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Stephen Frost is a business and estate planning lawyer who represents closely - held businesses and their owners, real estate owners, and high net individuals. Mr. Frost is also a certified Public Accountant.

Wealth Transfers

Designs and implements sophisticated wealth transfer strategies for business owners and high net worth individuals. In addition to basic estate planning vehicles, uses complex tax savings techniques such as discounted gifts, family limited partnerships, split interest trusts, irrevocable life insurance trusts, installment sales to intentionally defective grantor trusts, charitable trusts, and private foundations to meet a client's goals. Directs the preparation of gift and estate tax filings necessary to properly report such wealth transfers.  Works with clients to adopt effective asset protection strategies. Represents a family office for an ultra-high net worth family.

Trust and Estate Administration

Directs the administration of estates and trusts to achieve planned outcomes and maximize available tax saving opportunities. Works closely with families during the difficult period following a family member's death and supervises the transfer of assets in accordance with a decedent's plan. Supervises the ongoing administration of trusts (including charitable trusts) and private foundations. Assists clients in properly reporting such administration activities to the appropriate taxing authorities.

Business and Transition Planning

Advises business owners related to the organization, operation and transition of many types of closely-held businesses. Designs and implements workable strategies to transition the ownership of businesses. Works with clients to address control issues, tax planning strategies and buy/sell arrangements to ensure that each business can continue in accordance with an owner's wishes.

Organizational Planning

Advises clients regarding the use of limited liability companies and other flow-through entities in various business transactions. Advises transactional partners regarding the optimal structures for the acquisition or sale of existing businesses. Advises clients regarding the tax consequences of operating a business or owning an investment.

Estate and Gift Tax Compliance

Prepares federal estate and gift tax returns. Regularly provides estate, gift, generation-skipping transfer, and income tax reporting advice to high net worth individuals and their families. If a client is audited, Mr. Frost defends the client's positions before the IRS or any other applicable taxing authority.

Professional Background

Mr. Frost was profiled in the article, "West Suburban Estate Planner Exudes Competence, Commitment and Caring," in the October 2011 Leading Lawyers Magazine: Consumer Edition. He is a member of the Leading Lawyers Network and was selected by his peers as a Leading Lawyer in the areas of Closely & Privately Held Business Law; Tax Law: Business and Individual; and Trust, Will & Estate Planning Law.

Since 2002, Mr. Frost has been an adjunct professor at DePaul University Graduate School of Business, where he teaches estate and gift taxation. He has been a visiting professor at Vytautas Magnus University Law School in Kaunas, Lithuania, annually since 2009, where he teaches trust and partnership law.

Mr. Frost is a past leader of the firm’s Estate Planning Practice Group.

Professional Affiliations

  • Registered Certified Public Accountant, Illinois
  • Chicago Estate Planning Council, Member (1998–2007) and 2016–Present)
  • Illinois State Bar Association, Member (2016–Present)
  • Chicago Bar Association, Member (2016–Present)
  • Missouri Bar Association, Member (1981–2016)
  • DuPage County Bar Association, Member (2007–2015)
  • Leading Lawyer, (2003–Present)
  • Planning Committee, Illinois Institute for Continuing Legal Education ("IICLE") Estate Planning Short Course, 2016
  • Moderator, IICLE Estate Planning Short Course, Champaign, Illinois. May 2015
  • Planning Committee, IICLE Estate Planning Short Course, 2015
  • Planning Committee, IICLE Estate Planning Short Course, 2014
  • Planning Committee, IICLE Estate Planning Short Course, 2013
  • Moderator, IICLE Estate Planning Short Course, Chicago, Illinois, May 2012
  • Planning Committee, IICLE Estate Planning Short Course, 2012
  • Planning Committee, IICLE Estate Planning Short Course, 2011

Presentations

His presentations include:

  • "Step-up Basis Rules and Planning Techniques," Estate Planning: Portability, Basis, Income and Capital Gains, and More, live seminar, National Business Institute, Naperville, Illinois, August 2016.
  • "Portability Explained: Section 2010(c)(4) - Income Tax vs. Estate Issues," Estate Planning: Portability, Basis, Income and Capital Gains, and More, live seminar, National Business Institute, Naperville, Illinois, August 2016.
  • "Basis Computation: Partners and Shareholders of S Corporation and 754 Elections," 59th Annual Estate Planning Short Course, live seminar, Champaign, Illinois, May 2016.
  • "Basis Computation: Partners and Shareholders of S Corporation and 754 Elections," 59th Annual Estate Planning Short Course, live seminar, Chicago, Illinois, May 2016.
  • "Tax Planning and Reporting," Advanced Estate and Trust Administration, live seminar, National Business Institute, Naperville, Illinois, March 2016.
  • "Putting the Case to Rest: Closing the Estate," The Probate Process from Start to Finish, live seminar, National Business Institute, Chicago, Illinois, October 2014.
  • "Uncovering the Laws of Intestacy and How They May Apply," The Probate Process from Start to Finish, live seminar, National Business Institute, Chicago, Illinois, October 2014.
  • "Analyzing Financial Statements," Accounting 101 for Attorneys, live seminar, National Business Institute, Chicago, Illinois, May 2012.
  • "Asset Protection and Lending to Trusts," Commercial Loans - Building Lender Protections From Start to Finish, live video conference, October 2012.
  • "Integrating Business Succession with Tax and Estate Planning Goals," Hinshaw & Culbertson LLP and Sikich client seminar, live seminar, Naperville, Illinois, January, 2012.
  • "Business Succession Planning," live seminar, Northwest Suburban Estate Planning Council, Schaumburg, Illinois, November 2011.
  • "Advantageous Uses of Limited Liability Companies," live seminar, National Business Institute, October 2011.
  • "Estate Planning and Planned Giving," live seminar, SS. Peter & Paul School, Naperville, Illinois, June 2011.
  • "Analyzing Financial Statements," Accounting 101 for Attorneys, live seminar, National Business Institute, Naperville, Illinois, May 2011.
  • "Problems We Are Seeing in Buy–Sell Agreements," live seminar, Warady & Davis LLP, Deerfield, Illinois, January 2011.
  • "Estate, Gift and GST Tax Updates," Tax and Estate Planning for Professionals, live seminar, Centiere Bank, Merrillville, Indiana, October 2010.
  • "Transitioning Closely Held Businesses," live seminar, Association of Latino Professionals in Finance and Accounting (ALPFA), Chicago, Illinois, October 2010.
  • "Maintaining an Ethical Balance in Probate Practice," live seminar, National Business Institute, Oak Brook, Illinois, 2009.
  • "LLC Special Uses," The Anatomy of the LLC, live seminar, National Business Institute, Chicago and Oak Brook, Illinois, December 2008.
  • "Buy/Sell Agreements," live seminar, Winnebago County Bar Association, Rockford, Illinois, 2007.
  • "Form 706 Presentation," live seminar, Chicago Bar Association, Chicago, Illinois, 2001.
  • "Pass Your Wealth to Your Family, Not the IRS," live seminar, Wayne Hummer, Chicago, Illinois, 2001.
  • "Estate & Gift Tax Planning," live seminar, Wayne Hummer, Chicago, Illinois, 2000.
  • "Medical Practice Transition Issues," live seminar, Holy Cross Hospital, Chicago, Illinois, 1998.
  • "Tax Issues Related to Retirement Benefit Plans," live seminar, Holy Cross Hospital, Chicago, Illinois, 1998.
  • "Cross–Testing Retirement Plans," live seminar, Holy Cross Hospital, Chicago, Illinois, 1998.

UNIVERSITY TEACHING ENGAGEMENTS

Adjunct Professor, DePaul University, Kellstadt Graduate School of Business, Masters of Science in Taxation Program, Chicago, Illinois. Received the James F. Kidd Memorial Award 2014–2015.  Each course listed below involved a detailed analysis of the federal estate tax, gift tax, and generation–skipping tax laws. Illinois’ estate tax law was also analyzed.  Each course was updated for statutory and case law developments.

  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2016–2017.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2015–2016.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2014–2015.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2013–2014.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2012–2013.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2011–2012.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2010–2011.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2009–2010.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2008–2009.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2007–2008.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2006–2007.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2005–2006.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Winter Quarter, 2004–2005.
  • "Estate Taxation," DePaul University, Kellstadt Graduate School of Business, Chicago, Illinois, Autumn Quarter, 2004–2005.

Visiting Professor, Vytautas Magnus University, College of Law, Kaunas, Lithuania. Introduced western trust concepts and compared them to certain Lithuanian estate administration procedures.  Analyzed Lithuanian partnership statutes and compared them to western partnerships.  Each course was updated for statutory and case law developments. 

  •  "Partnership and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Summer 2015.
  • "Partnership and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Summer 2014.
  • "Partnership and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Spring 2013.
  • "Partnership and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Fall 2011.
  • "Partnership and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Fall 2010.
  • "Agency and Trust Law," Vytauto Didziojo Universiteto Teises Fakultetas, Kaunas, Lietuva, Fall 2009.

Publications

IICLE Notebooks and Various Journals

  • "Gift Tax and Generation-Skipping Transfer Tax Elections and Strategies," chapter in "Post Mortem Estate Planning," Illinois Institute for Continuing Legal Education, 2014.
  • "Postmortem Estate Planning," co-editor of notebook, Illinois Institute for Continuing Legal Education, 2014.
  • "Federal Estate, Gift and Generation-Skipping Transfer Taxes," chapter in "Estate Planning for Illinois Attorneys: The Basics and Beyond," Illinois Institute for Continuing Legal Education, 2012.
  • "Postmortem Estate Planning," co-editor of notebook, Illinois Institute for Continuing Legal Education, 2010.
  • "Gift Tax and Generation-Skipping Transfer Tax Elections and Strategies," chapter in "Post Mortem Estate Planning," Illinois Institute for Continuing Legal Education, 2010.
  • "FLP Flops," Practical Advantage, Illinois CPA Society, 2009.
  • "Dollars & Sense" monthly newspaper column contributor, Naperville Sun, 2005 – 2008.
  • "Family Foundations: The Legacy Continues," chapter in "Estate Planning Strategies: A Lawyer’s Guide to Retirement and Life Planning," American Bar Association, 2002.
  • "The Family Nash: A Case Study," a commercial estate planning course book for insurance professionals, 2000.

Community/Civic Activities

  • Downers Grove Zoning Board of Appeals, Commissioner (2017–Present)
  • Catholic Charities of Chicago Business Advisory Board, Member (2001–Present)
  • Naperville Planning and Zoning Commission, Commissioner (2011–2015)
  • Naperville Transportation Advisory Board, Commissioner (2002–2011); Chairman (2005–2011)
  • Xilin Association (Asian Cultural Center), Director 2008
  • United Way of the DuPage Area, Director (2008–2009)
  • Naperville United Way, President, 2008; Director (2006–2008); Campaign Co–Chair (2005–2006)  
  • Naperville Transportation Management Advisory Committee, Member (2007–2008)
  • Ogden Avenue Corridor Study Committee, Member (2006–2007)
  • Naperville Area Chamber of Commerce, Chairman, 2006; Director, 2003–2005; Past Chair, 2007.
  • Naperville Area Chamber of Commerce Policy Review Task Force, 2002.
  • Ashbury Homeowners Association, Director, 1998–2002; President, 2000–2001.
  • Naperville Area Homeowners Confederation, Director, 1999–2001.
  • Holy Spirit Catholic Community, Parish Council, 2001–2002; Chair Naming Committee, 1999.
  • Frontier Park Committee of Naperville Park District, Member, 1999–2000.
  • Infant Jesus of Prague, Parish Council, circa 1992–1994; Chairman, circa 1993–1994.

Education

J.D., University of Iowa College of Law, 1981

B.S., Iowa State University, 1978, Industrial Administration

Member, Phi Beta Kappa

Admissions