Answers to Frequently Asked Questions

Naperville small business and estate planning lawyer Denice Gierach has been assisting her clients with estate planning, business law, and tax law for more than 30 years. Below. Ms. Gierach answers some frequently asked questions related to probate and trust administration, wills, and general estate planning. She also addresses concerns related to business disputes, issues specific to family-owned and closely-held businesses, and the Gierach Law Firm’s outsourced general counsel service.

 

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All Estate Planning FAQs

          Estate Planning

          Probate and Trust Administration

          Probate and Trust Disputes

All Business FAQs

          Business Disputes

          Family-Owned Businesses

          Outsourced General Counsel

 

EP

Estate Planning

If I have a will, will my family need to do a probate proceeding in court?

If I have a living trust, will my family need to do a probate proceeding in court?

Why has my attorney not recommended a trust to me?

Will my money be tied up if I use a living trust?

If my assets are owned jointly with my spouse, do I still need a will or trust?

Is life insurance on my life taxable to my beneficiaries upon my death?

Are my IRA and 401k proceeds taxable to my beneficiaries upon my death?

Are there taxes on gifts that I make to my children? Do I get a deduction on my income tax return for gifts I make to my children?

Is there any way to make administration of my estate easier on my family when I die?

How is my business affected by my death?

How do I protect myself in the event that I become incapacitated?

Can my IRA be deferred after my death?

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Probate

Probate and Trust Administration

Is having a living trust expensive to create and maintain?

Who should I appoint to handle my estate?

Does the administration of an estate tie everything up for years?

What types of taxes will be due from my estate?

Will my family be able to get distributions from the estate or from the trust to live on?

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Prob

Probate and Trust Disputes

Can a will be challenged in court? What are the reasons a will can be challenged?

Can gifts made by the deceased be challenged by other beneficiaries of my estate after my death?

If my sibling is in charge of the estate and won’t give me information on the estate, do I have any options?

What if the will or trust is ambiguous, or if there are provisions lacking?

How do I find a good attorney to represent me in a probate or trust dispute?

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All Business FAQs

Top

Business Disputes

If I own 50% of the business, do I have the same power as my partner who owns the other half?

What if my business partner and I can’t agree on anything?

If my business partner and I can’t get along, can I take my portion and start my own business, or go work for the competition?

Do I have any control in the business if I own a minority interest in the business?

Do I have a right to receive a distribution of the profits in the business each year?

My partner has a larger salary and benefits than I–what can I do about it?

My partner does nothing but still gets a salary–how do I stop his salary?

I retired from the business; does the business immediately have to make a distribution to me for my interest in the business?

If I retire from the business, but am still a shareholder, what are my rights?

If a majority shareholder increases their compensation, do I have the right to increase my compensation as a minority shareholder?

The majority shareholder just sold his shares–do I have the right to get the same price for my shares and can I force that buyer to buy out my shares?

If I am a shareholder, do I have to be included in management meetings?

Will the shareholder or operating agreement solve all business problems?

How do I get access to company records if my partner won’t let me?

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Family Business Top

Family Owned Businesses/ Privately Held Companies

How do I keep the peace at home when there’s issues at the office of my family-owned business?

Who’s in charge of the business, as opposed to who is in charge at home?

How can I structure my business to create boundaries between family members’ duties at work versus those at home?

Do I need an organizational chart for my family business?

How do I fire my child?

What happens if my family can’t get along at the office?

What if one child wants to take the business in a different direction than the parents?

Who will succeed me as CEO of the business if I can no longer act or die? How do I make a succession plan?

How do I transition the business to the next generation?

What do I do when the next generation splits into various factions?

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Top

Outsourced General Counsel Program

Why do I need an Outsourced General Counsel? What should a General Counsel do?

Is the Outsourced General Counsel part of the business management team?

How does a General Counsel help ensure the company is in compliance with regulations?

Can an Outsourced General Counsel help manage the company’s Human Resources function?

Do we have a template library? Or do we need an Outsourced General Counsel to help?

Is an Outsourced General cost-effective?

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Estate Planning

If I have a will, will my family need to do a probate proceeding in court?

If I have a will, will my family need to do a probate proceeding in court?

Back to Estate Planning
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If I

If I have a living trust, will my family need to do a probate proceeding in court?

Back to Estate Planning
Back to Top
Why has

Why has my attorney not recommended a trust to me?

Back to Estate Planning
Back to Top
Will my

Will my money be tied up if I use a living trust?

Back to Estate Planning
Back to Top
If my

If my assets are owned jointly with my spouse, do I still need a will or trust?

Back to Estate Planning
Back to Top
Is life

Is life insurance on my life taxable to my beneficiaries upon my death?

Back to Estate Planning
Back to Top
Are my

Are my IRA and 401k proceeds taxable to my beneficiaries upon my death?

Back to Estate Planning
Back to Top
Are there

Are there taxes on gifts that I make to my children? Do I get a deduction on my income tax return for gifts I make to my children?

Back to Estate Planning
Back to Top
Is there

Is there any way to make administration of my estate easier on my family when I die?

Back to Estate Planning
Back to Top
How is

How is my business affected by my death?

Back to Estate Planning
Back to Top
How do

How do I protect myself in the event that I become incapacitated?

Back to Estate Planning
Back to Top
Can my

Can my IRA be deferred after my death?

Back to Estate Planning
Back to Top

 

Probate and Trust Administration

Is having

Is having a living trust expensive to create and maintain?

Back to Trust Administration
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Who should

Who should I appoint to handle my estate?

Back to Trust Administration
Back to Top
Does the

Does the administration of an estate tie everything up for years?

Back to Trust Administration
Back to Top
What

What types of taxes will be due from my estate?

Back to Trust Administration
Back to Top
Will my

Will my family be able to get distributions from the estate or from the trust to live on?

Back to Trust Administration
Back to Top

 

Probate and Trust Disputes

Can a

Can a will be challenged in court? What are the reasons a will can be challenged?

Back to Probate and Trust Disputes
Back to Top
Can gifts

Can gifts made by the deceased be challenged by other beneficiaries of my estate after my death?

Back to Probate and Trust Disputes
Back to Top
If my

If my sibling is in charge of the estate and won’t give me information on the estate, do I have any options?

Back to Probate and Trust Disputes
Back to Top
What

What if the will or trust is ambiguous, or if there are provisions lacking?

Back to Probate and Trust Disputes
Back to Top
How ?

How do I find a good attorney to represent me in a probate or trust dispute?

Back to Probate and Trust Disputes
Back to Top

 

Business Disputes

If I

If I own 50% of the business, do I have the same power as my partner who owns the other half?

Back to Business Disputes
Back to Top
What if

What if my business partner and I can’t agree on anything?

Back to Business Disputes
Back to Top
If my

If my business partner and I can’t get along, can I take my portion and start my own business, or go work for the competition?

Back to Business Disputes
Back to Top
Do

Do I have any control in the business if I own a minority interest in the business?

Back to Business Disputes
Back to Top
Do year?

Do I have a right to receive a distribution of the profits in the business each year?

Back to Business Disputes
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My it?

My partner has a larger salary and benefits than I–what can I do about it?

Back to Business Disputes
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My salary?

My partner does nothing but still gets a salary–how do I stop his salary?

Back to Business Disputes
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I business?

I retired from the business; does the business immediately have to make a distribution to me for my interest in the business?

Back to Business Disputes
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If rights?

If I retire from the business, but am still a shareholder, what are my rights?

Back to Business Disputes
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If shareholder?

If a majority shareholder increases their compensation, do I have the right to increase my compensation as a minority shareholder?

Back to Business Disputes
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The shares?

The majority shareholder just sold his shares–do I have the right to get the same price for my shares and can I force that buyer to buy out my shares?

Back to Business Disputes
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If I meetings?

If I am a shareholder in the business, do I have to be included in management meetings?

Back to Business Disputes
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Will problems?

Will the shareholder or operating agreement solve all business problems?

Back to Business Disputes
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How me?

How do I get access to company records if my partner won’t let me?

Back to Business Disputes
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Family Owned Businesses/ Privately Held Companies

How business?

How do I keep the peace at home when there’s issues at the office of my family-owned business?

Back to Family-Owned Businesses
Back to Top
Who’s home?

Who’s in charge of the family business, as opposed to who is in charge at home?

Back to Family-Owned Businesses
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How can t home?

How can I structure my family business to create boundaries between family members’ duties at work versus those at home?

Back to Family-Owned Businesses
Back to Top
Do business?

Do I need an organizational chart for my family business?

Back to Family-Owned Businesses
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How d?

How do I fire my child?

Back to Family-Owned Businesses
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What office?

What happens if my family can’t get along at the office?

Back to Family-Owned Businesses
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What parents?

What if one child wants to take the business in a different direction than the parents?

Back to Family-Owned Businesses
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Who plan?

Who will succeed me as CEO of the business if I can no longer act or die? How do I make a succession plan?

Back to Family-Owned Businesses
Back to Top
How generation?

How do I transition the business to the next generation?

Back to Family-Owned Businesses
Back to Top
What factions?

What do I do when the next generation splits into various factions?

Back to Family-Owned Businesses
Back to Top

 

Outsourced General Counsel Program

Why do?

Why do I need an Outsourced General Counsel? What should a General Counsel do?

Back to Outsourced General Counsel
Back to Top
 Is team?

Is the Outsourced General Counsel part of the business management team?

Back to Outsourced General Counsel
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How regulations?

How does a General Counsel help ensure the company is in compliance with regulations?

Back to Outsourced General Counsel
Back to Top
Can unction?

Can an Outsourced General Counsel help manage the company’s Human Resources function?

Back to Outsourced General Counsel
Back to Top 
Do help?

Do we have a template Library? Or do we need an Outsourced General Counsel to help?

Back to Outsourced General Counsel
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Is cost-effective?

 

Is an Outsourced General Counsel cost-effective?

Back to Outsourced General Counsel
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