David A. Charous, Esq.
As an estate planning attorney, David consults with individuals regarding their estate planning and estate administration needs, including business succession planning, leveraged gift giving, philanthropic goals and the structuring of estate planning documents. He has extensive experience – including more than 23 years as a practicing attorney – with tax compliance issues affecting trusts and estates and the preparation of both simple and complex federal estate and gift tax returns, fiduciary income tax returns, and various postmortem tax issues.
Among his accomplishments, David:
- Used a little-known provision in the Internal Revenue Code to help a family avoid the loss of a family farm due to the imposition of federal and state estate taxes. David helped structure a payment plan that not only allowed the farm to remain in the family, but helped the family avoid further indebtedness that may have resulted from procuring further financing to pay the estate taxes.
- Through careful research of the IRS regulations, David restructured the payout terms of a decedent’s IRA that was left to his surviving spouse under a defective beneficiary designation. Through David’s assistance, the surviving spouse was allowed to rollover the money and defer income taxes, rather than pay significant income taxes as a result of the defective beneficiary designation.
- Administered both smaller and larger estates ensuring proper accounting methods, distributions, tax compliance and income tax planning. Employed estate planning techniques such as gift giving, charitable planned giving, family limited partnerships, life insurance programs and trusts, to save clients from the imposition of unnecessary federal and state estate taxes.
David is a graduate of the School of Accounting at the University of Illinois (Urbana-Champaign) (one of the highest regarded accounting schools in the United States). David is a licensed CPA/Attorney and received his Master’s in Tax Law degree at DePaul University’s College of Law. David is a former Chairman of the Chicago Bar Association’s Estate Planning Committee for the Young Lawyer’s Division. He is a member of the Chicago Bar Association’s Probate Practice Committee, Estate and Trust Law Committee and Federal Taxation Committee. He is also a member of the Lake County, Illinois, Estate Planning Council.