This handbook covers the ways in which a client’s financial property can be preserved. Discussions include practical and ethical considerations; potential civil and criminal liability and disciplinary actions; fraudulent transfers with in-depth discussions on §548 of the Bankruptcy Code and the Uniform Fraudulent Transfer Act; and bankruptcy issues under the Bankruptcy Abuse Prevention and Consumer Protection Act (such as the bankruptcy estate, exclusions, and exemptions; protecting family assets before, during, and after marriage; and issues with third-party creditors and claims). Also covered are drafting considerations for trusts; business assets (with discussions on protecting individuals from business liabilities and protecting businesses from individual liabilities); asset protection during estate and trust administration; and offshore trusts. Discussions on perpetuities provisions, powers of appointment, trustee succession considerations, and trustee powers are also included. Forms and sample language provisions include a termination letter, notice to possible creditors, qualified disclaimer of assets, and multiple examples of trust provisions.
Chapter 1 — Why Is Asset Protection Planning Important?
Kathleen Eggers Buchar, Northern Trust Corporation, and Ronald Schreiber, Seyfarth Shaw, LLP, Chicago
Chapter 2 — Practical and Ethical Considerations
Sandra M. Schildgen, Wilson & Wilson Estate Planning & Elder Law LLC, Northbrook
Chapter 3 — Fraudulent Transfers
Elizabeth B. Vandesteeg and Jamie L. Burns, Levenfeld Pearlstein, LLC,Chicago
Chapter 4 — Bankruptcy Issues Under the Bankruptcy Abuse Prevention and Consumer Protection Act
James E. Morgan and Tejal S. Desai, Howard & Howard Attorneys, PLLC,Chicago
Chapter 5 — Protecting Family Assets
Janet Rae Montgomery, Nisen & Elliott, LLC, Chicago
Chapter 6 — Drafting Considerations for Trusts
Brian Bentrup, Pluymert, MacDonald, Hargrove & Lee, Ltd., Des Plaines, and Alfred S. Lee, Pluymert, MacDonald, Hargrove & Lee, Ltd., Hoffman Estates
Chapter 7 — Planning for Exempt Assets
A. Margot Gordon and Amy E. Orlando, Monahan Law Group, LLC,Chicago
Chapter 8 — Protecting Business Assets
Steven L. Kriz and Stephanie N. Ross, Levenfeld Pearlstein, LLC, Chicago
Chapter 9 — Asset Protection During Estate and Trust Administration
Kim A. Kamin, Gresham Partners, LLC, and Jeffrey M. Bergman, Charles Schwab & Co., Chicago
Chapter 10 — Domestic Asset Protection Trusts
Richard S. Duffy and Melisa Seyhun, Schiff Hardin, Chicago
Chapter 11 — Using Offshore Trusts for Asset Protection Planning
William A. Ensing and Linda S. Fine, Buckley Fine, LLC, Barrington
