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Ray Prather

Raymond Prather, J.D., CPA, CFF

Area(s) of focus/role:
Fiduciary litigation, contested probate proceedings, trust and estate administration
Favorite part of practicing law:
Developing novel arguments for unusual issues. When Illinois doesn’t have precedent for a case, it provides an opportunity to learn how other states address the issue and create arguments for why Illinois should or should not adopt a particular position.
What inspires you:
The people who have helped me in my career. As a first-generation college graduate and lawyer, I would not be where I am today without the help of many people.

ABOUT RAY

Ray has been practicing trust and estate law in Chicago for over 15 years. He has a wide range of experience in this area – from representing beneficiaries, executors and trustees in and out of the courtroom to advising donors, board members and non-profit organizations in disputes over charitable gifts. Ray represents trustees when tailored solutions are required to meet fiduciary duties because there are contentious family dynamics, conflicts in family businesses, or complexity in taxable estates. His knowledge in both accounting and tax law has helped beneficiaries and judges understand complicated estate planning and financial issues to ensure fair outcomes in contested trusts and estates. His unique background enables Ray to efficiently evaluate trust and estate accountings, financial statements, and tax returns without the added cost of consulting an outside expert.

Ray speaks and writes frequently and has been recognized for his knowledge and dedication to the practice. He is also active in the community, serving as a member of Lambda Legal’s National Legacy and Planned Giving Council and Advocate Charitable Foundation’s Planned Giving Council.

EDUCATION

DePaul University College of Law, J.D., 2005

Augustana College, B.A., Accounting, 2003

MEMBERSHIPS

Fellow of the American College of Trust and Estate Counsel, State Laws Committee

American Bar Association, Real Property, Trust & Estate Law Section, Section Council; Trusts and Estates Editor for the eReport; 2017-2019 Chair for Charitable Planning and Organizations Group; 2009-2010 Section Fellow

Illinois State Bar Association, 2020-2021 Chair of Trusts & Estates Section Council; 2015-2016 Chair of Standing Committee on Sexual Orientation and Gender Identity

Chicago Estate Planning Council, Board Member

Advocate Charitable Foundation, Planned Giving Council Member

Lambda Legal,  Legacy and Planned Giving Council Member, 2009-2011 Chicago Leadership Council Chair
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Representative Publications and Presentations

“Accounting for Contested Trusts and Estates”, Illinois CPA Society Summit 22, August 23, 2022
“What’s a Donor to Do?: A Case Study”, American Bar Association Section of Real Property, Trust and Estate Law’s 34th Annual National CLE Conference, April 27, 2022
“Sign, Sign Away – Electronic Signatures and Documents in Illinois: A 2021 Update”, Illinois Bar Journal, November 2021, vol. 109
“Why Fiduciary Accounting May Be More Important Than You Think”, 47th Annual Notre Dame Tax & Estate Institute, October 21, 2021
“State Developments Roundtable – Illinois” – State Laws Committee, American College of Trust and Estate Counsel (ACTEC) 2021 Summer Meeting

COMMUNITY RECOGNITION

Primary drafter for committee creating legislation to allow electronic wills in Illinois, (enacted July 26, 2021 as the Electronic Wills and Remote Witnesses Act)

Super Lawyer by Super Lawyer Magazine, 2019-2022

IIT Chicago-Kent College of Law, Adjunct Professor teaching Federal Transfer Taxes and Estate Planning, 2013-2016