The Supreme Court of Alaska just held that Alaska could not require that proceedings relating to the transfer of assets to an Alaska self-settled trust be before an Alaska court. The Court did not invalidate self-settled trusts created in that state as some commentators have suggested. The viability of Alaska (and other state) self-settled trusts shielding trust assets from the claims of the grantor’s creditors was not disturbed. This webinar will explain why, with such high temporary estate tax exemptions, Domestic Asset Protection Trusts (“DAPTs”) are a vital planning tool for many clients and how DAPTs can be used to increase the early use of the exemptions. The reasoning and use of DAPTs in today’s planning environment will be explored for income and estate tax purposes. The actual holding in the Toni 1 Trust v. Wacker case will be explained. Options might include hybrid DAPTs, loan powers, non-fiduciaries making distributions, pre-transfer planning such as solvency affidavits, searches, and more. Practical planning tips on how trusts can be structured to provide greater protection will be discussed. What should practitioners communicate to clients who created DAPTs in the past?
Jonathan G. Blattmachr has over 35 years of experience in trusts and estates law and is currently a Principal at Pioneer Wealth Partners, LLC. He is a retired member of Milbank Tweed Hadley & McCloy and the Alaska, California and New York Bars. Mr. Blattmachr writes and lectures extensively on estate and trust taxation and charitable giving and has authored or co-authored eight books and over 500 articles on estate planning topics. He also co-developed Wealth Transfer Planning™, an InterActive Legal software system published for lawyers that provides specific client advice and automated document assembly for wills, trusts, powers of attorney, and other estate planning documents.
Martin M. Shenkman is an attorney in private practice in Ft. Lee, NJ, and New York City. His practice focuses on estate and tax planning, planning for closely held business, and estate administration. Mr. Shenkman is an author of more than 800 articles and over 40 books, including his most recent book on powers of attorney, co-authored with Jonathan Blattmachr. He is an editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist, and the recipient of many awards including the prestigious Accredited Estate Planners (Distinguished) award from NAEPC and Financial Planning Magazine’s 2012 Pro-Bono Financial Planner of the Year for his efforts on behalf of those living with chronic illness and disability.
Abigail O’Connor is a member of Holland & Knight’s Private Wealth Services Group. She focuses her practice on estate planning, trust administration, probate matters and math modeling. Ms. O’Connor holds an M.S. in Applied Mathematics, and incorporates her advanced mathematics knowledge into her law practice. This includes creating models for clients that illustrate their potential estate tax liabilities and distributions of assets. Other types of models serve as decision-making tools for clients when determining whether to implement various options as part of their estate plans.
Event sponsors are not approved Continuing Education Sponsors. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by Shenkman Law, InterActive Legal, or Peak Trust Company.
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