Demetrius J. Karos, Ltd.

FIRM PROFILE

Demetrius J. Karos is in the private practice of Law in Frankfort, IL where he focuses his practice on federal and state tax matters and works with individuals and small businesses. The practice includes tax compliance, tax disputes and controversy, tax research and planning, estate planning, wills and trusts, trust and probate administration, corporate matters and choice of entity.

Mr. Karos has represented many taxpayers in audits, appeals and litigation before the Internal Revenue Service and before more than 20 states. He serves on foundations and associations in his capacity as an advisor and legal counsel. Mr. Karos also serves as Treasurer for the Village of Frankfort as well as teaching tax and business law classes at Governors State University in University Park, IL.

Mr. Karos received his B.S. in accounting from Indiana University in Bloomington, IN. He received his M.S.T. (Taxation) from DePaul University in Chicago, IL. He received his J.D. degree from The John Marshall Law School in Chicago, IL. He is also a Certified Public Accountant.

WILLS, TRUSTS & PROBATE SERVICES

For most individuals, preparing an estate plan is not on the top of the to do list. In fact, it tends to stay on the bottom of the list until there is some life-changing event such as having a child or possibly the death of a close friend or family member.

Whatever your needs, our firm can guide you through the decision process.

Planning Your Estate

Once you have made the decision to move ahead with an estate plan, we will look at some basic questions and issues.

• Identify Assets and Liabilities

• Document Assets

• Identify Beneficiaries

• Choose and Executor

• Choose Trustees

• Choose a Guardian of Minor Children

• Tax Implications of Certain Decisions

Once we discuss the above issues, the typical documents might include:

• Wills

• Trusts

• Power of Attorney for Property

• Power of Attorney for Health Care

• Living Will

• HIPAA Authorization

TRUST & ESTATE ADMINISTRATION

The other part of our practice is assisting families with the administration of an estate or trust upon the death of a loved one.

Services include:

Administration of Living Trusts

Administration of Irrevocable Trusts

Probate Services & Proceedings

Federal and State Death Tax Returns

Tax Planning and Tax Compliance

Post Mortem Planning

ESTATE PLANNING

Estate planning can be a daunting topic for an individual to tackle. With the proper legal help, our firm can help guide you through the decision process.

Questions may include:

What if my beneficiary is too young?

What do I do with my IRA or 401(k)?

How is life insurance taxed?

What about beneficiaries from a previous marriage?

What if I become incapacitated?

Is joint tenancy a good idea with my children?

Can probate court be avoided?

Am I too young to have a will?

I have a special needs child – What can I do in this situation?

These questions and others can be answered during this planning process.

A significant part of the process is discussing the family situation, making a diagnosis and preparing the appropriate documents.

TAX SERVICES

The IRS and the State have tremendous powers to enforce the tax laws. A small error in the preparation of a return, the handling of an audit or an improper response in a correspondence to the IRS could result in a large balance due.

Some of the tools that the IRS has include liens and levies. A small error that results in a large balance due could end up wit the IRS cleaning out your bank account with a levy. All outstanding checks would soon bounce resulting in additional costs and embarrassment.

The following are some of the services we offer:

GOT IRS PROBLEMS:

Have you received a proposed adjustment from the IRS?

Have you received a notice that you are going to be audited by the IRS?

Has a lien been filed on a balance due to the IRS?

Has the IRS levied your bank or brokerage accounts?

Do you have payroll taxes that you have not paid?

Do you need additional time to pay a balance due?

Has the IRS garnished your wages or retirement assets?

Did you forget to file tax returns for multiple years?

BUSINESS, CORPORATE & TAX

At the Law Firm of Demetrius J. Karos, Ltd., we strive to handle all aspects of Business, Corporate & Tax Law. From the creation of the new entity to the dissolution of an entity.

The following are some of the services provided:

Entity Choice and Selection

Corporate Minute Book Update and Review

Buy Sell Agreements

Redemption Agreements

Corporate Dissolution and Wind Up

Operating Agreements

Purchase and Sale Agreements

Whatever service you may require, our firm looks at your situation from a legal or business perspective as well as from a tax perspective. Most small business owners care about the legalities but clearly understand the impact of the tax dollars that affect their pocket book.