Tag Archives: Trusts

New CLE on Wyoming Private Trust Companies

What is a Private Trust Company? How does it work? What are the advantages of setting up the PTC in Wyoming? Private trust companies have become an increasingly popular estate planning tool for managing dynastic wealth – but is a Private Trust Company a good fit for your clients?

What Is a Private Trust Company?

A PTC is a state-chartered entity designed to provide fiduciary services to members of a family. PTCs can perform many responsibilities commonly performed by the family office, including investment and financial management, accounting, and recordkeeping. A PTC is distinct from a “family office” in that it can serve as a fiduciary under state law.

In this CLE course Matthew and Christian Grupp, father and son, will teach you about the key considerations when deciding if a Private Trust Company can be a profitable structure for your clients. Matthew and Christian mainly cover how a Private Trust Company is organized in Wyoming, how the Private Family Trust helps all the parties involved, legal, regulatory & tax considerations, safeguarding assets, utilizing technology & the Entole Solution. To access the course please click here: Is a Private Trust Company Right for Your Clients?.

These additional topics are also addressed:

  • Planning considerations
  • Planning pitfalls
  • Governance
  • Processes
  • Legal structures
  • Federal & state regulatory considerations
  • “Heir conditioning”
  • IRS Notice 2008-63
  • Physical considerations
  • Recommended fiduciary policies & procedures

Matthew Grupp’s practice focuses on assisting families to achieve their enlightened dreams through Comprehensive and Integrated Wealth Strategies and Family Governance programs.  Over the last decade, Christian Grupp has accumulated a wealth of diverse skills and abilities, including estate planning & trust practices, law, financial, and consulting practices.

This CLE course is offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • Missouri (MO)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers CLE for attorneys in California and around the country. For more information about CLE in California please click the following link: CA CLE.

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CLE on Selecting a Professional Fiduciary as a Successor Trustee

When it comes to nominating a successor trustee there are usually four main groups that people regularly turn to – family members, friends, corporate trustees – and more recently, professional fiduciaries. But what exactly does a professional fiduciary do?

Licensed Professional Fiduciary

A professional fiduciary serves the client’s best interest by acting as a trustee, agent under a durable power of attorney for health care, or agent under a durable power of attorney for finances.

In this CLE course, Marguerite Lorenze and Adam Sherry provide their insight and guidance on selecting a professional fiduciary as a successor trustee. The main points of discussion include: working with professional fiduciaries, doing your due diligence, interacting with the client and corporate trustees vs. private fiduciaries. To access the course please click here: Selecting a Professional Fiduciary as a Successor Trustee.

Additionally, Marguerite and Adam also cover:

  • Resources for attorneys
  • The power of attorney
  • Agent for health care
  • Meeting & communicating with the client
  • Advising clients
  • Trust provisions
  • Improving the client’s life
  • Focusing on the quality of life
  • Key provisions
  • The role of the corporate trustee
  • Putting the client’s interest first

Marguerite is a professional Trustee and Executor and frequent speaker on a variety of Estate Planning topics. Adam L. Sherry specializes in estate planning and probate and trust administration.

This CLE course is offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • Missouri (MO)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers CLE for attorneys in California and around the country. For more information about CLE in California please click the following link: CA CLE.

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CLE Course: Advanced Asset Protection Planning

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For the past several years, asset protection has been one of the fastest growing areas of law. Asset protection is also one of the most controversial areas of law because the goal is to shield assets from the reach of creditors. Properly implemented asset protection planning should be both legal and ethical and it should not be based on hiding assets or on secrecy and it is not a means or an excuse to avoid or evade U. S. taxes. Asset protection should simply be about structuring the ownership of one’s assets to safeguard them from potential future risks.

There is no one “magic bullet” in asset protection and the term “asset protection” encompasses a number of planning and structuring mechanisms that may be implemented by a practitioner to minimize a client’s exposure to risk.  Most asset protection structures are commonly used business and estate planning tools – such as limited liability companies, family limited partnerships and trusts.

For each client the asset protection solution will be different – depending on the identity of the debtor, the nature of the claim, the identity of the creditor and the nature of the assets. These are the four threshold factors that are either expressly or implicitly analyzed in each asset protection case. The analysis of these four factors determines what planning would be possible and effective for a specific client. Join attorney Jacob Stein as he discusses these factors and more in this highly informative and practical CLE course on advanced asset protection planning. The main topics discussed include the main goals of asset protection planning, specific asset protection structures and assets that are commonly protected.  To access the course please click here: Advanced Asset Protection Planning.

Further issues addressed in this CLE course include:

  • The “Home Depot” method
  • Hiding assets
  • The debtor’s examination
  • Principle asset protection structures
  • Proactive vs. reactive asset protection planning
  • Retirement plans
  • ERISA
  • Life insurance
  • Fraudulent transfer laws
  • The intent test
  • Constructive fraud
  • The attorney’s liability
  • Transferring assets between spouses
  • Common law & community property states
  • LLCs
  • Piercing the corporate veil
  • Types of assets
  • The living trust
  • Revocable & irrevocable trusts
  • The trust protector
  • Key clauses in the trust
  • Offshore structures
  • Liquid assets
  • Protecting businesses
  • The personal residence
  • The equity strip
  • Additional asset protection structures

Mr. Stein is one of the nation’s leading experts on asset protection, teaching dozens of legal seminars each year on the subjects of asset protection and advanced tax planning. He is a Certified Tax Law Specialist and is AV rated by Martindale-Hubbell. Mr. Stein is the author of numerous articles on asset protection and tax planning, and is the author of Asset Protection Planning (Education Foundation, 2009) and Advanced Tax Planning Techniques (Education Foundation, 2009). He is also an adjunct professor of taxation at the CSU, Northridge Graduate Tax Program, and has been an instructor with the California CPA Education Foundation and National Business Institute (NBI) for many years. He is also a frequent guest speaker at various Bar, Estate Planning Council and CPA group meetings. Mr. Stein is admitted to practice in California and before the United States Tax Court.

This CLE course on the use of trusts in asset protection is currently accredited in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • New Jersey (NJ)
  • New York (NY)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers continuing legal education (CLE) for attorneys in New York and around the country. For more information about CLE in New York please click the following link: NY CLE.

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CLE Course: Use of Trusts in Asset Protection

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The main goal of asset protection planning is simple: insulate assets from claims of creditors without concealing the assets or committing tax evasion. While it is generally impossible to completely and absolutely shield assets, the focus of asset protection should be on making assets more difficult and more expensive for creditor’s to reach. Trusts are often effective vehicles to protect assets because they function by splitting the beneficial enjoyment of the trust assets from their legal ownership.

Trusts function by splitting the beneficial enjoyment of the trust assets from their legal ownership. This is the chief reason that trusts are widely used in asset protection.

However, while not all types of trusts are effective asset protection devices, a properly drafted and structured trust can provide a very solid form of asset protection. In this CLE course attorney Jacob Stein details the main ways that trusts are used to protect assets from creditors. Mr. Stein also provides an overview of asset protection planning and presents numerous case examples of the use of trusts in asset protection. To access the course please click here: Use of Trusts in Asset Protection.

Further issues addressed in this CLE course include:

  • The effectiveness of asset protection
  • Making assets more difficult to reach
  • The “Home Depot” asset protection method
  • Hiding assets
  • Determining what structure to use to protect assets
  • Exemptions
  • Personal residences
  • Retirement plans
  • The types of assets that can be protected
  • Real estate
  • The use of LLCs
  • Assets & trusts
  • The limitations of trusts
  • The trust protector
  • The living trust
  • Inter vivos trusts
  • Irrevocable trusts
  • The key elements of a trust
  • The use of offshore trusts
  • The limitations of offshore trusts
  • Dealing with income producing assets

Jacob Stein of the Los Angeles firm Klueger & Stein is one of the nation’s leading experts on asset protection and is one of California’s most well known attorneys, teaching dozens of legal seminars each year on asset protection and advanced tax planning. He is a Certified Tax Law Specialist and is AV rated by Martindale-Hubbell. Mr. Stein has authored numerous articles on asset protection and tax planning and he is the author of Asset Protection Planning (Education Foundation, 2009) and Advanced Tax Planning Techniques (Education Foundation, 2009). He is also an adjunct professor of taxation at the CSU, Northridge Graduate Tax Program, and has been an instructor with the California CPA Education Foundation and National Business Institute for many years. He is also a frequent guest speaker at various Bar, Estate Planning Council and CPA group meetings. Mr. Stein is admitted to practice in California and before the United States Tax Court.

This CLE course on the use of trusts in asset protection is currently accredited in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers continuing legal education (CLE) for attorneys in Illinois and around the country. For more information about CLE in Illinois please click the following link: IL CLE.

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CLE Course: Advanced Planning with Trusts

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The primary goal of all asset protection planning is to insulate assets from claims of creditors – without concealing assets or committing tax evasion. Generally, it is impossible to completely and absolutely protect assets. The focus of asset protection is on making assets more difficult and more expensive to reach. All asset protection planning is based on two principle premises: creditors can generally reach any asset owned by a debtor, and creditors cannot reach those assets that the debtor does not own.

Not all types of trusts are effective asset protection devices, but a properly drafted and structured trust may be an almost impregnable form of asset protection.

In this obvious dichotomy, trusts are very useful because they split the beneficial enjoyment of trust assets from their legal ownership.  This is the reason that trusts are often used in asset protection. If you would like to learn more about how trusts are used in advanced asset planning and protection please join Jacob Stein as he provides a thorough and practical overview of this important topic. Mr. Stein mainly discusses trusts, specific planning areas, asset protection planning, the use of trusts in asset protection and special needs planning. To access the course please click here: Advanced Planning with Trusts.

Further issues discussed in this CLE course include:

  • The limitations of trusts
  • Ownership of trusts
  • Key elements of a trust
  • Revocable vs. irrevocable trusts
  • Trust protectors
  • Dealing with real estate
  • Where to set up the trust
  • Estate tax planning
  • AB Trusts
  • Life insurance trusts
  • Intentionally Defective Grantor Trust (IDGT)
  • Qualified Personal Residence Trust (QPRT)
  • The goal of asset protection
  • The “Home Depot” method of asset protection
  • Insulating assets
  • Fraudulent transfers
  • The Intent Test
  • Trusts & asset protection
  • Tax consequences
  • Foreign trusts
  • Choice of law
  • Needs-based government benefits

Jacob Stein is one of the nation’s leading experts on asset protection and is one of California’s best-known attorneys, teaching dozens of legal seminars each year on the subjects of asset protection and advanced tax planning. A Certified Tax Law Specialist and AV rated by Martindale-Hubbell, Mr. Stein is the author of numerous articles on asset protection and tax planning, and is the author of Asset Protection Planning (Education Foundation, 2009) and Advanced Tax Planning Techniques (Education Foundation, 2009). He is an adjunct professor of taxation at the CSU, Northridge Graduate Tax Program, and has been an instructor with the California CPA Education Foundation and National Business Institute for many years. He is also a frequent guest speaker at various Bar, Estate Planning Council and CPA group meetings. Mr. Stein is admitted to practice in California and before the United States Tax Court.

This CLE course on the use of trusts in asset protection is currently accredited in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • New Jersey (NJ)
  • New York (NY)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers continuing legal education (CLE) for attorneys in New York and around the country. For more information about CLE in New York please click the following link: NY CLE.

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