Take your asset protection planning to the next level by exploring sophisticated topics such as fraudulent conveyances, offshore strategies, and trusts including self-settled spendthrift, beneficiary income accumulation, grantor retained annuity, and domestic asset protection trusts.
Credits: 5 General, 0 Diversity/Inclusion PR, 0 MH/SA PR, 1 Other PR
Tuesday, October 1, 2024
Virtual Conference via Live Webcast
8:00 – 8:55 Log in to the webcast via your account at www.iicle.com
9:00 Welcoming Announcements
9:00 – 10:00 Introduction to Asset Protection and Domestic Asset Protection Trusts
Kim Kamin, Gresham Partners, LLC, Chicago&
Melisa Seyhun, ArentFox Schiff, Chicago &
10:00 – 10:10 Break
10:10 – 11:10 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&
11:10 – 11:20 Break
11:20 – 12:20 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
12:20 – 1:00 Lunch break
1:00 – 2:00 Grantor Retained Annuity Trusts (GRATs)
Maximillienne Elliott, The Law Offices of Max Elliott, Ltd., Chicago
2:00 – 2:10 Break
2:10 – 3:10 Offshore Trusts
William A. Ensing, Buckley Fine, LLC, Barrington&
3:10 – 3:20 Break
3:20 – 4:20 Fraudulent Transfers & Ethical Issues
(1.0 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
4:20 Adjourn
& = IICLE® Publications Author
