FAQ - What to do if You are a Party to Litigation

Name: Creativity + Precision | M&A Trial Lawyers | Brand Video
Uploaded: 2024-05-30T10:20:04-04:00
Description: Creativity + Precision | M&A Trial Lawyers | Brand Video

Innovative Illinois Commercial Litigation Solutions > FAQ – What to do if You are a Party to Litigation

FAQ – What to do if You are a Party to Litigation

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Firm Practice Areas

Business Litigation
Civil Litigation
Commercial Litigation
Construction Litigation
Personal Injury
Probate Litigation
Real Estate Litigation

$30,000,000

Business Restructured

Our client was a family real estate business held as a partnership. The family members were all married and did...

$30,000,000

Business Restructured

Our client was a family real estate business held as a partnership. The family members were all married and did not want the spouses of each partner to take over if one of the partners died. We created an LLC (Limited Liability Company) to protect the personal assets of each member from creditors and drafted a buy sell agreement which provided that upon the death of a partner the partner’s spouse could not own any part of the business, instead receiving a designated sum of money. To pay the spouse the partners purchased life insurance on each partner’s life. The value of the real estate holdings totaled approximately 30 million dollars at the time the agreement was drafted. The cost of the life insurance was prohibitive so we financed the life insurance. This allowed the business to continue to operate free of the premium costs of the life insurance. The interest rate on the loan for the premium payments has been 2.9 and the life insurance has earned in excess of 10% per year (to date). Within 12 years the partners will use the cash value inside the life insurance to pay-off the loan they received for the premium payments. A Win-Win for this family.

$5,000,000

Property Saved

Our client was a family real estate business held as a partnership. The family members were all married and did...

$5,000,000

Property Saved

Our client was a family real estate business held as a partnership. The family members were all married and did not want the spouses of each partner to take over if one of the partners died. Our client owned several farms outside of the Chicagoland area which when purchased in 2005, at the peak of the market, having values in excess of 5,000,000. The client took a loan for half the value of the property (Approximately 2.500,000). The loan was an interest only loan and our client made every payment in due course. In 2008 the bank appraised the farmland and its value had decreased to 1.5 million Despite the fact that the client owned other properties free and clear of any obligations we were able to negotiate a deed in lieu of foreclosure. Now while the client received a $1,000,000 forgiveness of debt, this debt was reported to the IRS. Having worked the deed in lieu of foreclosure agreement with the client’s CPA our client used the debt forgiveness to his advantage as he had tax losses to offset the forgiveness. A WIN-WIN for our client and his family.

$4,000,000

Failure to Diagnose Lung Cancer Case

A $4 million verdict in a failure to diagnose lung cancer case, resulting in death.

$3,000,000

Drowning Death Case

A $3 million verdict in a drowning death case of two family members who drowned in a hotel swimming pool...

$3,000,000

Drowning Death Case

A $3 million verdict in a drowning death case of two family members who drowned in a hotel swimming pool as a result of unsafe conditions, including improper demarcations and inaccessible lifesaving equipment.

$1,300,000

Nursing Home Neglect

A $1.3 million verdict in a nursing home neglect case for a resident who was a known fall risk and...

$1,300,000

Nursing Home Neglect

A $1.3 million verdict in a nursing home neglect case for a resident who was a known fall risk and who suffered a fall resulting in a dislocated hip, necessitating surgery. The resident subsequently formed severe pressure ulcers, leading to sepsis and death.

$1,200,000

Tax Savings

Our clients’ were two brothers who were the sole shareholders of a corporation with their main manufacturing plant in China....

$1,200,000

Tax Savings

Our clients’ were two brothers who were the sole shareholders of a corporation with their main manufacturing plant in China. Their concern was twofold. Preventing the spouse of either brother from becoming a partner (which would happen at death without an agreement) and how to fund the buy sell agreement to prevent such an occurrence. The value of business exceeded 5 million dollars but the bulk of the value was in the manufacturing facilities. We developed a concept of a Captive Insurance company, one for each brother, to provide the cash needed to buy out the other brother’s interest at death. The Captive Insurance Company allowed the brothers to insure against political unrest in China, loss of their assets in China and loss of their major supplier. An insurance company is allowed under the IRS Code to receive income up to 1.2 million dollars per year BEFORE they start paying corporate income taxes. The brothers had enough business revenue to fund the entire 1.2 million yearly (half in each captive) and now have developed the funds necessary to fund their buy-sell agreement.

$800,000

Trucking Accident Case

A $800,000 settlement in a trucking accident case for an elderly man who was struck while at the side of...

$800,000

Trucking Accident Case

A $800,000 settlement in a trucking accident case for an elderly man who was struck while at the side of the road, suffering fractured hip, broken ribs, and fractured arm.

$750,000

Nursing Home Neglect

A $750,000 settlement in a nursing home neglect case for a 77 year old woman who suffered a closed head...

$750,000

Nursing Home Neglect

A $750,000 settlement in a nursing home neglect case for a 77 year old woman who suffered a closed head injury, a broken right hip, right scapula fracture and multiple rib fractures.

$410,000

Medical Malpractice

A $410,000 settlement in a medical malpractice case for an 89 year old woman who developed sepsis and an unstageable...

$410,000

Medical Malpractice

A $410,000 settlement in a medical malpractice case for an 89 year old woman who developed sepsis and an unstageable pressure ulcer in a hospital. Her pressure ulcer became infected and required surgical debridement, and her injuries contributed to the cause of her death.

$368,000

Nursing Home Neglect

A $368,000 settlement in a nursing home neglect case for a 75 year old woman who suffered from and developed...

$368,000

Nursing Home Neglect

A $368,000 settlement in a nursing home neglect case for a 75 year old woman who suffered from and developed multiple pressure ulcers, which required surgical debridement and contributed to her death

$255,000

Nursing Home Neglect

A $255,000 settlement in a nursing home neglect case for a 91 year old woman who suffered dehydration, malnutrition, and...

$255,000

Nursing Home Neglect

A $255,000 settlement in a nursing home neglect case for a 91 year old woman who suffered dehydration, malnutrition, and the development of multiple infected stage IV pressure ulcers, all of which caused or contributed to her death.

$100,000

Lien Negotiated

Our client was a family real estate business held as a partnership. The family members were all married and did...

$100,000

Lien Negotiated

Our client was a family real estate business held as a partnership. The family members were all married and did not want the spouses of each partner to take over if one of the partners died. Our client had an outstanding obligation to the IRS in excess of 100,000.00 and he was in mortgage foreclosure. The client and his wife were professionals but the client has not earned enough money to pay himself and payroll taxes (hence the large debt to the IRS) It took us two years but the IRS debt was negotiated and the client worked out an installment plan. We assisted him avoid foreclosure by negotiating a loan modification with his lender.