A Chicago businessman left a legacy that could make a family proud. Starting a warehouse and distribution business in the 1970s, he had grown the operation to include more than 20 interrelated companies. But when he died with only emergency estate planning in place, his already complex affairs became tangled in a messy dispute. A partner in some of the businesses claimed an ownership stake in all of the companies. To make matters more challenging, his corporate lawyer predeceased him by a few months so there was no one to turn to help clarify the confusing web of corporate relationships.
Still mourning her loss, the deceased’s widow became the executor of his estate. LP stepped in to represent her and bring resolution to the emotionally charged matter.
Concerns and Issues:
What We Did
With the dispute with the former partner still unsettled, the deceased’s widow passed away, leaving executor responsibilities to the businessman’s daughter. LP immediately began working to educate the daughter on the issues at stake. Within months, LP had negotiated a 50-50 ownership agreement with the partner, and collaborated with all parties to develop of streamlined holding company structure and eliminate the ambiguities in the documentation that had triggered the dispute in the first place. The client is now in a position to focus on the future growth of the business that is building upon its past successes.