Lesser Lutrey Pasquesi & Howe, LLPLesser Lutrey Pasquesi & Howe, LLP2026-08-30T17:40:25Zhttps://www.llphlegal.com/feed/atom/WordPress/wp-content/uploads/sites/1301773/2021/01/cropped-site-icon-image-lesser-32x32.pngOn Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Can heirs challenge a family business valuation in probate?]]>https://www.llphlegal.com/?p=495152026-08-30T17:40:25Z2026-08-30T17:40:25ZWhen a parent dies owning a family business, the value placed on it shapes what every heir receives. If one sibling ran the business and controls its books, other heirs may question whether the estate's number reflects its true worth. Probate lets heirs challenge a valuation within limits, and knowing them helps you decide whether raising the issue is worth it.
Grounds for challenging a family business valuation
Not every disagreement over price is a legal basis for a challenge. First, you generally must be an interested party, such as an heir or beneficiary, before a court will hear you. Beyond that, you need a real reason to question the figure.Common grounds include a valuation prepared by someone with a conflict of interest, an appraisal that ignored key assets like goodwill or a value set by the person who hopes to buy the business. Fraud or a clear breach of the executor's duty can also apply, though hard to prove.
Valuation methods that can produce different results
Business valuation is not a single formula. Appraisers rely on several approaches, and each can point to a different number. An income approach weighs earning power, a market approach compares sales of similar businesses and an asset approach measures what the company owns.A thorough appraisal may combine two or three of these methods rather than rely on one, which is why two honest experts can reach different figures. An executor who chooses the lowest approach gives heirs reason to look closer.
Financial records that can reveal valuation problems
The strength of a challenge usually rests on the company's records. Tax returns, profit and loss statements and balance sheets show whether reported earnings match reality. Large owner salaries, unusual expenses or assets left off the books can all depress a value. Comparing the appraisal against these records can expose gaps worth raising.
Independent appraisals that can support another value
One effective way to contest a figure is an independent appraisal. A qualified appraiser with no stake can review the records and prepare a competing valuation. When two credible appraisals diverge widely, that gap itself becomes evidence. Courts tend to favor appraisers who explain their methods and support conclusions with facts.
Probate options when heirs and the estate disagree
If informal talks stall, probate offers formal paths. You can object to the estate's inventory or accounting, ask the court to order a new appraisal or petition for supervised administration so a judge oversees the executor. These matters fall under beneficiary and fiduciary disputes, where each side presents competing evidence. Deadlines apply, so acting promptly matters.
Practical considerations before pursuing a valuation challenge
A challenge is not free. Litigation costs money, takes time and can strain family ties that may already be fragile. Weigh the likely gain against the expense and stress before moving ahead. A modest gap may not justify a fight, while a large or clearly manipulated undervaluation often will.
Your next step when the value looks off
A family business is often the largest and most personal asset in an estate, so its value is worth getting right. If the figure feels wrong, request the estate's inventory and appraisal, then have those documents reviewed before any objection deadline passes. Acting early keeps your options open and clarifies your choices.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[The advantage of a springing power of attorney ]]>https://www.llphlegal.com/?p=495132026-08-28T16:02:55Z2026-08-28T16:02:55ZA power of attorney is an important part of an estate plan because it identifies certain individuals who can make decisions on another person's behalf. A power of attorney can often address legal, financial or medical decisions.For instance, someone could have a medical emergency. They are still alive, but they are incapacitated in the hospital. It is impossible for them to communicate with their medical team. Because those medical care providers still need to make important decisions, the power of attorney identifies the agent that they should work with. When that agent makes a decision, the medical team should treat it as a decision made by the patient themselves.Typically, no one else will have the legal ability to make these types of choices, so having the power of attorney in place in advance helps to keep the process moving forward and gives guidance to those involved.
The role of incapacitation
A springing power of attorney is important because it ensures that a person does not give up any of their rights or decision-making abilities just by drafting the document and identifying their agent. They have chosen the person in advance, but that person cannot step in and make decisions immediately.Instead, the POA only goes into effect if it is determined that the person has become incapacitated. This is when they actually need the agent to act on their behalf. That triggers the document, shifting the legal power for crucial decision-making to another individual and helping the process move forward.It is important to remember that estate planning is about more than just assets. It also needs to address future medical care. A power of attorney is just one way to do this, and it is important to understand what legal options you have when drafting your estate plan.
]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[A disinheritance can lead to estate disputes]]>https://www.llphlegal.com/?p=495122026-08-13T03:34:54Z2026-08-13T03:34:54ZThere are many potential reasons for estate disputes, which can lead to litigation. Beneficiaries and family members may not agree on how an estate should be addressed or what was actually intended in the estate plan.
One example is if a specific beneficiary has been disinherited. This could be someone who was previously included in the will, or it may be a direct relative. Two siblings may be left an inheritance, for example, while the third sibling is left nothing.
Lack of identification
When someone wants to disinherit a beneficiary, it is often best for them to directly name that person in the estate plan. But people sometimes make the mistake of just leaving the individual out, thinking that giving them nothing in the will is enough to disinherit them. This lack of identification can lead to certain issues, such as if they claim the elderly person lacked the testamentary capacity to write the estate plan and simply forgot to include them, rather than intentionally disinheriting them.
Undue influence
Another potential issue could be if the beneficiary who is left out claims that there was undue influence by other beneficiaries. If their inheritance was taken away and given to a sibling, for example, they may claim that the sibling manipulated their parent.
What if there is a no-contest clause?
A no-contest clause may be used and can avoid some types of estate litigation, but not always. It usually just applies to an unsuccessful challenge. Someone could still contest the estate plan because the no-contest clause itself was included through undue influence, for example, and that clause may not be upheld if their challenge was successful.All of this can create a rather complicated legal situation as the estate goes through probate, so it is very important for those involved to understand all of their legal options.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[3 benefits of irrevocable trusts]]>https://www.llphlegal.com/?p=495102026-07-31T02:21:45Z2026-07-31T02:21:45Zthree benefits to consider.
Reducing estate tax
Because an irrevocable trust owns the assets and cannot be changed, it can be used to lower the value of an estate. This can be beneficial when facing estate taxes. If the value of someone’s estate reaches over the tax threshold, being proactive about transferring assets into an irrevocable trust can lower the value of their personal estate and ensure that the money is actually passed on to their family, rather than paying out a higher percentage in taxes.
Protecting assets from creditors
An irrevocable trust can also be beneficial when looking to shield assets from specific creditors. Once again, it is an issue of ownership. The trust itself owns those funds, so creditors may not be able to come after them, even when they can file a claim with the estate.
Addressing Medicaid eligibility
Those who are considering their eligibility for Medicaid benefits need to consider the value of their estate as it pertains to their means. A person may otherwise be required to spend down their assets before they would qualify for benefits. Moving those assets into an irrevocable trust helps them pass the means test without forcing them to directly spend the funds.
If you are interested in using a trust in your estate plan, carefully consider the different types of trusts you can use and the legal steps you will need to take to do so.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[What should you include in your estate plan?]]>https://www.llphlegal.com/?p=495092026-07-20T21:33:46Z2026-07-20T21:33:46ZWhat happens to your assets after you pass away? This question is often decided by your estate plan. An estate plan is a legal arrangement that allows you to decide how your assets are distributed after you pass away.
There are several important documents in an estate plan. Here is what you should know:
What is a will?
The most common legal document of an estate plan is the will. A will allows you to name beneficiaries. Beneficiaries can inherit assets from your estate. You can name a spouse, children, grandchildren, friends and colleagues as beneficiaries. You can also use a will to name an executor of the estate. The executor is responsible for managing your assets after you pass away and distributing them to beneficiaries.
What is a trust?
If you want to protect your assets from disputes, estate taxes and debt collectors, you may want to consider drafting a trust. A trust allows you to put your assets in the name of a trustee. The trustee is responsible for managing your assets and distributing funds to your beneficiaries. There are different kinds of trusts that allow you to design when and how assets are distributed.
What is a power of attorney?
Your estate plan can include a power of attorney. A power of attorney can be responsible for your health if you become incapacitated. You can allow your power of attorney to control your medical care and financial matters on your behalf.There is much more you can add to your estate plan. You can reach out to professional legal guidance to learn more about how an estate benefits you and your loved ones.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Estate planning essentials for unmarried long term partners]]>https://www.llphlegal.com/?p=494412026-07-06T18:59:53Z2026-07-06T18:59:53ZProtection if you become incapacitated
All adults should designate someone to have power of attorney (POA) to handle their finances and oversee their medical care if they become incapacitated. If you want that to be your partner, putting the appropriate documents in place will save them the trouble of having to go to court to get POA and perhaps face disputes from family members at an already-difficult time.
It’s also important to have a living will to detail your wishes for end-of-life care and to name your partner to act as your health care agent. By codifying your wishes, they and your medical team will know what you want even when you can’t speak for yourself.
Designating the inheritance of your assets
If you want your partner to inherit any of your assets, you need to codify that in a will or trust. Every adult should at least have a will in place. If you die without one (known as “dying intestate”), state law determines who inherits your assets. Surviving spouses and children (if there are any) have primary inheritance rights, with other relatives next in line if someone leaves no surviving spouse or children.
However, Illinois intestacy law doesn’t recognize non-familial or non-marital relationships. Therefore, your partner could potentially end up with none of your assets if you died intestate.
There are other estate planning steps you can take like adding titling accounts and other property as joint tenants with right of survivorship (JTROS) or adding transfer-on-death (TOD) designations. You can name beneficiaries directly on your retirement and other investment accounts.
If you and your partner want to ensure that the bulk of your assets (or even selected ones) pass to the other after you’re gone – and that you can make decisions for one another in the event of incapacitation – you each need to do some careful estate planning to codify your wishes. Every situation is highly unique. That’s why experienced estate planning guidance can make all the difference in protecting your future.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Understanding conflicts of interest for trustees]]>https://www.llphlegal.com/?p=494302026-06-29T16:00:32Z2026-07-03T15:56:46ZSituations that may create a conflict of interest
As a trustee, you may need to make decisions that involve your financial interests or your relationship with the beneficiaries. Some of the most common situations include:
Buying property from the trust or selling your own property to the trust
Managing a family business owned by the trust while also serving as an owner or executive
Giving one beneficiary greater access to information or distributions without a valid reason
Using trust property, such as a vacation home, for personal purposes
Hiring your own business or a close family member's business to perform work for the trust
None of these situations automatically violates your fiduciary duties. However, they can lead to disputes if beneficiaries believe your decisions favored your interests instead of the trust's interests.
Practices that can reduce the risk of disputes
If your decisions later come under review, your records and the steps you took before acting will matter. Trustees commonly demonstrate that they are fulfilling their responsibilities by:
Maintaining complete financial records
Keeping trust assets separate from personal assets
Communicating with beneficiaries as required by the trust and applicable law
Documenting major decisions involving trust assets
Obtaining independent appraisals before selling or purchasing trust property
Following the trust's terms throughout the trust administration process
These practices create a record of how you managed the trust and why you made important decisions. They also show that you considered your responsibilities at every stage of the administration process.
Why conflicts of interest can lead to litigation
Many trust disputes begin when beneficiaries believe a trustee acted for personal benefit instead of carrying out the trust's purpose. Those claims may involve property transactions, unequal treatment of beneficiaries, business decisions or the use of trust assets.
Serving as a trustee does not require you to avoid every situation that could raise concerns. It does require you to recognize potential conflicts and handle them in a way that stays consistent with the trust document and applicable law. Looking at each decision through that lens can help you carry out your responsibilities while reducing the risk of future disputes.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Posthumous donations can reduce tax obligations]]>https://www.llphlegal.com/?p=494292026-06-24T09:27:16Z2026-06-24T09:27:16ZBoth income taxes and estate taxes can affect what people inherit. An estate may need to pay the taxes owed by the person who died, as well as estate and income taxes incurred during estate administration.
Heirs and beneficiaries do not receive the entirety of their inheritance until the personal representative has identified and addressed taxes, debts and other financial obligations owed by the decedent or the estate itself. Planning well in advance can help people with substantial resources and dependent family members ensure that their loved ones receive an appropriate inheritance with minimal losses to tax authorities.Strategic charitable giving can be one tactic to reduce tax obligations.
Posthumous giving is a common practice
Individuals who have benefited from social support systems, such as college scholarships, may want to give back to their communities after they die. They may contribute to existing nonprofits. Some even arranged to create stand-alone scholarship funds or charitable trusts.Charitable giving integrated into an estate plan can theoretically helpreduce the income taxes owed by the person who died, which becomes the responsibility of their estate. Charitable giving can also reduce the overall value of the estate, which can reduce the estate tax rate that applies or eliminate the need to pay estate taxes completely. A tax planning strategy often requires multiple different tactics that rely on a variety of different legal documents.Those concerned about their end-of-life income tax obligations or posthumous estate tax responsibilities may want to work with a professional to create a plan in advance. Estate planning strategies that leverage charitable giving as a means ofreducing tax obligations can help testators ensure their beneficiaries or heirs receive as much as possible from their estates.
]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Who pays for a lawyer if people try to remove an executor?]]>https://www.llphlegal.com/?p=494282026-06-09T10:49:53Z2026-06-09T10:49:53ZThe estate often covers all probate expenses
Beneficiaries or heirs who bring a lawsuit against a personal representative may ultimately only reduce what they inherit. If the courts rule that the personal representative fulfilled their responsibilities in good faith and do not remove the personal representative, then the estate is typically responsible for covering the cost of litigation, including the attorney fees incurred during the personal representative’s legal defense.
In scenarios where the courts determine that a personal representative acted in bad faith and engaged in misconduct that warrants their removal or an order of restitution to reimburse the estate for losses, then the personal representative may be directly responsible for covering their own legal fees. Most personal representatives can secure legal guidance without using their own money.
Personal representatives trying to fulfill their estate administration duty can count on having access to legal support without paying out of pocket in most cases. Working with a lawyer can minimize a risk of liability that comes from estate administration and can help personal representatives defend their actions during probate litigation.]]>On Behalf of Lesser Lutrey Pasquesi & Howe, LLP<![CDATA[Trustee misconduct: Warning signs beneficiaries should watch for]]>https://www.llphlegal.com/?p=494272026-06-01T18:54:27Z2026-06-01T18:54:27ZThe role of a trustee
A trustee is responsible for managing the trust’s assets, which may include:
Handling investments
Paying any bills and taxes
Distributing the assets according to the trust document's terms
Keeping accurate records
Trustees have a fiduciary duty to the beneficiaries, which means everything they do regarding the trust must be in the beneficiaries’ best interests, and they must act honestly, loyally and prudently at all times. If a trustee violates these duties, then the beneficiaries may have grounds to challenge the trustee’s actions in court.
Red flags
Every situation is different, but some common warning signs may indicate a trustee is failing in their obligations. One of the biggest red flags is the lack of communication between the trustee and beneficiaries.
Beneficiaries are generally entitled to information about the trust. If the trustee consistently ignores requests for updates or withholds important documents, it could be the trustee’s attempt to conceal mismanagement.
Part of being a trustee involves maintaining detailed records of trust income, expenses, investments and distributions. Beneficiaries have the right to request an accounting. If the records are incomplete, inconsistent or unavailable, they need to take the situation seriously.
What is self-dealing?
One of the most serious forms of trustee misconduct is self-dealing. This occurs when a trustee uses the trust’s assets for their own personal gain rather than acting in the beneficiaries’ best interests. Examples include:
Using trust funds for personal expenses
Selling trust property to themselves or relatives below fair market value
Favoring one beneficiary unfairly
Beneficiaries who suspect trustee misconduct should not ignore the warning signs. Early action may prevent further harm. Discussing the situation with a legal professional can help them to evaluate the situation, review their options and pursue legal action to protect trust assets.]]>