Leading Tax Authority Leads Charge on Planning and Defending Domestic Asset-Protection Trusts
ARLINGTON, Va., March 15 /PRNewswire-USNewswire/ -- As society became increasingly litigious late in the Twentieth Century, Americans became interested in the asset-protection trust ("APT") in which the trustor may retain some potential benefits that cannot be reached by creditors. Until 1997, this interest was satisfied only by trusts created in foreign jurisdictions. Since then, a client may create a domestic APT that generally is effective against claims by creditors in select states. On March 23, Richard Nenno, one of the nation's leading APT experts, will be joined by his Wilmington Trust colleagues for a BNA Tax & Accounting webinar Planning & Defending Domestic Asset-Protection Trusts that will explore tax and nontax aspects of the domestic APT and how this vehicle may meet a client's tax research planning needs.
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This 60-90 minute presentation will explore:
- The numerous uses and benefits of domestic APTs
- How a client may avoid engaging in a fraudulent transfer when creating a domestic APT
- How to counter creditor attacks on domestic APTs involving jurisdiction, choice of law, full faith and credit, bankruptcy, and other issues
- How attorneys may avoid ethical concerns and liability for counseling or not counseling clients on domestic APTs
- How a domestic APT will be treated for federal income- and transfer-tax purposes
- Attributes of the various domestic APT statutes
- Differences among the Alaska, Delaware, and Nevada acts
- Differences between foreign and domestic APTs
- How to design, establish, and administer a domestic APT.
"Many advisors are reluctant to recommend off-shore trusts to their clients," says BNA senior tax analyst Harold W. Pskowski. "A domestic trust, if properly formed and funded, has the potential to offer similar protection at a reduced cost and with added certainty and convenience."
About the Speakers
Richard Nenno is a Managing Director and Trust Counsel at Wilmington Trust Company. He is admitted to the bars of Delaware and Pennsylvania, is a cum laude graduate of Princeton University, and received his J.D. degree from Harvard Law School.
Dick is recognized as a national speaker and published authority on estate planning issues. He has spoken at the University of Miami Institute on Estate Planning, the ALI-ABA Planning Techniques for Large Estates Conference, the Notre Dame Tax and Estate Planning Institute, and many other conferences. He is a member of the Delaware State Bar Association (Past Chair: Estates and Trusts Section) and the American Bar Association, Section of Real Property, Trust & Estate Law (Chair: Non-Tax Estate Planning Considerations Group) and Section of Taxation.
He is the author or co-author of numerous articles, including Delaware Trusts 2010, Asset Protection: Domestic & Int'l Law & Tactics Chap. 14A (2010); Terrors of the Deep: Tax Dangers When Exercising Powers Over Trusts—The GST Regulations and the Delaware Tax Trap, 34 Tax Mgmt. Est., Gifts & Tr. J. 76 (Jan. 8, 2009); Planning to Minimize or Avoid State Income Tax on Trusts, 34 ACTEC J. 131 (Winter 2008).
Mary Hickok is responsible for developing and maintaining comprehensive estate plans for prominent individuals and families throughout the United States and abroad.
Mary has over two decades of experience as a practicing attorney. Prior to joining Wilmington Trust in 1988, she specialized in all aspects of estate planning and personal trust law for a firm in Delaware.
Mary is a member of the Delaware, Pennsylvania, and American Bar Associations. She is also a member of the Board of Directors for the Delaware Community Foundation, the Estate Planning Council of Delaware, and served as the Chair of the Estates and Trusts Section of the Delaware Bar Association for the 1999-2000 term.
Jeffrey C. Wolken is Vice President and Fiduciary Advisor with the Wilmington Trust. He is responsible for developing trust planning strategies for wealthy individuals and families throughout the United States and abroad. He works closely with his clients' legal, tax, and investment advisors to construct and implement appropriate trust structures that take advantage of the state of Delaware's unique trust and tax laws.
Prior to joining Wilmington Trust in 2005, Jeff spent seven years in private legal practice as a member of the Estates and Trusts Practice Group of the Philadelphia-headquartered law firm of Montgomery, McCracken, Walker & Rhoads, LLP.
Jeff is admitted to the practice of law in Delaware, Pennsylvania, and New Jersey. He is a member of the Estates and Trusts Section of the Delaware State Bar Association, the Probate and Trust Law Section of the Philadelphia Bar Association, and the Estate Planning Council of Delaware.
Planning & Defending Domestic Asset-Protection Trusts takes place March 23, 2010, from 12:30 – 2:00 p.m., ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/CLE-CPE-Information/?open&cmpid=tmtxpr2010 or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers.
To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm
About BNA Tax & Accounting Webinars
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.
SOURCE BNA Tax & Accounting
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