Attorney Spotlight: Jessica Nelson
Jessica Nelson received a JD Certificate in Tax Law through Loyola University’s School of Law which required an in-depth curriculum on federal income tax, advanced corporate and partnership tax, estate and gift tax, and tax procedure. Her experience and understanding of taxes are critical in helping her clients navigate complex financial issues within the domestic relations arena.
Prior to joining the field of family law, Jessica used her tax background as a consultant with a global leader in financial services in corporate investment banking on a variety of issues including retirement planning and trade regulations.
Jessica now applies this knowledge to drafting and negotiating Marital Settlement Agreements that take into consideration tax consequences regarding division and sale of assets, impact upon required minimum distribution, allocation of carry-forward loss, and tax considerations relating to equity-based and deferred compensation. She uses her tax background in identifying child tax credits and the resulting impact on child support guidelines which are calculated based on both parties’ net incomes.
As an example, Jessica understands parties’ options when it comes to investing funds with tax-saving benefits through 529 educational spending accounts for both private elementary, middle, and high school tuition expenses, as well as college tuition and qualified expenses. This understanding has the potential to impact the division of children’s expenses so parties can maximize income for educational savings.
With maintenance payments no longer being deductible by the payor spouse and now being calculated on net income, Jessica’s background is essential in determining a spouse’s actual net income for both purposes of calculating child support and maintenance. She can navigate corporate tax returns as well as income reported on a spouse’s tax return from business or investment income.
Jessica has experience with spousal indemnification for previously filed tax returns and allocation of outstanding tax and penalties. She has worked alongside accountants and other tax experts to resolve complex financial issues through a collaborative setting as well as within a contested landscape.
Jessica regularly attends continuing legal education and keeps up to date regarding changes in the tax code and impacts on family law matters. She prepared materials and spoke during the panel “Tax Considerations when Drafting Marital Settlement Agreement and Critical Changes in Light of the Tax Cuts and Jobs Act of 2017” for the Illinois Institute for Continuing Legal Education program in July 2019.
Her tax background and experience will ensure that your financial matters are carefully considered from multiple angles to help you secure your future whether it be pre or post-divorce.