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Dynasty Trusts in Your Home State: Design, Draft, and Implement Irrevocable Trusts to Receive Large Gifts Before the End of 2012



Wednesday, June 20, 2012
Product Code - TMA98
Speaker(s): Alan Gassman, Ken Crotty, and Chris Denicolo, Gassman Law Associates, P.A., Clearwater, FL
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 Advisors and their clients are working with clients to establish and fund trusts to make use of some or all of the temporary $5,120,000 lifetime gifting exclusion, taking into consideration that anything over $1,000,000 makes use of an allowance that may never be available again. Such trusts can benefit the grantor’s spouse and descendants, and provide very strong creditor protection, responsible family and fiduciary structure, and protection in the event of divorce or financial reversal of the Grantor. Most of these trusts are being formed in the client’s home state, without the need to use “asset protection jurisdictions” or specialty provisions that apply therein.

This new practical webinar from Bloomberg BNA, Dynasty Trusts in Your Home State: Design, Draft, and Implement Irrevocable Trusts to Receive Large Gifts Before the End of 2012, presented by Alan S. Gassman, Kenneth J. Crotty and Christopher J. Denicolo, provides advisors with the latest techniques and opportunities, new practical ideas, and very useful client explanation charts, sample clauses, and checklists.

During this live webinar, Gassman, Crotty and Denicolo will cover:

  • Advising Clients on the advantage of gifts to use more than the $1,000,000 gifting allowance that will reset in 2013.
  • Making use of Formula Transfer Clauses, and discussion of the Wandry Tax Court Memorandum decision.
  • Crucial Step Transaction Doctrine and Reciprocal Trust law considerations.
  • Making use of the $5,120,000 Gift Exclusion to Create an Irrevocable Trust for the benefit of the Grantor’s Spouse that could ultimately benefit the Grantor and the SAFE Trust Client explanation package.
  • How and When to Make the Grantor a Beneficiary of a Trust.
  • Complete Gift Trusts Versus Incomplete Gift Trusts, and Converting Traditional Asset Protection Trusts into Completed Gift Trusts.
  • Why asset protection planning is so important.
  • When to use home state trusts, out-of-state trusts and offshore trusts, and why.
  • Key differences among the state laws so you know which jurisdiction to select for your trusts.
  • Designing Subsidiary Entity Structures, Including Limited Partnerships and LLCs
  • Recent State Law Planning Opportunities.

Educational Objectives

  • Review the primary kinds of irrevocable trusts used for gifting and family wealth preservation, and learn how the 2010 Estate Tax Law changes present new opportunities for irrevocable trusts.
  • Become conversant with the primary rules, opportunities and limitations with respect to trust and wealth protection choices
  • Know how to convert "asset protection" trusts to gift and estate tax planning dynasty trusts, and what jurisdictions work best for this.
  • Understand the mechanics of effective wealth protection techniques and how they dovetail with estate tax planning under the temporary $5,000,000 gifting exemption.

Alan Gassman, Ken Crotty, and Chris Denicolo, Gassman Law Associates, P.A., Clearwater, FL

 Alan S. Gassman, J.D., LL.M. practices law in Clearwater, Florida. Each year he published numerous articles in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, The Journal of Asset Protection, and Steve Leimberg’s Asset Protection Planning Newsletters. Mr. Gassman is a fellow of the American Bar Foundation, a member of the Executive Council of the Tax Section of the Florida Bar, and has been quoted on many occasions in publications such as The Wall Street Journal, Forbes Magazine, Medical Economics, Modern Healthcare, and Florida Trend magazine. He is an author, along Kenneth Crotty and Christopher Denicolo, of the Bloomberg BNA Tax & Accounting book Estate Tax Planning in 2011 and 2012. He is the senior partner at Gassman Law Associates, P.A. in Clearwater, Florida, which he founded in 1987.

Kenneth J. Crotty, J.D., LL.M., is a partner at the Clearwater, Florida law firm of Gassman Law Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. Mr. Crotty has co-authored several handbooks that have been published in BNA Tax & Accounting, Estate Planning, Steve Leimberg’s Estate Planning and Asset Protection Planning Newsletters and Estate Planning magazine. He, Alan Gassman and Christopher Denicolo are the co-authors of the Bloomberg BNA book Estate Tax Planning in 2011 & 2012.

Christopher J. Denicolo, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman Law Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. He is the author of several noted articles in The Florida Bar Journal, BNA Tax & Accounting, Estate Planning Magazine and Leimberg Information Services, Inc. He, Alan Gassman and Kenneth Crotty are the co-authors of the Bloomberg BNA book Estate Tax Planning in 2011 & 2012.