Recorded Tuesday, October 1, 2024
Introduction to Asset Protection and Domestic Asset Protection Trusts
Kim Kamin, Gresham Partners, LLC, Chicago&
Melisa Seyhun, ArentFox Schiff, Chicago &
The Top Ten Drafting Considerations for Trusts
The do’s and don’ts of trust drafting . . . including uses of powers of appointment, spendthrift clauses, and jurisdictional provisions . . . with forms.
Shawn M. McCullough, Harrison LLP, Chicago
Natalie M. Perry, Harrison LLP, Chicago&
When a Beneficiary Income Accumulation Trust (BIAT) ® is Superior to a Discretionary or Ascertainable Standard Trust for Asset Protection
Third party created irrevocable trusts are not all created equal in protecting from creditors of a beneficiary. Distribution standards matter. Taxation matters. Most consider a completely discretionary trust to be the gold standard, superior to those with ascertainable standards or other forced distributions. But after a grantor dies, these designs either trap income in trust and force the trust to pay tax at highly compressed rates, or force distributions out of the trust. A beneficiary income accumulation trust (BIAT®), sometimes referred to generically as a beneficiary deemed owner trust (BDOT), allows the trust to grow tax-free by shifting the income tax burden to the beneficiary without having to take funds out of the protective wrapper of the trust, which greatly enhances the “tax burn” for GST exempt trusts and the overall asset protection for the beneficiary in the long-term, especially when designed with appropriately crafted trust protector, cessor and forfeiture clauses
Andrew J. Kelleher, Jr., Kelleher + Holland, LLC, North Barrington
Edwin P. Morrow, Kelleher + Holland, LLC, North Barrington
Grantor Retained Annuity Trusts (GRATs)
Explore the strategic use of GRATs to efficiently transfer wealth and minimize taxes for clients. This session will delve into the mechanics of GRATs, their tax implications, and advanced strategies to enhance their effectiveness. Key risks, recent regulatory developments, and best practices for advising clients on GRATs will also be covered.
Maximillienne Elliott, The Law Offices of Max Elliott, Ltd., Chicago
Offshore Solutions - Foreign Situs Trusts
Despite a growing number of onshore alternatives, offshore planning remains at the pinnacle of creditor protection. Learn why this is so. Learn how offshore asset protection trusts are integrated into a structure and the mechanics of triggering the protections afforded. We will explore how various assets may fit into the planning structure and how an integrated connection to domestic estate planning can significantly add to overall flexibility and achievement of domestic planning goals. Learn what offshore banks now require for KYC due diligence. We will also reveal tips learned to identify nefarious actors now becoming more prevalent than ever and what a legal advisor should consider as part of their due diligence when assessing potential clients.
William A. Ensing, Buckley Fine, LLC, Barrington&
Fraudulent Transfers & Ethical Issues
(0.5 professional responsibility)
Are you liable when you discover a client has completed a fraudulent transfer? What are your duties and obligations? Knowing what to do in these situations without violating the attorney/client privilege can be tricky at best. In this informative presentation receive clear instruction on how to handle difficult situations in asset protection planning.
Rachel C. Miller, Attorney Registration and Disciplinary Commission, Springfield
& = IICLE® Publications Author
