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IP-driven organizations are often turnaround targets in today's uncertain economic environment. Our IP team understands that for buyers of distressed IP assets two objectives are paramount: avoiding successor liability and insulating themselves from prior claims. Our firm’s lawyers also know how to identify, evaluate and realize the untapped value of intellectual assets, using a process that includes:
- developing a complete IP inventory
- analyzing the strengths and weaknesses of each IP asset, including consideration of the associated legal rights
- prioritizing the sale of IP assets and managing the licensing strategy to generate the most cash flow at the earliest moment, without threatening the core business
- managing the sale and licensing process to achieve an orderly series of transactions
Alternatively, if a distressed business actively out-licenses its IP, our team may recommend a royalty audit as the best way to recapture lost revenue. We collaborate with outside accounting professionals to execute royalty audits the right way at the right time.
Upon your death, what will happen to all of your hard-earned money? Our estate PLANNING PRACTICE can help you determine the best way to transfer your assets before and after death to ensure that the people you want to get your money receive as much as possible, in the exact manner you desire.
Every estate plan should include a will. If the value of the estate is small, then a simple will may suffice to transfer your assets. If the value of the estate is larger and real estate is involved, it is probably better to have your assets held in trust and have a pour-over will as a back-up. This can accomplish many different goals, such as avoiding probate, lowering estate taxes, and directing the distribution of your property upon your death. If you die with assets outside of the trust, the pour-over will directs the assets to pour into the trust and be distributed in accordance with the trust’s directions.
In an Illinois estate, if all the personal estate passed by the will has a gross value of less than $100,000, then a small estate affidavit can be used to transfer that property—but not real property—outside of probate. In an Indiana estate, this same procedure can transfer both personal property and real property outside of probate, if the net value of the entire probate estate is less than $50,000.
There are two basic types of trusts: revocable and irrevocable. A revocable trust can be altered during the life of the grantor (the person who creates the trust). The assets held in a revocable trust at the decedent’s death are subject to the estate tax. Conversely, an irrevocable trust generally cannot be altered after you create it. The assets held in an irrevocable trust at the decedent’s death are not generally subject to the estate tax.
For larger estates, our firm has experience in using valuation discounts and other tax-advantaged gifting strategies allowed by the Internal Revenue Service. We use specialized trusts and limited liability entities to accomplish this goal.
Executors and administrators
While our firm can help you develop an estate plan, we also assist executors and administrators in the probate process after a person dies. Probate is the judicial proceeding required to transfer title to the deceased’s heirs or beneficiaries under a will. If you are named as the executor by the terms of the will or would like to become the administrator of the estate of a family member who did not have a will, our firm can help you to become appointed by the probate court. We can also assist you in all subsequent probate court matters and procedures until the closing of the estate.
Our healthcare practice helps our clients manage the complex regulatory, commercial, and professional responsibilities of healthcare providers. The healthcare industry requires providers to navigate the labyrinth of state and federal regulation, insurance systems, and third-party payments.
Our firm has experience , negotiating physician employment agreements, advising about physician credentialing, physician licensing, and all aspects of malpractice risk management. We have expertise in all aspects of the regulatory requirements of health care providers including HIPAA, EMTALA, Stark I, and Stark II. Elder law and estate planning issues.
Our healthcare practice also includes the tax and business law aspects of the health care industry including medical and dental practice acquisitions and sales, medical and dental practice and clinic start-ups, and all related transactions.
When necessary, our firm is prepared to vigorously represent our healthcare clients by litigating, arbitrating, mediating, or negotiating any related disputes.