Andrea C. Chomakos

Partner

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Practices
Education
  • New York University, LLM, Taxation, 2001
  • University of Detroit Mercy School of Law, JD, summa cum laude, 1997
  • University of Michigan, AB, 1993
Admissions
  • North Carolina
  • Michigan
Affiliations

Fellow, American College of Trust and Estate Counsel

Board of Trustees, 2011-present; Chair, 2015-present; Chair, Foundation Committee, 2012-2015; Member, 2010-2015, Thompson Child and Family Focus

Cabinet of Professional Advisors, Foundation for the Carolinas, 2011-2013

Co-Chair, CLE Committee, 2012-2013; Member, 2011-present, Estate Planning and Fiduciary Law Section, North Carolina Bar Association

Member, 2012-present; Board Member 2017-present, Charlotte Estate Planning Council

Member, Joint Committee of the North Carolina Bar and Banker’s Association, 2008-present

Member, Mecklenburg County Attorney Grievance Committee, 2008-2011

Andrea represents closely held business owners and high-net-worth individuals in estate planning matters. She counsels her clients in the execution of estate and gift tax planning strategies. Through her extensive knowledge of the estate planning process and creative ability to navigate difficult and complex situations, Andrea successfully builds and maintains strong relationships with her clients.

Andrea has significant experience advising on the ownership transition of family and closely held business entities. She partners with her clients and works collaboratively with their other advisors to implement tax-efficient strategies that will preserve their businesses for successive generations.

Her practice includes:

  • Preparation and execution of estate planning documents, including wills, revocable trusts and irrevocable trusts.
  • Evaluation of income tax issues of closely held business entities, including partnerships, LLCs and S-corporations.
  • Implementation of sophisticated gift planning transactions and preparing and filing gift tax returns reporting the transactions.
  • Counsel on business transactions, including buying and selling businesses, structuring buy-sell agreements and forming joint ventures.
  • Representation of executors and trustees in fiduciary litigation, including estate and trust administration matters.
  • Assistance in forming public charities and private foundations.
  • Representation of charitable organizations on Internal Revenue Code compliance.
  • Counsel regarding life insurance transactions.
  • Representation in the probate administration process and the preparation and filing of estate tax returns.

In the News

Andrea Chomakos
vCard
T: +1 704 373 8536F: +1 704 353 6194201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

Served as counsel for First Charter Bank in North Carolina Court of Appeals case, COA 09-1232, First Charter Bank, Trustee, of the Last Will and Testament of Joseph F. Cannon v. American Children’s Home, et al., involving the construction of an ambiguous trust instrument and application of the virtual representation statute (NCGS Sections 36C-3-303 2nd 36C-3-304) in a case of first impression.

Advised family business owners and implemented gift planning to facilitate the transfer of ownership of the business to succeeding generations without the imposition of gift or estate taxes, resulting in the preservation of a family business valued in excess of $50 million.

Selected for inclusion in The Best Lawyers in America, Tax Law, Trust and Estates, Woodward/White, Inc., 2012-2017

Named a “Legal Elite Women Attorney,” Business North Carolina, 2011-2014

Named to “Legal Elite,” Tax/Estate Planning, Business North Carolina, 2005, 2009, 2011-2014

Named to “North Carolina Super Lawyers,” 2011-2017; “Top 50 Female Lawyers,” 2012-2013; Tax and Estate Planning and Probate, Super Lawyers, Thomson Reuters

Fellow, American College of Trust and Estate Counsel, 2012

Recipient, Women in Business Achievement Award, Charlotte Business Journal, 2010

Co-author, "My Spouse Died and All I Got Was … Challenges in Determining and Asserting the Rights of Surviving Spouses," Estate Planning & Fiduciary Law Newsletter, North Carolina Bar Association, July 2016
Co-author, "Celebrity Estate Planning Lessons – Episode 2: Fame, Fortune, Family and Friends . . . a Recipe for an Estate Planning Failure?," The Will & The Way Newsletter, Estate Planning & Fiduciary Law Section, North Carolina Bar Association, Section Vol. 34, No.3, May 2015
Co-author, "Celebrity Estate Planning Lessons – Episode 1: Providing for Children," The Will & The Way Newsletter, Estate Planning & Fiduciary Law Section, North Carolina Bar Association, Section Vol. 34, No.1, November 2014
Author, "The 2001 Tax Act: Uncharted Waters for Estate Planners," Probate and Property, 2001
Speaker, "It’s 2017 – Do You Know How Much Tax Your Trust Owes?," Family Office Education Series, Charlotte, NC, November 2017
Speaker, "Income Tax Developments," 39th Annual Duke University Estate Planning Conference, Duke University Estate Planning Council, October 2017
Speaker, "Valuation of Gross Estate," 2017 Estate Planning and Probate Law Survey Course, North Carolina Bar Association, September 2017
Speaker, "What Every Estate Planner Should Know About Subchapter K," 52nd Annual Fiduciary Law Institute, State Bar of Georgia, July 2017
Speaker, "Reading Between the Numbers – What You Need to Know About Filing Forms 706 and 8971," 38th Annual Estate Planning and Fiduciary Law Program, North Carolina Bar Association, July 2017
Speaker, "How a Fiduciary Can Avoid an Ethical Quagmire: Ethical Challenges Posed by Transfers among Family Members," and "Advising the Corporate Executive: Planning Opportunities with Stock Options and Other Forms of Incentive Compensation," New Developments in Tax and Wealth Planning Seminar, April 2017
Speaker, "Managing Bequests to Avoid Litigation," 14th Annual Nonprofit Seminar, November 2016
Speaker, "A Review of the Landscape of the Federal and State Income Taxation of Non Grantor Trusts," New York University 75th Institute on Federal Taxation, October and November 2016
Speaker, "Wealth Management Exit Planning," 11th Annual Healthcare Provider Conference; Healthcare Finance and Growth, October 2016
Speaker, "How a Fiduciary Can Avoid an Ethical Quagmire: Ethical Challenges Posed by Transfers among Family Members," 11th Annual Fiduciary Advisory Services Seminar, October 2016
Speaker, New Developments in Tax and Wealth Planning, McGuireWoods LLP Seminar, April 2016
Speaker, "Charitable Remainder and Charitable Lead Trusts: A Primer," 13th Annual Nonprofit Seminar – Staying Current and Avoiding Trouble: What Nonprofits Need to Know, October 2015
Panelist, "Pre and Post Sale Planning for You, Your Company, and Your Family," M&A Solutions for Privately Held Companies, October 2015
Speaker, "Post-Transaction Tax and Estate Planning," 10th Annual Healthcare Provider Conference, September 2015
Speaker, "A Review of the Landscape of Federal and State Income Taxation of Non Grantor Trusts," 2015 FPA (Financial Planners Association) Annual Symposium, September 2015
Speaker, "Valuation of the Gross Estate," 2015 Estate Planning and Probate Law Survey Course, North Carolina Bar Association, September 2015
Presenter, "What Every State Planner Should Know about Subchapter K," 48th Annual Southern Federal Tax Institute, October 2013
Presenter, "Portability of the Estate Tax Exemption," Mecklenburg County Bar Association’s 2012 Estate Planning Series, January 2012
Presenter, "Tax Strategies for Buying and Selling Businesses," North Carolina Association of Certified Public Accountants Annual Symposium, November 2011
Presenter, "The Not Top 10 Income Tax Problems Estate Planners Encounter," Annual Estate Planning and Fiduciary Law Program, North Carolina Bar Association, July 2011
Presenter, "The Advisability of Portability," Annual Estate Planner’s Day, Queens University of Charlotte, May 2011
Presenter, "Not Top 10 Income Tax Problems Estate Planners Encounter," Washington State Bar Annual Estate Planning Conference, November 2010
Presenter, "Recent Developments in Estate Planning and Fiduciary Law," 31st Annual Estate Planning and Fiduciary Law Program, North Carolina Bar Association, July 2010
Presenter, "What Estate Planners Need to Know About Operating a Closely-Held Business," 44th Annual Heckerling Institute on Estate Planning, January 2010