Stephen Frost is a business lawyer and Certified Public Accountant with more than 25 years experience representing owners and investors in the formation, operation, restructuring and dissolution of businesses, particularly with regard to tax issues.

In the area of business and transition planning, Mr. Frost advises business owners on the organization and operation of their businesses. He also designs and assists in implementing workable strategies to transition the ownership of businesses. To ensure that each business can continue in accordance with an owner's wishes, Mr. Frost works with clients to address control issues, tax planning strategies and buy/sell arrangements. He also assists them in adopting effective asset protection strategies.

Using complex tax savings techniques in addition to basic estate planning vehicles, Mr. Frost designs and implements sophisticated wealth transfer strategies for business owners and high net worth individuals. These include utilization of discounted gifts, family limited partnerships, irrevocable life insurance trusts, installment sales to intentionally defective grantor trusts, charitable trusts, and private foundations. Mr. Frost directs the preparation of gift and estate tax filings necessary to properly report such wealth transfers.

Mr. Frost directs the administration of estates and trusts to ensure planned outcomes are achieved and all available tax saving opportunities are maximized. He works closely with families during the difficult period following a family member's death and directs the transfer of assets in accordance with a decedent's plan. He also supervises the ongoing administration of trusts and assists clients in properly reporting such activities to the appropriate taxing authorities.

Professional Background

He began his career with a major accounting services firm, providing individual and corporate income tax strategies, as well as offering individual estate planning services. He held additional corporate tax positions until when in 1988, Mr. Frost entered the practice of law.

Mr. Frost began his legal practice at a private practice where he became a name partner. He provided legal services to a wide variety of clients, including closely held corporations and their owners, at a handful of Chicago law firms until he joined Hinshaw & Culbertson LLP in December 2006.

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 tax. He has been a visiting professor at Vytautas Magnus University Law School in Kaunas, Lithuania, annually since 2009.

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

Professional Affiliations

  • Illinois State Bar Association
  • Missouri Bar Association
  • IICLE Estate Planning Short Cause Planning Committee, Member (2011–Present)


His presentations include:

  • "Estate Planning When Approaching Retirement," Planning for Your Financial Future, live seminar, Hinshaw & Culbertson LLP, Chicago, Illinois, November 2014.
  • "Putting the Case to Rest: Closing the Estate," The Probate Process from Start to Finish, live seminar, 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 Seminar, live video conference, October 2012.
  • "Integrating Business Succession with Tax and Estate Planning Goals," Hinshaw & Culbertson LLP and Sikich seminar, Naperville, Illinois, January, 2012.
  • "Business Succession Planning," Northwest Suburban Estate Planning Council, Schaumburg, Illinois, November 2011.
  • "Advantageous Uses of Limited Liability Companies,” National Business Institute, October 2011.
  • "Estate Planning and Planned Giving," SS. Peter & Paul School, Naperville, Illinois, June 2011.
  • "Analyzing Financial Statements," National Business Institute seminar “Accounting 101 for Attorneys,” Naperville, Illinois, May 2011.
  • "Problems We Are Seeing in Buy-Sell Agreements, Warady & Davis LLP, Deerfield, Illinois, January 2011.
  • "Estate, Gift and GST Tax Updates," Centiere Bank seminar “Tax and Estate Planning for Professionals," Merrillville, Indiana, October 2010.
  • "Transitioning Closely Held Businesses," Association of Latino Professionals in Finance and Accounting (ALPFA), Chicago, Illinois, October 2010.
  • "Maintaining and Ethical Balance in Probate Practice," National Business Institute, Oak Brook, Illinois, 2009.
  • "LLC Special Uses," at a National Business Institute seminar," The Anatomy of the LLC," in Chicago and Oak Brook, Illinois, December 2008.
  • "Buy/Sell Agreements," Winnebago County Bar Association, Rockford, Illinois, 2007.
  • "Form 706," and "Pass Your Wealth to Your Family, Not the IRS," Wayne Hummer, Chicago, Illinois, 2001.
  • "Estate & Gift Tax Planning," Wayne Hummer, Chicago, Illinois, 2000.
  • "Medical Practice Transition Issues," "Tax Issues Related to Retirement Benefit Plans," and "Cross-Testing Retirement Plans," Holy Cross Hospital, Chicago, Illinois, 1998.


Mr. Frost is a writer and editor of chapters for the estate planning industry. Chapters he has authored include:

His other articles include:

  • FLP Flops,” Practical Advantage, Illinois CPA Society, 2009.
  • "Dollar & Sense" monthly column contributor, Naperville Sun (2005 - 2008).
  • “Basic Estate Planning and Irrevocable Life Insurance Trusts,” Illinois Bar Journal, 1996.

Community/Civic Activities

  • Naperville Planning and Zoning Commission, Member (2011–Present)
  • Naperville Transportation Advisory Board, Chairman (2005–2011)
  • Naperville Transportation Management Advisory Committee, Former Member
  • Ogden Avenue Corridor Study Committee, Former Member
  • Frontier Park Committee of Naperville Park District, Former Member
  • Catholic Charities of Chicago Business Advisory Board, (2001–Present)
  • Xilin Association, Asian Cultural Center, Director (2008)
  • United Way of the DuPage Area, Director
  • Naperville United Way, President (2008)
  • Naperville United Way, Director (2006–2008)
  • Holy Spirit Catholic Community, Parish Council (2001–2002)
  • Ashbury Homeowners Association, President (2000–2001)
  • Naperville Area Homeowners Confederation, Director (1999–2001)
  • Ashbury Homeowners Association, Director (1998–2000)
  • Holy Spirit Catholic Community Naming Committee, Chair (1999)
  • Parish Council, Infant Jesus of Prague Church, Chairman and Member (1993)


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

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

Member, Phi Beta Kappa