As a business and estate planning lawyer, Steve Frost, a Director with the Firm, represents closely-held businesses and their owners, real estate owners, and high net individuals. Steve’s clients—many of which have been with him for 15 to 20 years—are central to his practice. With over three decades of experience and insight, including being a Certified Public Accountant, Steve helps his clients succeed personally and in business. Steve is willing to provide the access and responsiveness that clients expect in this highly competitive world. Business owners appreciate Steve’s deep understanding of business and his practical approaches to solving problems.
Specifically, his experience includes:
Steve designs and implements sophisticated wealth transfer strategies for business owners and high net worth individuals. In addition to basic estate planning vehicles, he 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. Steve also directs the preparation of gift and estate tax filings necessary to properly report such wealth transfers. He works with clients to adopt effective asset protection strategies.
Trust and Estate Administration
Steve directs the administration of estates and trusts to achieve planned outcomes and maximize available tax saving opportunities. During the difficult period following a family member’s death, Steve works closely with families and supervises the transfer of assets in accordance with a decedent’s plan. He also supervises the ongoing administration of trusts (including charitable trusts) and private foundations, and assists clients in properly reporting such administration activities to the appropriate taxing authorities.
Business and Transition Planning
Steve advises business owners related to the organization, operation and transition of many types of closely-held businesses. He designs and implements workable strategies to transition the ownership of businesses. Steve 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 Steve advises clients regarding the use of limited liability companies and other flow-through entities in various business transactions. He counsels clients regarding the optimal structures for the acquisition or sale of existing businesses. Steve also advises clients regarding the tax consequences of operating a business or owning an investment.
Estate and Gift Tax Compliance
Steve prepares federal estate and gift tax returns. He 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, Steve defends the client’s position before the IRS or any other applicable taxing authority.
As was noted by Leading Lawyers Magazine: Consumer Edition in their article, “West Suburban Estate Planner Exudes Competence, Commitment and Caring,” when Steve offers business, tax and estate planning guidance to his closely held business and high net worth individual clients, it’s with three decades of experience and insight. Steve recently entered his fifteenth year of teaching estate and gift taxation as an adjunct professor at DePaul University Graduate School of Business. He is also approaching a decade of teaching trust and partnership law annually as a visiting professor at Vytautas Magnus University Law School in Kaunas, Lithuania.
- Downers Grove Zoning Board of Appeals, Commissioner, 2017–Present
- Arcadia on the Green Building Condominium Association, Director, 2016–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, Member, 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, 1992–1994; Chairman, 1993–1994
- “Partnership and LLC Agreements Require Changes by 2018,” September 2017
- “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, IllinoisInstitute 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