Adam M. Damerow

Partner

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Practices
Industries
Education
  • Loyola University Chicago School of Law, JD, cum laude, Managing Editor, International Law Review, 2008
  • Loyola University Chicago Graduate School of Business, MBA, 2007
  • Pace University School of Education, MST, 2004
  • University of Michigan, BA, 2002
Admissions
  • Illinois
  • U.S. District Court for the Northern District of Illinois
  • U.S. Tax Court
Affiliations

Board Member, Wood Family Foundation

Member, Real Property, Trust and Estate Law Section, American Bar Association and Co-Chair, Digital Assets Committee

Member, Trusts and Estates Section, Illinois Bar Association

Member, Trust Law Committee and Co-Chair, Uniform Trust Code Committee, Chicago Bar Association

Member, Society of Trust and Estate Practitioners (STEP)

Member, Chicago Estate Planning Council

Volunteer Teacher, Constitutional Rights Foundation’s Lawyers in the Classroom Program

Adam concentrates his practice on estate planning and administration for high net worth individuals, including families, executives, professionals and owners of closely held businesses. His experience includes the preparation of estate planning documents, ranging from wills, revocable and irrevocable trusts and powers of attorney to work on generation-skipping transfer tax-exempt trusts, sales to grantor trusts, GRATs and formation and funding of family LLCs and partnerships. He also has experience representing individual and corporate fiduciaries in Illinois courts in contested and non-contested estate and trust administration matters.  Adam also has experience representing clients in estate and gift tax audits with the Internal Revenue Service.

Adam devotes a significant part of his practice advising U.S. persons with assets abroad and non-residents with interests in the U.S. regarding multijurisdictional planning and tax issues.  He also represents nonprofit entities, including private foundations and public charities, on compliance, administration and related issues at state and federal levels. Adam regularly prepares business documents for family owned businesses, including business formation, operating documents and buy-sell agreements.

In the News

Adam M Damerow
vCard
T: +1 312 849 3681F: +1 312 698 455377 West Wacker Drive
Suite 4100
Chicago, IL 60601-1818

Represent family members in a contested billion dollar estate in trust administration matters related to valuation, distribution and audits with the Internal Revenue Service.

Advise ultra-high net worth individual on the purchase and sale of $35 million of assets from a generation-skipping transfer tax-exempt trust created in the 1940s to a newly formed intentionally defective family dynasty trust created to efficiently transfer wealth to be held in perpetuity for the benefit of the client’s descendants.

Represent corporate fiduciaries in court in contested trust matters.

Represent fiduciaries in the preparation of non-judicial settlement and virtual representation agreement to settle issues arising in trust administration with trust beneficiaries.

Create series of grantor retained annuity trusts for clients with (i) concentrated positions in publicly-traded companies, or (ii) privately held companies to transfer wealth to younger generations with minimal transfer-tax cost.

Form tax-exempt charities for professional athletes and provide ongoing advice on programming, fundraising and administration.

Advise nonresident, noncitizen families on the tax efficient transfer and holding of wealth outside the United States into the United States for the benefit of U.S. persons.

Recipient, McGuireWoods Excellence Award, 2011, 2013, 2015

Co-author, "Cases of Interest to Fiduciaries," LISI Estate Planning Newsletter #2011, October 3, 2012
Co-author, "Cases of Interest to Fiduciaries," LISI Estate Planning Newsletter #1980, June 25, 2012
Co-author, "Cases of Interest to Fiduciaries," LISI Estate Planning Newsletter #1957, May 2, 2012
Co-author, "Cases of Interest to Fiduciaries," LISI Estate Planning Newsletter #1942, March 28, 2012
Co-author, Making Sense of the 2010 Estate Tax Legislation, CCH, June 2011
Co-author, "The Attack Incapacity Suit – A Self-Fulfilling Prophecy?," Probate & Property, Vol. 24, No. 6, November/December 2010
Co-author, "Estate Planning in Uncertain Times: The Impact of the Repeal of the Estate Tax," CCH Financial and Estate Planning, Report No. 362, Vol. 3, 33,351, February 2010
Author, "Maximization of Wealth Transfers Using CLATs in a Low-Interest Rate Environment," CCH Practitioner's Strategies, Fall 2009
Co-author, "The ACTEC State Death Tax Chart: Still Going Strong After Seven Years," ACTEC Journal, Vol. 35, No. 1, Summer 2009
Speaker, "Trust Modifications in Light of Unforeseen Circumstances and Mistakes," 12th Annual Fiduciary Advisory Services Seminar: Issues Confronting Fiduciaries, October 4, 2017
Speaker, "Cross-Border Estate Planning," 12th Annual Fiduciary Advisory Services Seminar: Issues Confronting Fiduciaries, October 4, 2017
Speaker, "Trust Modifications in Light of Unforeseen Circumstances and Mistakes, Cross-Border Estate Planning," 12th Annual Fiduciary Advisory Services Seminar; Issues Confronting Institutional Fiduciaries, October 4, 2017
Speaker, "Digital Assets: The Latest Frontier in Estate and Trust Administration," BMO Private Bank Estate Settlement Services Group, June 8, 2017
Presenter, "Cross Border Estate and Income Tax Planning," Estate Planning – Beyond the Basics, Pennsylvania Bar Institute CLE, Pittsburgh, April 2017
Speaker, "Cross Border Estate and Tax Planning," New Developments in Tax and Wealth Planning Seminar, April 2017
Speaker, "Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)," 11th Annual Fiduciary Advisory Services Seminar, October 2016
Speaker, "Cybersecurity and Digital Assets: Threats and Duties," Conference of State Bank Supervisors’ Trust Forum, August 2016
Speaker, "Cybersecurity and Digital Assets: The Latest Frontiers in Administration," AccuTech Executive Conference, April 2016
Speaker, "Cyber Security Threats and Duties," Be a Road Warrior, Not Road Kill: Issues Confronting Fiduciaries, October 2015
Speaker, "Charitable Trusts: Tax Classification Under the 2012 Type III Supporting Organization Final and Temporary Regulations," Surmounting the Current Challenges: Issues Confronting Professional Fiduciaries, October 2013
Speaker, "Creative Trust Planning – Decanting and Directed Trusts," Chicago Bar Association YLS Estate Planning Committee, November 2012
Speaker, "Creative Trust Planning – Decanting, Directed Trustees, Reformation and More," Who’s on First? Issues Confronting Professional Fiduciaries, The Fiduciary Advisory Services Seminar, co-presented by the Fiduciary Education Center, October 2012
Speaker, "Estate Planning Strategies in Private Equity Transactions," 9th Annual Healthcare & Life Sciences Private Equity & Finance Conference, McGuireWoods LLP and McGladrey LLP, February 2012
Speaker, "Traversing the Risk Minefield: How To Be a Compliant Fiduciary," Fiduciary Advisory Services Seminar: The Changed Environment for Corporate Fiduciaries: How to Successfully Meet the Challenges, McGuireWoods LLP, October 2011
Speaker, "Nonprofit Opportunities for a Merger with or Acquisition of Another Nonprofit," 8th Annual Nonprofit Seminar: Effective Board Management in Challenging Times, McGuireWoods LLP, October 2010
Speaker, "Impact on Trust Professionals of the Uniform Power of Attorney Act," Fiduciary Advisory Services Seminar - Issues Facing Corporate Fiduciaries: Going Boldly (Blindly) into a Brave New World, McGuireWoods LLP & Fiduciary Education Center, LLC, October 2010
Speaker, "Living Wills & Powers of Attorney," 2010 Citywide Senior Conference, May 2010
Speaker, "Recent Developments including LP and LLC Valuation Cases, State Tax Decoupling, and Asset Protection," First Midwest Trust Continuing Legal Education Seminars, November 2009
Speaker, "Nonprofit Governance and Management: Board Duties, Polices & Procedures," Nonprofit and Charitable Advisory Service 7th Annual Nonprofit Seminar, McGuireWoods LLP, October 2009
Speaker, "The New Uniform Prudent Management of Institutional Funds Act," McGuireWoods LLP Nonprofit and Charitable Advisory Service 6th Annual Nonprofit Seminar, November 2008