Legal Staff Paralegal in Chicago, IL

Law Firm

Chicago, IL

Legal Staff Paralegal in Chicago, IL

Legal Staff

Min 5 yrs required

No

Job Title: Estate Planning Paralegal

Job Responsibilities:
The Estate Planning Paralegal is a vital part of the Estate Planning team at the law firm, responsible for a variety of tasks that require meticulous attention to detail and proactive client service. The primary responsibilities include:

- Gift Tax Returns: The paralegal is expected to prepare and file annual IRS Form 709 Gift Tax Returns with minimal supervision. This involves coordinating with clients and accountants to gather necessary financial documentation and tracking filing deadlines to ensure timely submission.

- ILIT Administration: The role requires monitoring premium payment schedules and maintaining accurate tracking logs for Irrevocable Life Insurance Trusts (ILITs). The paralegal must draft and distribute Crummey notices in accordance with trust provisions and IRS guidelines and maintain ILIT files to ensure compliance with administrative best practices.

- Trust Funding: Responsibilities include preparing and recording deeds, assignments, and other related documents for trust funding. The paralegal coordinates with title companies, banks, and other institutions to transfer assets into trusts and maintains organized trust funding binders and checklists.

- Promissory Notes: The paralegal proactively tracks maturity dates, interest payments, and compliance deadlines for promissory notes. Coordination with clients and the legal team is necessary to initiate and document note renewals or payoffs, along with maintaining organized records of all promissory notes and supporting documentation.

- Client Management: Serving as a key point of contact for clients throughout the estate planning process, the paralegal provides regular updates and follows up on outstanding items. They are expected to anticipate client needs and support attorneys in delivering an exceptional client experience.

Education and Experience Information:
- The position requires a minimum of 5 years of experience in estate planning or tax-related legal work. A strong understanding of gift tax law, ILIT compliance, and trust funding procedures is essential.
- Candidates must possess a Bachelor’s degree or a paralegal certificate from an ABA-approved program.
- Preferred qualifications include experience with trust accounting or tax software and being a Notary Public (or willingness to obtain).

Salary Information:
The text does not provide specific salary information for the Estate Planning Paralegal position.