Patrick D. Coen

Mr. Coen graduated cum laude with a B.A. from the University of Notre Dame in 1973, attaining his Juris Doctor from the University of Illinois in 1976. Mr. Coen was admitted to the Illinois Bar and U.S. District Court for the Northern District of Illinois 1976. He has remained a fierce advocate for the citizens of northern Illinois for almost 40 years in the areas of corporate, municipal, employment and estate planning law.

In addition to his vast legal expertise, Mr. Coen is active in the local legal and non-profit community.  He served as president of the Lakeside Legacy Foundation Board of Directors from 2013 to 2015.  The Lakeside Legacy Foundation is a non-for-profit whose mission includes promoting of art and preservation of the Dole Mansion and Lakeside center. Further, from 2002 to 2006, Mr. Coen served as president of the Board of Directors for Home of the Sparrow, non-for-profit corporation for assisting homeless women and children.  Mr. Coen also served as President of the McHenry County Bar Association from 1989 through 1990.

 

AREAS OF PRACTICE

 

BUSINESS SUCCESSION PLANNING VIDEO BLOG ARTICLES

 

How Long Does it Take to Create a Business Succession Plan?

Excerpt: “Well oftentimes what we want to do to start the program is to bring people together and that means not only the business owner but his spouse and adult children and may be key employees and have a sit down of what are your expectations?”

Divorce, Business Succession Planning

Excerpt: “Oftentimes the triggering events for a business include involuntary distributions. And again, an involuntary distribution may be in fact a divorce situation whereby that stock is a marital asset and as a marital asset that is subject to a court’s distribution to the couple.”

Succession Planning for the Business Owner, Insurance

Excerpt: “So life insurance can take various forms. There is whole life insurance and that has a residual value. There is term insurance which is insurance that basically only lasts for a certain term and there are various hybrids which mix both types of insurance.”

Succession Planning for the Business Owner, Buy/Sell Agreements, Discounts, Estate Taxes

Excerpt: “There is another means of transferring the ownership and those are through buy/sell agreements or redemption agreements.Those are agreements that oftentimes uses insurance to help fund the bottom line.”

Succession Planning for the Business Owner VIDEO

Excerpt: “Hopefully in the life of a business owner, it has grown to be a success and the problem that that business owner then has is how do I pass that asset on to those I want it to go to? And they are peculiar problems in business succession because the businessman is faced with the inevitable – when I am gone what do I want to have happen to my business?”

Why We are the Right Partner for Business Succession Planning

Excerpt: “Our concentration is a small business owner in McHenry County and fortunately our practice has grown as the county has grown because McHenry County is home to a lot of small businesses and those small businesses usually start out as sole proprietorships and grow over time.”

 

MEMBER ASSOCIATIONS

McHenry County Bar Association

Illinois State Bar Association