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Hugh F. Drake 
Springfield, Illinois
phone 217-280-4271
fax 217-241-1333
email Email Me

HUGH F. DRAKE practices in the areas of estate planning, business planning, estate administration, and real estate.  He is a frequent lecturer both nationally and locally, has published several articles on tax and estate planning, and has been quoted in such national publications as the Wall Street Journal.

Primary Industries Served:

Estate Planning, Probate & Trust; Real Estate Law; Business Organizations; Business Planning.

Professional Associations and Memberships:

American Bar Association Real Property, Trusts and Estate Section
-Chair, Business Planning Group
-Chair of Membership Committee
-Member of the Planning Committee
-Member of the Nominating Committee 
Fellow of the American Bar Foundation
Sangamon Valley Estate Planning Council Executive Committee

Litigation Percentage:
30% of Practice Devoted to Litigation
Bar Admissions:
Illinois, 1999
U.S. District Court Central District of Illinois, 2000
U.S. District Court Southern District of Illinois, 2000
U.S. Court of Appeals 7th Circuit, 2000
University of Illinois College of Law, Champaign, Illinois, 1999
Honors: Cum Laude

Southern Illinois University, Carbondale, Illinois, 1995
Major:  Anthropology

University of Illinois, Champaign, Illinois, 1992

Published Works:
IRS Proposes New Regulations under Code § 2032-Alternate Valuation for Estate Tax Purposes, ISBA Business Advice and Financial Planning, Spring, 2012

Minimum Distribution Rules, Methods and Elections, IICLE Retirement Benefits Issues in Estate Planning, 2012 Edition, October, 2011

Gift Tax Annual Exclusion Concerns when Conveying Business Interests, Business Advice and Financial Planning, September, 2012

Control at What Cost: Annual Exclusion Gifting and Present Interests, ABA RPTE Probate and Property, March, 2011

Should a Corporation Pay Dividends in 2010 to Take Advantage of Low Dividend Tax Rates?, ABA-RPTE eReport, December, 2010

Post-Mortem Access to Funds From Closely Held Business Interests, The Practical Tax Lawyer ALI-ABA, Fall 2009

Post Death Market Decline and Alternative Valuation., Probate and Property, submitted 2008

Comments to the 20.2032-1(f) Alternate Valuation Proposed Regulation., ABA-RPTE Business Planning, 2008

The New IRS Appraiser Penalties., Probate and Property, Sept/Oct., 2007

Lawyers' Group Protests the Appraiser Penalties, Trusts and Estates, March, 2007

Who Needs a Buy-Sell Agreement, ABA-RPTE Probate and Property, September, 2006

Found Treasure: A Primer on Unclaimed Property in Illinois (co-author), Illinois Bar Journal, August, 2003

Classes/Seminars Taught:
“Business Structure Choice and Non-Tax Estate Planning Considerations” Estate Planning for Farmers and Ranchers, NBI, Springfield, IL, November, 2013

“Succession Planning” Construction Industries Conference, Illinois CPA Foundation, Oakbrook Terrace, IL, October, 2013

“Trust But Verify: Tax Consequences for Holding Business Interests in Trust”, Palm Beach Tax Institute, West Palm Beach, FL, October, 2013

“S Corporation Planning Including Use of QSST’s Versus ESTB’s”, ABA-RPTE Skills Training for Estate Planners (Advanced Topic Course), New York, NY, July, 2013

“Practical Issues in Planning for the Family Business”, Heckerling Institute on Estate Planning, Orlando, FL, January, 2013

“Family Business Planning”, ABA-RPTE Skills Training for Estate Planners, New York, NY, July, 2012

“State Decoupling Issues in Business Succession Planning”, ABA-RPTE, Denver, CO, October 2011

“Life Cycle of the Family Business Owner: Liquidity Issues at and after Death”, ABA-RPTE, Philadelphia, PA, May, 2010

“ABA-RPTE Position Statement Regarding Appraiser Penalties under IRC 6695A”, Internal Revenue Service, Washington, D.C., February, 2010

“Planning with Tenancies in Common-An Alternative to an FLP?”, ABA-RPTE, Chicago, IL, September, 2009

“Which Post-Death Events are Ignored Under 2032 but Considered under 2053”, ABA-RPTE, Washington, D.C., May, 2009

“Taxation of Retirement Benefits: Basic Rules and New Developments”, IICLE, Champaign, IL, June, 2008

“Effective Use of Different Entities and Capital Structures: Grantor Retained Annuity Trusts”, ABA-RPTE, Vancouver, B.C., September, 2007

Pro Bono Activities:
Springfield Ball Charter School Board President
Sangamon County Community Foundation, Young Philanthropists Steering Committee
Q5 Commercialization Advisory Team
Sangamon County Continuum of Learning Steering Committee

Springfield Office •
205 S. 5th Street
Suite 700
Springfield, IL 62701
Toll Free: 888.763.9594
Phone: 217.280.4271
Fax: 217.544.9609

Chicago Office •
20 S. Clark Street
Suite 3000
Chicago, IL 60603
Toll Free: 888.763.9594
Phone: 217.280.4271
Fax: 217.544.9609

Representative Clients

Brown, Hay & Stephens, LLP, provides legal counsel and representation for businesses, government entities, and individuals in Springfield, Illinois, and downstate Illinois communities such as Decatur, Mt. Vernon, Peoria, Rockford, Champaign, Bloomington, Quincy, Effingham, Urbana, Danville, Galesburg, Kankakee, Carbondale, and Carlinville, Illinois.

Martindale Hubbell