The WiLaw Connection: Quarterly Publication–April 2022
The Great Wealth Transfer and Its Implications on Estate, Trust, and Probate Litigation
On August 14, 1945, Life magazine photojournalist, Alfred Eisenstaedt, captured the spirit of the nation in his photo of a sailor embracing a nurse in New York’s Times Square. It was the end of World War II, and America was at the top of its game. Although the US had been late to enter the war, after the attack on Pearl Harbor on December 7, 1941, it was all-hands-on-deck. In his best-selling book, Tom Brokaw described the veterans and their peers as “the greatest generation.”

When the war ended, families reunited. Sweethearts got married and spent lots of quality time together. The birth rate—dubbed “the baby boom”—became exceedingly high. The children born in the years following World War II grew up in a period of economic prosperity. Many of the children of “the greatest generation” grew rich, far beyond their parents’ dreams. Decades later, Baby Boomers’ wealth is now shifting to younger generations in what has been referred to as The Great Wealth Transfer.

Setting in Place an Exit Strategy When the Time Comes and Minimizing the Potential for Conflict
Whether it’s in personal relationships or business, the old song is right: “Breaking up is hard to do.” Sure, you go into the company with starry eyes and big dreams, but you also must be a realist and know that things could go south quickly and unexpectedly—and splitting up can get ugly fast.

The best way to ensure a smooth transition when the time comes is to devise an exit strategy that will minimize the potential for conflict. A well-designed buy-sell agreement can act as your road map for how the business’s owners will act and respond in the case of certain triggering events. Think of it as a prenuptial agreement but in the business world, and keep your focus on the goal of making the breakup go as smoothly as possible.

Union Organization Is on the Rise
Recently, it seems like the stars have aligned in favor of unions. When President Biden was elected in 2020, a part of his workplace initiatives included the promotion of collective bargaining and the protection of employees’ rights to join and form unions. Then, a global pandemic struck, which made many employees reconsider and question their relationships with their workplaces and employers. In February 2022, the White House Task Force on Worker Organization and Empowerment released a report promoting the Biden Administration’s support for worker organization and collective bargaining by recommending, among other things, that the federal government use its “authority to support worker empowerment by providing information, improving transparency, and making sure existing pro-worker services are delivered in a timely and helpful manner.” Earlier this month, the National Labor Relations Board (NLRB) announced that union representation petitions filed with the Board between October 1, 2021 and March 31, 2022, had increased 57% over the prior six-month period. Additionally, unions have made major headlines recently with successful union elections at an Amazon fulfillment center on Long Island and multiple Starbucks locations.

Firm News
OCHDL Welcomes Attorney Nicole Beitzinger
Attorney Nicole M. Beitzinger, a graduate of Marquette University Law School, has joined the Estate and Succession Planning Practice Group of the firm. Nicole will assist clients in all matters relating to estate planning, succession planning, and trust and estate administration. She is licensed to practice law in both Wisconsin and Illinois. We are very pleased to have Nicole join OCHDL.

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