Wealth Accumulation, Preservation, and Transfer Planning
Welcome to Klaus LeFebvre & Wince LLP, a law practice devoted to assisting individuals and families looking for experienced, professional help in planning and managing complex legal and financial affairs.
The firm emphasizes wealth accumulation and transfer planning: estates, trusts, and taxes; agriculture; business organizations; probate; fiduciary law, and related litigation.
Specifically, the practice focuses on providing income, gift, and estate tax insights and recommendations to entrepreneurs, farmers and farm owners, high net worth families, executives, and licensed professionals with respect to wealth accumulation, preservation, and transfer planning opportunities.
Follow the links below for more detail on specific areas of practice.
Wealth Transfer Planning:
Family Lifetime Gifting
- Federal and Illinois Estate Tax Planning.
- Generation-Skipping Transfer Tax Avoidance/Planning.
- Insurance strategies (Commercial annuity, joint and survivor life insurance).
- Outright fractional interest gifts.
- Basic Trust Strategies (Family residence trusts; intentionally tax defective trusts, insurance trusts).
- Advanced Trust Strategies (grantor retained annuity and unitrust, charitable lead or charitable remainder trusts).
- Intra-family sale/leaseback or gift/leaseback, installment sale, self-canceling installment note.
- Reduced interest rate loan and third party guaranty.
- Private annuity.
- Joint or split property purchase.
- Remainder interest sale.
- Fractional interest real estate “sliver” gifts.
- Cost basis determination, comparison of lifetime vs. testamentary gifts, carry-over basis v. date-of-death or alternate valuation date increase in cost basis.
- Preparation and filing of gift tax returns.
Charitable Gifts
- IRA distributions to qualified charities.
- Bargain sale.
- Gift annuity, annuity and endowment contracts.
- Remainder interests in personal residence.
- Charitable partial interest transfers, charitable lead trust, charitable remainder trust, donor advised fund and private foundation.
- Family foundations and charitable trusts.
Probate Avoidance
- Payable on death arrangements, transfer on death instrument.
- Funding of revocable trust.
- Generation-skipping trust.
- Directed Illinois trust (administrative trustee, distribution advisor, investment advisor, special asset advisor and trust protector).
- Powers of Attorney for Property and Health Care and IRA/qualified plan distribution trust.
Post-Mortem Planning
- Administration process, income and estate tax elections.
- Renunciation, surviving spouse award.
- Full or partial disclaimers.
- Special-use valuation election for family farms.
- Deferred payment of tax for closely held businesses.
- QTIP/marital deduction elections.
- IRA distributions (potential second or third generation distributions, partial or full Roth IRA characterization).
- Estate liquidity options (corporate stock redemption, deferred tax payment plans, reversions and remainders).
- Valuation considerations (coordination of value of non-marketable assets, fractional interest, minority and marketability discounts).
- Cost basis step-up computations as to capital assets.
- Alternate valuation date.
- Use of portability in respect of basic exclusion amount.
- Preparation and filing of Federal and state estate tax returns and coordination with family accountant as to appropriate filings of Federal and state income tax returns.
- Illinois Estate Tax Planning.
- Insurance strategies (Commercial annuity, joint and survivor life insurance).
- Outright fractional interest gifts.
- Basic Trust Strategies (Family residence trusts; intentionally tax defective trusts, insurance trusts).
- Advanced Trust Strategies (grantor retained annuity and unitrust, charitable lead or charitable remainder trusts).
- Intra-family sale/leaseback or gift/leaseback, installment sale, self-canceling installment note.
- Reduced interest rate loan and third party guaranty.
- Private annuity.
- Joint or split property purchase.
- Remainder interest sale.
- Fractional interest real estate “sliver” gifts.
- Cost basis determination, comparison of lifetime vs. testamentary gifts, carry-over basis v. date-of-death or alternate valuation date increase in cost basis.
- Preparation and filing of gift tax returns.
Wealth Accumulation and Preservation Planning:
Business Organizations
- Various forms of close-held business organizations (S- and C- Corporations, Sole Proprietorships, General and Limited Partnerships, LLCs).
- Fragmentation of financial interests among business organizations.
- Intra-family sales and leasebacks, market rate intra-family loans, third party guarantees, financing arrangements.
- Combinations of business organizations, value deflection opportunities.
- Corporate governance.
- Business litigation.
Employee Benefits
- Qualified plan and IRA distribution rules and agreements.
- Non-qualified plans.
- Tax-qualified plans.
Note: we do not manage investments or serve as plan administrators.
Life Insurance
- Review product design, hidden costs, assessing guarantees, illustrations, guaranteed values vs. projected values.
- Evaluation of policy performance, present value of outlay, internal rate of return on cash value, internal rate of return at death.
- Use of insurance in transfer-tax planning (transfers of policies, "Crummy" Trusts, Revocable and Irrevocable Life Insurance Trusts).
Note: we do not sell life insurance or serve as agents on life insurance policies.
- Various forms of close-held business organizations (S- and C- Corporations, Sole Proprietorships, General and Limited Partnerships, LLCs).
- Fragmentation of financial interests among business organizations.
- Intra-family sales and leasebacks, market rate intra-family loans, third party guarantees, financing arrangements.
- Combinations of business organizations, value deflection opportunities.
We believe in the following principles of practice:
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Communication
Communication.
Taking time to understand you. Making sure you understand our planning. Keeping you informed. Staying accessible with a commitment to same-day acknowledgement of client emails and other communications. Breaking down complex concepts into simple steps. Communication is the foundation of the trust clients place in their attorney. The entire process—from planning to billing—should be easy to understand.
2
Understanding the math
Understanding the math.
Many times no one runs numbers on an estate plan until after it is executed. Your attorney should understand the financial stakes before recommending a plan. We have developed our own software algorithims and methods which allow us to run complex calculations that strain the abilities of most planners. You will see, in concrete terms, how a proposed plan plays out before any document drafting begins.
3
This law practice is focused
This law practice is focused.
We coordinate with your investment advisors, accountants, insurance agents, professional fiduciaries, and other attorneys. Seamless traffic control of this team is part of the service.
Communication.
Taking time to understand you. Making sure you understand our planning. Keeping you informed. Staying accessible with a commitment to same-day acknowledgement of client emails and other communications. Breaking down complex concepts into simple steps. Communication is the foundation of the trust clients place in their attorney. The entire process—from planning to billing—should be easy to understand.
Our Attorneys
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Richard P. Klaus
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Rich Klaus, a native of central Illinois, has over thirty years of trial experience. As a trial lawyer and a trial judge, he has participated in taking over 200 jury trials to verdict. He has tried cases in both state and federal courts. He has also tried cases before the Illinois Court of Claims and the Illinois Department of Human Rights. Rich has successfully argued numerous appeals before the Illinois Appellate Court and the United States Court of Appeals for the Seventh Circuit.
Reported decisions of successful appeals include McNutt v. The Board of Trustees of the University of Illinois, 141 F. 3d 706 (7th Cir. 1998); Mitchell v. Donchin, 286 F.3d 447 (7th Cir. 2002); Brewer v. The Board of Trustees of the University of Illinois, 339 Ill.App.3d (4th Dist. 2003); Trejo v. Shoben, 319 F. 3d 878 (7th Cir. 2003).
Rich has litigated cases in a number of areas including employment, constitutional and civil rights, contract and commercial, real estate and construction, casualty and personal injury, legal and medical malpractice, tax, and trusts and probate.
In ten years as a judge of the Illinois Sixth Judicial Circuit, Rich presided over almost every type of case. He was appointed by the Illinois Supreme Court to serve on the Illinois Judicial Conference and the Juvenile Justice Committee. On that committee, he collaborated in writing and editing the reference books used by the state judges in juvenile cases.
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Richard P. Klaus' Education and Legal Experience:
Education
University of Illinois College of Commerce
Champaign, Illinois
B.A. Science in Finance, with High Honors, 1985
University of Illinois College of Law
Champaign, Illinois
J.D., Cum Laude, 1988
Prior Legal Experience
McDermott, Will & Emery, Chicago, Illinois
Litigation Associate
1988-1992
Flynn, Palmer & Tague, Champaign, Illinois
Associate and partner
1992-1998
Heyl, Royster, Voelker & Allen, Urbana, Illinois
Of counsel and partner
1998-2005
Associate Judge of the Sixth Judicial Circuit
2005-2015
Solo practice
2015-2018
Banner Ford Klaus LLP
2018-2020
Education
University of Illinois College of Commerce
Champaign, Illinois
B.A. Science in Finance, with High Honors, 1985
University of Illinois College of Law
Champaign, Illinois
J.D., Cum Laude, 1988
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Charles A. LeFebvre
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Chuck LeFebvre has many years of experience in trust & estate planning, as well as trust administration and working with family-owned businesses. He particularly enjoys working with families as they plan for and navigate through periods of transition, and he offers both a strong financial background and an appreciation of the law's protection of individual dignity and the realities of aging.
Far from a typical lawyer, Chuck emphasizes clear communication and client service, and he offers mathematical and analytical skills not often present in the legal profession. Chuck believes in the following principles of practice. (Click a box for more information.)
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Charles A. LeFebvre's Education and Legal Experience:
Education
University of Illinois
Champaign, Illinois
B.S. Mathematics, Highest Distinction, 1992.
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G.P.A. 4.57 / 5.00
G.P.A. in Major 4.92 / 5.00
Edmund J. James Scholar, Academic Year 1989–90 (Recognizes extraordinary academic ability while participating in special curricular opportunities)
Dean's List, Academic year 1988–89 & Spring 1991
University of Illinois College of Law
Champaign, Illinois
J.D., Summa Cum Laude, Order of the Coif
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G.P.A. 3.755 / 4.000, Class Rank 12 / 216
Law Review
Harno Fellow
Graduate School of Banking
University of Wisconsin, Madison 2013-2014
Cannon Financial Institute
Pepperdine University, Malibu, California
May 2009 Graduate of 3–year Trust School
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Certified Trust & Financial Advisor (CTFA), May 2009–May 2014
Heckerling institute on Estate Planning
University of Miami School of Law
Orlando, Florida
Annual Institute Attendee since 2015
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Continuing education on GRATs, SCINs, Split-Interest Trusts, Business Succession and Special Planning Techniques, Lifetime Asset Transfers, Intrafamily Alternatives to Gifts, etc.
Current Legal Experience
LeFebvre Law Office Ltd. (Merged into Klaus LeFebvre & Wince LLP)
Private Law Practice
Wealth Accumulation, Preservation, and Transfer Planning
Prior Legal Experience
First Mid-Illinois Bancshares, Inc (NASDAQ: FMBH)
First Mid-Illinois Bank & Trust, N.A.
First Mid Insurance Group
Executive Vice President, 2007–2014
Chief Trust & Wealth Management Officer
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Supervised corporate trust department, which provides trust administration, estate planning, estate administration, farm management, investment management, and brokerage services, approximately $1 billion in total assets. Served as general in-house counsel to CEO and executive team and various management committees. Served as parent company’s executive management overseeing subsidiary commercial insurance agency.
Thomas, Mamer & Haughey, LLP, Champaign, Illinois
Partner & Associate Attorney (2001–2007)
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- Probate
- Trust Administration
- Estate Planning
- Elder Law
- Zoning and planning
- Business organizations
- General business litigation
- Real estate taxation
Justices Robert J. Steigmann and Frederick S. Green, Urbana, Illinois
Appellate Judicial Clerk (1998–2000)
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Conducted legal research, drafted interoffice legal memoranda, and aided in drafting judicial opinions and orders.
Summer Associate (1997)
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- ERISA
- Tax Litigation
- Agency / Fiduciary Relationships
- Employment Contracts
Education
University of Illinois
Champaign, Illinois
B.S. Mathematics, Highest Distinction, 1992.
See Details
G.P.A. 4.57 / 5.00
G.P.A. in Major 4.92 / 5.00
Edmund J. James Scholar, Academic Year 1989–90 (Recognizes extraordinary academic ability while participating in special curricular opportunities)
Dean's List, Academic year 1988–89 & Spring 1991
University of Illinois College of Law
Champaign, Illinois
J.D., Summa Cum Laude, Order of the Coif
See Details
G.P.A. 3.755 / 4.000, Class Rank 12 / 216
Law Review
Harno Fellow
Graduate School of Banking
University of Wisconsin, Madison 2013-2014
Cannon Financial Institute
Pepperdine University, Malibu, CA
May 2009 Graduate of 3–year Trust School
See Details
Certified Trust & Financial Advisor (CTFA), May 2009–May 2014
Heckerling institute on Estate Planning
University of Miami School of Law
Orlando, FL
2015, 2016, 2017, and 2018 Institute Attendee
See Details
Continuing education on GRATs, SCINs, Split-Interest Trusts, Business Succession and Special Planning Techniques, Lifetime Asset Transfers, Intrafamily Alternatives to Gifts, etc.
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Hannah E. Wince
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Hannah E. Wince has been practicing law since 2013. She graduated summa cum laude from Eastern Illinois University in 2010 and cum laude from the University of Illinois College of Law in 2013. A graduate of Villa Grove Schools and a rural Douglas County native, she returned to Villa Grove after completing law school. Having spent her entire life in the local farming community, Hannah has a deep understanding of the needs and concerns of the local ag community and is proud to be an important part of the Villa Grove community.
Hannah prides herself on always trying to find the most practical and straightforward solution to clients' legal issues. She is a member of the Illinois State Bar Association, the Douglas County Bar Association, the Champaign County Bar Association, the East Central Illinois Women Attorneys Association, and the Illinois Association of Drainage Districts. She lives in Villa Grove with her husband, David, their two children, and a very spoiled house cat and beagle.
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Hannah E. Wince's Education and Legal Experience:
Education
Eastern Illinois University
Charleston, Illinois
B.A. English, Summa Cum Laude, 2010
University of Illinois College of Law
Champaign, Illinois
J.D., Summa Cum Laude, Cum Laude
Current Legal Experience
Wince Law Office, LLC
Private Law Practice
Private Law Practice, merged into Klaus LeFebvre & Wince LLP
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Founded law firm in downtown Villa Grove with dedication to serving local community, business owners, farmers and farm families, and individuals. Areas of practice includes:
- Estate Planning
- Estate and Trust Administration
- Business Organizations
- Residential Real Estate
- Commercial and Farm Real Estate
- Drainage District Law
Prior Legal Experience
Law Office of John T. Phipps, P.C.
2011-2013
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Assisted in general law practice with a focus on family law, estate planning, and probate. Legal research, assistance with drafting, and trial preparation for complex divorce and probate matters. Assisted with preparation for appeal before the Illinois Appellate Court.
Education
Eastern Illinois University
Charleston, ILlinois
B.A. English, Summa Cum Laude, 2010
University of Illinois College of Law
Champaign, ILlinois
J.D., Summa Cum Laude, Cum Laude
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Andrea I. Bergstrom
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Andrea I. Bergstrom began practicing in 2006. A double University of Illinois Alumna - earning her baccalaureate degree in 2003, and her Juris Doctor in 2006 - Andrea began her legal career as a prosecutor in Winnebago County, Illinois, before returning to Champaign County to live and work since 2008.
After a 16 -year career spanning both sides of the aisle as counsel for the prosecution and defense, in 2022 Andrea decided to move away from her successful career in criminal law. In November of 2022, she joined our firm focusing on estate planning, wealth preservation, trusts, real estate transactions, business formation, and other transactional law matters. She serves clients in both Champaign and Villa Grove offices.
A member of the Illinois State Bar Association, the Champaign County Bar Association and the East Central Illinois Women Attorneys Association, Andrea lives in SW Champaign with her daughter, and her cat, Nobyl. In her down time she enjoys fishing, kayaking, and being a proud plant-mom.
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Andrea I. Bergstrom' Education and Legal Experience:
Education
University of Illinois
Champaign, Illinois
Bachelor of Science in Biology, 2003
University of Illinois College of Law
Champaign, Illinois
Juris Doctor, 2006
Current Legal Experience
Associate, Klaus Lefebvre & Wince LLP
Private Law Practice
Prior Legal Experience
Champaign County
Assistant Public Defender
2019-2022
Weaver, Kearns & Bergstrom
Associate Attorney
2013-2019
Bergstrom Law Office
Attorney-at-Law
2012-2013
Champaign County
Assistant State's Attorney
2008-2012
Winnebago County
Assistant State's Attorney
2006-2008
Education
University of Illinois College of Commerce
Champaign, Illinois
B.A. Science in Finance, with High Honors, 1985
University of Illinois College of Law
Champaign, Illinois
J.D., Cum Laude, 1988
