FOR TODAY’S BUSINESS PROFESSIONAL
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LEGAL INSIGHTS FOR TODAY’S BUSINESS PROFESSIONAL. Kendall College School of Business. Presented in collaboration with The Law Offices of Burton A. Brown. Tonight’s Agenda :. Introductions Overviews Business implications when entering into a civil union Elder law

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Kendall college school of business

LEGAL INSIGHTS FOR TODAY’S BUSINESS PROFESSIONAL

Kendall College School of Business

Presented in collaboration with The Law Offices of Burton A. Brown


Kendall college school of business

Tonight’s Agenda:

  • Introductions

  • Overviews

    • Business implications when entering into a civil union

    • Elder law

    • Marriage and divorce– the financial impacts

    • Business succession planning

    • Bad health can lead to bad judgment and lawsuits

  • Q&A


Please welcome our panelists

PLEASE WELCOME OUR PANELISTS

  • Abrar Azamuddin, associate, The Law Offices of Burton A. Brown

  • Burton A. Brown, principal at The Law Offices of Burton A. Brown

  • Barbara A. Riley, attorney,TheLaw Offices of Burton A. Brown and former Cook County Judge

  • Bob Difiglio, president, Rusco


Business implications when entering into a civil union abrar azamuddin

Business implications when entering into a civil unionAbrar Azamuddin


Elder law burton a brown

Elder lawBurton A. Brown


Elder law

Elder Law

Burton A. Brown

The Law Offices of Burton A. Brown

205 W. Wacker Dr., Suite 922

Chicago, IL 60606

(312) 236-5582


What does estate planning consist of

What does Estate Planning Consist of?

  • General Power of Attorney

  • A Medical Power of Attorney

  • A Living Will

  • A Will


Why are these 4 documents important

Why Are These 4 Documents Important

  • General Power of Attorney: Allows another person to carry on your financial matters as if you’re doing it yourself

  • Medical Power of Attorney: Gives another party the right to make sure that you get proper medical treatment

  • Living Will: Gives directions for your comfort, medical assistance and final wishes

  • Will: Directions on how your assets and property should be divided


Changes to elder documents

Changes to Elder Documents

  • Can be made at any time prior to someone losing the capacity to make informed decisions

  • You can change anything you want to reflect your wishes

  • Help you or your family if you become incapacitated


Financial exploitation of the elderly

Financial Exploitation of the Elderly

  • Likely perpetrators are close family and friends or strangers through the phone and internet


Programs to help the elderly

Programs to Help the Elderly

  • Illinois Identity Theft Hotline: 1-866-999-5630

  • Illinois Elder Abuse and Neglect Act 320 ILCS 20/1 et seq.

  • Illinois Elder Abuse Provider Agencies that service specific areas of the state: http://www.state.il.us/aging/1directory/elder_abuse.pdf

  • B*Safe Program: Illinois State program that provides training to bank employees to detect irregular financial activity in accounts owned by the elderly


Marriage divorce the financial impacts barbara a riley

Marriage & Divorce: The Financial ImpactsBarbara A. Riley


Marriage divorce the financial impact

Marriage & Divorce: The Financial Impact

Barbara A. Riley

The Law Offices of Burton A. Brown

205 W. Wacker Dr., Suite 922

Chicago, IL 60606

(312) 236-5582


Marital property presumption

Marital Property Presumption

  • In Illinois, it is presumed that all property acquired during the marriage, regardless of title, is marital property

  • Marital property is subject to equitable allocation


Examples of marital property

Examples of Marital Property

  • Home

  • Pensions

  • Investments

  • Lawsuits

  • Stock Options

  • Workers compensation benefits

  • Business Property


Exceptions to marital property

Exceptions to Marital Property

  • Gifts or Inheritance

  • Property acquired after a judgment of legal separation

  • Excluded by Agreement of the parties

  • Increase in value of non-marital (subject to reimbursement

  • Income from non-marital sources


Closely held businesses

Closely Held Businesses

  • Courts seldom award a percentage of a closely held business to each spouse; it will generally be allocated entirely to one spouse. The other spouse will receive other marital assets to offset his or allocable share of the business

  • The fairness of the percentage allocation therefore depends on the accuracy of the valuation of the closely held business and upon the valuations of the offsetting property

  • For the most part, property should be valued as of the date of the entry of judgment or the date of the trial


Business s uccession planning burt brown

Business Succession PlanningBurt Brown


Will your business survive you

Will Your Business Survive You?

Burton A. Brown

The Law Offices of Burton A. Brown

205 W. Wacker Dr., Suite 922

Chicago, IL 60606

(312) 236-5582


What will happen to your business

What Will Happen to Your Business…

When you retire?

If you become disabled?

When you pass away?


Questions you need to ask yourself

Questions You Need to Ask Yourself

When do I (we) want to leave the business?

How do I want to leave the business?

To whom do I want to gift, or sell the business?

How do I fund the transfer?

How do I avoid family disputes?


It s all about

It’s all about…

Control

Choice

Continuity


A written buy sell agreement

A Written Buy-Sell Agreement

Protects Remaining Owners and Your Heirs By Addressing:

Who will buy/sell?

When will they buy/sell

At what price will they buy/sell?


Ensure the funding for your buy sell

“Ensure” the Funding for Your Buy-Sell

Pay for out of business cash flow

Management or family can borrow the funds

Your company can save for it

You can arrange to buy the business interest under an installment basis

You can acquire life and disability insurance coverage


Death of an owner

Death of an Owner

Benefits of Life Insurance:

Provides the cash needed immediately

Prevents drain on business profits

Helps to quickly turn a non-liquid asset into a liquid asset

The policy’s death benefit can be designed to increase over time to reflect the growth of business


Death of an owner1

Death of an Owner

Benefits of Disability Income Insurance:

Minimizes impact to the bottom line

Can be used to help replace a portion of the disabled owner’s salary or purchase his interest

Disabled partner will likely continue to draw salary or K-1 income

Can be used to pay overhead and expenses


Buy sell agreements

Buy-Sell Agreements

Redemption

The business itself is the buyer

Cross Purchase

The owners buy from each other directly

Between two or more owners

Unilateral Purchase

Between the owner and a key employee or family member in business


Benefits of a funded buy sell

Benefits of a Funded Buy-Sell

Assures the Business is transferred at fair market value!

It also

Ties key people to the business

Helps promote competent successor management

Provides employees with job security

Allows you to exit with maximum profitability

Provides a foundation for continued success of business


Where do we go from here

Where Do We Go From Here

We will help DEFINE your wishes

We will help DEVELOP “choices” for you

We will help IMPLEMENT the strategy to protect your business


Bad health can lead to bad judgment and lawsuits bob difiglio

Bad health can lead to bad judgment and lawsuitsBob Difiglio


Kendall college school of business

TIME FOR YOUR QUESTIONS…

  • Civil unions

    • Elder law

      • Marriage and divorce

        • Succession planning

          • Health at Work


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