Overview
Eileen Cozzi, has over 20 years of experience in providing estate planning services. Her focus is on complex estate, gift and income tax planning, and estate and trust administration. Eileen’s estate planning experience includes advising clients on a variety of estate planning matters and working with their other advisors to implement tax and financial strategies. Eileen also assists clients with estate administration through the coordination and preparation of federal fiduciary income, gift and estate tax returns. Before joining ORBA, Eileen worked as a trusts and estates and tax attorney.
Overview
Eileen Cozzi, has over 20 years of experience in providing estate planning services. Her focus is on complex estate, gift and income tax planning, and estate and trust administration. Eileen’s estate planning experience includes advising clients on a variety of estate planning matters and working with their other advisors to implement tax and financial strategies. Eileen also assists clients with estate administration through the coordination and preparation of federal fiduciary income, gift and estate tax returns. Before joining ORBA, Eileen worked as a trusts and estates and tax attorney.
Proactive
Eileen strives to provide clients with easy to understand explanation to complex estate planning matters.
Outside of the Office
Eileen spends her time away from ORBA with her husband, David, daughter, Bridget and her very pampered dog, Gia. Eileen’s interests include, reading, creating photo books, home improvement projects and traveling.
Certifications & Licenses
- Certified Public Accountant
Education
- B.B.A., Public Accounting, Loyola University Chicago
- Juris Doctor, DePaul University College of Law
- LLM, Taxation, Chicago-Kent College of Law
Blogs
The NIIT is Ensnaring More People. Are You One of Them?
The net investment income tax (NIIT) has been around for more than 10 years, but the number of people subject to it has gradually more than doubled during that time. Why? Because the income thresholds that trigger the tax are not indexed for inflation. As incomes rise with inflation, an increasing number of taxpayers are […]
Shield Life Insurance Proceeds from Estate Tax with an Irrevocable Life Insurance Trust (ILIT)
Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it is important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax. To avoid this result, a common […]
Oops, You Overfunded Your 529 Plan
Some might consider it a good problem to have: Saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The tax man giveth 529 plans are tax-advantaged accounts designed to help families save money for college education […]
So You Have Dipped Into Savings…What To Do Next With Your Retirement Account
Tapping an IRA, 401(k) plan or other tax-deferred accounts to pay current expenses can derail your retirement savings plan. Therefore, it should be viewed as a last resort. Unfortunately, many people reached that point in 2020 or earlier this year due to COVID-19’s financial impact. If you withdrew or plan to withdraw tax-deferred savings as […]
Current Conditions are Favorable for Cost-Effective Wealth Transfers
The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment, coupled with depressed asset values, means that now may be a good time to transfer wealth to your children and grandchildren. Consider making gifts For 2020, the federal gift and estate tax exemption is an inflation-adjusted […]
Divorcing? Don’t Let Your Estate Plan Fall Through the Cracks
If you are going through a divorce, you are probably feeling a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. An estate planning professional can help you update documents and ensure that your children benefit according to your wishes — not your ex-spouse’s.
A Trust Can Be A Mighty Financial Fortress
You may think of trusts as estate planning tools. While trusts can certainly fill that role, they are also useful for protecting assets, both now and later. Creditors, former business partners, ex-spouses, “spendthrift” children and taxes can all pose risks. Here is how trusts defend against asset protection challenges. To protect assets, your trust must […]
Newsletters
Wealth Management Group Newsletter – Winter 2023
ORBA’s Wealth Management Group Winter 2023 Newsletter offers advice on whether you are obligated to pay taxes on household help and outlines the benefits of Health Savings Accounts (HSAs).
Wealth Management Group Newsletter – Summer 2019
Our Wealth Management Group’s Summer 2019 Newsletter shares details on when it may be advisable to file a gift tax return for a non-gift, as well as some tax tips to aid in your tax preparation.
News
ORBA Welcomes New Hires to Cloud, Audit and Tax Departments
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to welcome Eileen Cozzi to its Tax Department, Stephanie Polanco to its Audit Department and Josephine Mandernach to Cloud CFO Services.
