Overview
Clare T. McKeown is an associate in the Wealth Preservation, Tax & Succession Planning practice group. Clare’s practice focuses on estate planning for families, post-death estate administration for mid and high net worth clients, and the intersection between entertainment and wealth preservation and tax planning.
Clare crafts sophisticated estate plans for families and individuals to ensure asset protection for future generations and to reduce their estate tax burden. She likewise guides families through the administration of a loved one’s estate when they pass, preparing an estate tax return where required, and taking the burden off family members during an emotional time.
Prior to joining the legal field, Clare worked extensively in the Chicago theater scene and produced small-budget short and feature length films. She enjoys assisting those in the arts with the complexities of estate and tax planning unique to such industries.
Clare also advises on tax matters for family partnerships, private foundations, nonprofit organizations, affordable housing organizations, and for gift tax purposes.
Education
Admissions
- State Bar of Illinois
- Chicago Bar Association
- U.S. District Court, Northern District of Illinois
- United States Tax Court
Significant Engagements
- Estate administration with mixed family, the primary asset being a highly profitable S-Corporation. This administration required protecting the family business from interference by a hostile child from a prior marriage.
- Created multigenerational planning between parent generation and children’s generation to ensuring control and privacy for parents while establishing a foundation of financial growth or asset succession for children and grandchildren.
- Defended estate from long-term audit from the IRS on the value of the estate and the estate’s remaining funds with which to pay the alleged tax liability. This defense required negotiations with the IRS and expert arguments in defense of the estate’s administrative costs resulting in the reduction of the estate’s transfer tax burdens.
- Advised on a large art donation to a museum for purposes of obtaining a charitable income tax deduction for the client.