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When you hear “estate planning,” you probably first think of a will. Estate planning actually encompasses a wide range of financial, medical, and business issues. Wills are just one of many tools that we use to help resolve these issues and enforce your wishes when you are unable to make them known. Below are some of the most common legal issues that are addressed in estate planning. To discuss your specific situation with a Chicago estate planning lawyer, contact Malman Law directly.
A will is one of the most common tools used in estate administration. It usually deals with the disposition of your property after your death. A will can make specific grants of particular pieces of property, or it can make general provisions for ownership or cash gifts. A will can also nominate a person to serve as the administrator of your estate. This person will be responsible for settling your debts and distributing your property in accordance with your wishes. This person will also have to answer to the probate court and can be removed from the position if he or she abuses the authority of an estate administrator.
A trust can also be used instead of, or in addition to, a will. A trust is a legal entity in which a grantor places specified property in the care of a trustee. The trustee must manage these assets for specified beneficiaries, and distribute them in accordance with the grantor’s written instructions.
A trust can be used to avoid the time and expense of probate administration. If your assets are already in a trust, or if they automatically enter into a trust upon your death, then the trustee has the authority to manage these assets without the authority of the probate court. A trust can also offer certain tax benefits. Your estate planning attorney will help you determine if your goals are best met by using a will, a trust, or both.
Estate planning can also address circumstances before your death. In many cases, a patient may become incapacitated, but not actually die. Incapacity can result from a medical condition (such as being in a coma) or a mental condition (such as suffering from Alzheimer’s). You can plan for these circumstances by executing a power of attorney while you are competent to do so.
A power of attorney grants the authority to make decisions on your behalf. The power can cover financial decisions, medical decisions, or both. It is usually advisable to clearly state exactly what authority you grant to your proxy. It is also advisable to make your wishes known so that your proxy knows what decisions you would have made if you were able to do so. This can be done in a document such as a living will (which specifies the medical procedures you do and do not want to have performed in the event you are incapacitated).
A medical power of attorney is usually valid for as long as you are incapacitated. If you regain the ability to make decisions (for example, by waking up from a coma), the power of attorney will no longer apply. But in circumstances where the incapacity is likely to persist (such as dementia cases), the power of attorney can apply more broadly, and it may be difficult to prove that you are actually competent to make decisions about your own health care. This is why it is important to select someone you trust to act as your attorney in fact.
Transferring property through a will can subject it to probate taxes at the time your estate is administered. These tax obligations might be mitigated (though usually not removed entirely) by the use of a trust. But a trust is not right in every situation. It is important to consult with an experienced estate planning lawyer to discuss your specific estate and tax goals. You can meet your goals with appropriate estate planning, but you must use the right estate planning tools for your situation.
If you have an ownership interest in a business, this too, can pass to your estate. It is important to plan for this transfer in order to allow continued business operations after your passing. A person who has knowledge of the business should be selected to vote in your stead or make management decisions. Meanwhile, your financial interests (such as stocks or profit-sharing) should be clearly allocated in valid estate planning documents.
They area very helpful and when it come to getting things done with your case I had the pleasureof working with Jason Kellerman he was awesome I highly recommend them.
- Britany Weaver
I’m very pleased to recommend Malman Law to my friends and relatives! I have to mention how efficient and professional in dealing with my case has been with everyone that I’ve been in contact with at Malman Law. Mrs. Sabo is outstanding as well as her secretary and assistant in responding quickly to any of my questions or concerns. This firm has gone above and beyond to keep me updated and get answers to my questions at any time, weekends included! Malman Law rules in my opinion!
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I’ve been knowing about this Law firm for many years through friends, referrals & advertisements , never I thought I would need their services , because I believed things & situations don’t happen to me like this , long story short I was in situation that I needed help & advice!!! The right direction , I connected with the Firm & a very patient , understanding professional woman by the name of Margie assisted me in what I needed 🙂 Thank you I will refer as I was as referred as well This firm really does care !
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I was rear-ended by a semi-truck on my way to work. I was transported to the hospital and my car was totaled. In the aftermath, Dan Petrich and Anna Schmidt from Malman Law helped me get set up with physical therapy and negotiated with the insurance companies to make sure the resulting settlement would cover my medical bills and a rental car until I could get a new car. I would highly recommend their services.
would do everything they could for me.
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I contacted Malman Law go my work injury. So professional from my first phone call. Mr. Malman’s investigator, Dan, came right out to our home. Everything was explained in detail so I know what to expect during this process. I certainly recommend anyone ever in need of a personal injury lawyer to call Malman Law. Truly the best!! Thanks everyone!
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Attorney Greg Lamorena was my lawyer when I slipped and fell. He kept me updated throughout the case and was always available to talk when I had questions. He is a great lawyer and could not be happier about my settlement!
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Alexis was the attorney on my case! She kept me in the loop about everything with my case. If I had any concerns I was able to contact her and she’ll answer my questions right away. If your interested in working with Malman Law I would highly recommend Alexis she was GREAT. I would highly recommend Malman Law if you’re ever in need!
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They are so efficient and professional.Always available to help.Attoney Boyer was great and very good with my case.I really appreciate mailman law firm. I gave them 5 star because there is nothing higher.
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I have had an amazing experiences with Malman law so far. From the start Dan was super easy to work with, got me the medical attention I needed and fast. Couldn’t ask for better communication. Neil Kilcoyne has been nothing but the best I could not recommend a better attorney. Malman Law is a 10 out of 10 law firm.
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Hi I just want to acknowledge Jay McCarron, Kelly & the Firm at Malman Law for representing me as they continue to work on my case. Thanks for keeping me updated & responding quickly to any of my questions or concerns. I would Highly recommend you and your firm to friends & family. E. P.
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Adam Meadow acted as the attorney for a family member who was in a car accident. He was highly personable and actively listened to our issues throughout the litigation process. He was able to get us a settlement for the repairations of the accident. We would recommend their services!
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Excellent customer service and great experience. Malman law handled the whole process and it was very smooth. The settlement was a great success. I would choose malman law again in the future.
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Helped me out of a big jam when my auto was hit twice when and the other drivers had no insurance. Adam Meadow is the only Lawyer I will call for helping me an my daughter.
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I cannot give enough praise to the team at Malman Law, for helping with my case . My children were involved in a auto collision and the attorney Adam along with his paralegal Michelle worked diligently until the matter was resolved and my entire family was happy. I would definitely recommend Malman Law for anybody going through legal troubles.
- Adrian Lopez
A close friend recommended me to Malman Law. I currently have a case with them due to a car accident I had and ever since the accident they have been taking care of everything for me without me having to worry about anything. They took care of the medical bills & helped me get physical therapy right away. I highly recommend them.
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Bella Feinstein, Jason Kellerman, and Terry Davey, have been instrumental in helping me though many difficult situations. Not only did they work to get my mom a settlement, they have continued to help me through the legal process of relocating my mom to a different state. I’m very grateful for their hard work and good advice.
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- Jeff Walker
Mr. Kellerman of Malman Law shows compassion for his clients. Returns calls and emails promptly, takes time to listens to his clients and gather facts accordingly.
- Steve Acosta
Everyone at Malman Law made me feel welcomed and heard. My lawyer, Adam Meadow, as well as staff kept me up to date and were more than happy to do so! I would highly recommend their services. Also- a plus is many employees are fluent in Spanish. My experience was easy and worthwhile.
- Adrianna Gomez
Dan Petrich was the best man for my case of falling through my porch of a apartment I rented. He made sure I got what I deserved not only $ wise but medical wise and that my hospital bills and Dr bills were left at a $0 balance before closing my case. I was definitely happy and glad I choose him. Thank you. 5 stars
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Steve Malman helped me with my auto case. He quickly responded and answered any and all the questions I had. My case was a success as well as 2 other family members I recommended to him won their cases as well. Definitely a 5 star!
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Malman Law is definitely professionals and skilled at what they do. Mr. Adam Meadow always kept me informed and never hesitated to answer my questions and was open to hearing my concerns. Wouldn’t think twice about referring them to family and friends. Thank you to all at Malman Law!
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So glad I contacted malman law regarding my accident. Professional and caring. Thank you Mr Malman. I most definitely recommend to anyone if you need the best to call Malman Law!!!
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I really appreciated and enjoyed Yennin Calderon’s service. I called asking questions and she was so helpful. Not only did she answer all my questions and concerns. It was also a bonus that she was bilingual in Spanish! Loved the warmth she brought. Thank you!
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My experience with Malman Law was great. I worked with Attorney Tiffany Alberty and her assistant Margie. Both communicated what was going on with my case, explained next steps and got my case to resolved early. I would highly recommend Malman Law.
- Ashley Jenkins
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2 years ago I was involved in a trucking accident involving a 14-wheeler truck that nearly disabled me for life. Steve fought to make sure that I received the most possible compensation for my injuries. I was about to take the insurance company’s lowball offer, but decided to call Steve first – it was the best decision I’ve made yet
NOAH TAFFELPersonal Injury Victim