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Effective Domestic Asset Protection Trusts: Self-Settled Assets, State Differences, Forming and Funding

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, January 18, 2022

Recorded event now available

or call 1-800-926-7926

This webinar will discuss identifying clients who could benefit substantially by forming an asset protection trust (APT), states authorizing domestic asset protection trusts (DAPTs), and considerations of forming and funding these trusts for trust and estate professionals working with high net worth individuals.

Description

There are many reasons accountants, trust and estate advisers, and tax practitioners need to understand APTs. They are often the professionals most familiar with a client's financial exposure. Advisers may act as a trustee, and they will most likely be responsible for filing the related income tax returns. Placing assets in an APT can protect from creditors, lawsuits, and future ex-spouses.

Initially, a grantor could not be the beneficiary of an APT. Beginning with Alaska in 1997 and followed by additional states, including Delaware, Nevada, and South Dakota, now 17 states allow these self-settled trusts. Along with offering protection of assets, there are downsides to these trusts, including the fact that they are irrevocable. Additionally, these trusts should be in place before necessary because they are subject to clawback provisions. Properly structured and administered, these trusts are a valuable estate planning tool that can protect vulnerable assets and ensure the transfer of these assets to the desired beneficiaries.

Listen as our panel of trust and estate experts explains how to identify self-settled trusts, the benefits and caveats of these trusts, and how to form and fund a DAPT to limit asset exposure and potential loss of assets.

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Outline

  1. APTs: introduction
  2. Self-settled trusts
  3. What is a DAPT?
  4. Arguments for APTs
  5. Arguments against APTs
  6. Forming and funding a DAPT
  7. State commonalities and differences
  8. Recent cases
  9. Alternatives to DAPTs

Benefits

The panel will review these and other critical issues:

  • Arguments for and against APTs
  • Identifying clients who could benefit from an APT
  • Differences among states offering APTs
  • Forming and funding an APT
  • Recent cases involving APTs

Faculty

Edmondson, S. Gray
S. Gray Edmondson
Partner
Edmondson Sage Allen

Mr. Edmondson practices in partnership, corporate, and individual tax planning; business transactions, including...  |  Read More

Wolf, Jerome
Jerome L. Wolf
Attorney
Katz Baskies & Wolf

Mr. Wolf is a member of the Florida and New York Bars. He has more than 40 years of experience as a trusts and...  |  Read More

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