Asset Protection Trusts: Domestic and International
Overview
In this seminar, we explain the evolution of the trust and how to best implement modern asset protection trusts. Attendees will learn both the protective characteristics of trusts and taxation under U.S. law. Discussion will include the differences between domestic and offshore protections and tax planning strategies.
Objectives
Learning Objectives:
1. Understand the Structure of Asset Protection Trusts:
a. Learn the distinctions between domestic and foreign asset protection trusts.
b. Understand the role of irrevocable trusts, minority interest in LLCs, and holding companies in asset protection.
2. Evaluate the Differences Between Domestic and Foreign Trusts:
a. Identify the strengths and weaknesses of using domestic versus foreign trusts for asset protection.
b. Explore how full faith and credit act claims can affect domestic asset protection trusts.
c. Compare the litigation and collection rules across states and how they impact asset protection.
3. Learn Key Elements of Effective Trust Formation:
a. Understand the importance of proper trust formation, including the roles of trustees and the importance of independent corporate trustees.
b. Identify the risks associated with improper trust formation and the consequences of alter ego and sham trust designations.
c. Explore real-life cases illustrating failures and successes in asset protection trusts.
4. Tax and Compliance Considerations:
a. Understand the tax implications of foreign and domestic trusts, including estate and gift tax planning.
b. Learn about tax reporting requirements for foreign trusts (e.g., FATCA, Form 3520).
c. Understand the international tax rules, including estate tax, income tax residency, and the substantial presence test for foreign individuals.
5. Explore Legal Precedents and Case Studies:
a. Review significant legal cases and understand their impact on asset protection strategies.
b. Analyze how courts interpret trust structures in cases of fraudulent transfer, bankruptcy, and contempt.
6. Strategic Estate and Gift Tax Planning:
a. Learn how to structure trusts to optimize estate and gift tax exemptions, particularly as they relate to asset protection.
b. Understand the current exemption limits and potential changes to estate tax laws.
7. Consider the Role of Foreign Entities in Asset Protection:
a. Learn how foreign trusts and corporations can be used to avoid U.S. estate tax for non-citizens.
b. Understand the role of foreign holding companies in avoiding estate taxes on U.S. assets.
8. Identify the Critical Role of Jurisdictional Selection:
a. Understand the importance of choosing the right jurisdiction for establishing a trust or holding company.
b. Learn how different jurisdictions offer varying levels of asset protection and tax advantages.
Leader(s):
Leader Bios
Gary Forster, Managing Partner, ForsterBoughman
Gary's practice includes domestic and international corporate law, asset protection, tax, and estate planning. Gary handles a wide variety of corporate and personal planning matters.
Gary spent the first decade of his career structuring and closing some of the largest corporate transactions in the region. The mergers and acquisitions Gary consummated range from the national consolidation of regional US construction and transportation interests to real estate investment trusts, hospitals and surgical centers. Gary is one of the few attorneys in Central Florida with experience in cross-border corporate transactions, including a variety of industries ranging from intellectual property concerns to international distribution and manufacturing interests.
Gary's corporate work, with some of the most prominent companies and entrepreneurs in Florida and abroad, led him to expand his practice ?fteen years ago. Successful clients require substantial tax, estate and asset protection planning. Gary recognized that certain wealthy clients require a single partner contact, familiar with both business law and tax planning and structuring. Gary serves that purpose. Gary has designed and drafted hundreds of corporate documents and asset protection plans.
Gary is the author of two books. In 2013, he wrote Asset Protection for Professionals, Entrepreneurs and Investors, a guide to asset protection strategies for clients and their ?nancial advisors, now in its second edition. In 2016, Gary finished the ?rst edition of The U.S. Estate and Gift Tax and the Non-Citizen, which explains how resident and non-resident foreign nationals are impacted by the U.S. Estate and Gift Tax.
Gary writes and lectures nationally to state bar and CPA groups on the topics of asset protection, international tax and corporate law. He has also instructed classes at the University of Florida (Levin College of Law) and Rollins College (Crummer Graduate School of Business). Gary's articles can be found in such publications as the Florida Bar Journal and the American Bar Association's Probate and Property Magazine. For a listing of Gary's recent speaking engagements, see below.
Gary's legislative amendments were adopted as Section 43A of the Nevis LLC Ordinance - Nevis Limited Liability Company (Amendment) Ordinance, 2015.
Non-Member Price $45.00
Member Price $39.00