Asset Protection

  • How do you make a client judgment-proof (i.e., no visible assets)?
  • Protection from plaintiffs, creditors, and ex-spouses
  • Fraudulent transfers
  • Structure selection:
    • Corporation, LLC, or LP?
    • Multi-entity structure?
    • Foreign trust?
    • Domestic trust?
  • Gift and sale strategy
  • Selecting a jurisdiction
  • Successor liability
  • Charging order protection
  • Ethical considerations
  • Does a single-member LLC help?
  • How and when can you use a poison pill?

Assets: Bank Account

Assets: Brokerage Account

Assets: Business

Assets: Professional Practice

Assets: Real Estate

Assets: Retirement Plans

  • SECURE Act
  • IRA-CRT (either CRAT or CRUT)




IRC § 199A

Planning for blended Families

Planning for children

Planning for couples who are married

Planning for couples who are unmarried

Planning for long-term care

Power of Attorney

Powers of Appointment

  • Definitions
  • Purpose of Powers of Appointment
  • Types of Powers
    • By scope
      • General
      • Limited
    • By time of exercise
      • Presently exercisable
      • Testamentary
  • Creating a power of appointment
  • Exercise
    • Exercise by Will
    • Exercise by Lifetime Instrument
      • Does exercise by lifetime instrument take the property out of a trust and make it an outright gift?
    • Creation of Further Power of Appointment
      • Donee Can Appoint and Create Further Power of Appointment
      • Tax Consequences
        • Does an appointing and giving a further power to appoint avoid having a completed gift?
      • Sample form exercising and creating further power of appointment
    • Exercise in Further Trust
    • Revocable Exercise
    • If two grantors:
  • Lapse
  • Creditors
  • Rule Against Perpetuities
  • Release/Disclaimer
  • Contracts to Appoint
  • Selective Allocation
  • Tax Consequences

Rule Against Perpetuities

Trusts: Beneficiary

Trusts: Discretionary Trust

Trusts: Grantor can retain power to reacquire and substitute trust assets

Trusts: Grantor Trust

Trusts: Revocable

Trusts: Irrevocable

Trusts: Medicaid Qualifying Trust (MQT)

  • A Medicaid Qualified Trust has many names
  • Uses
    • Is a Medicaid qualifying trust a good asset protection tool against creditors other than Medicaid?
    • To protect from Medicaid, transfer to MQT must be before look back period
  • Grantor
    • Grantor cannot retain any interest in the trust’s principal
    • Grantor can retain certain powers and interests
      • Grantor can retain right to income
      • Right to reside in principal residence
      • Limited power of appointment
      • Right to remove or replace the trustee
      • Right to reacquire and substitute the trust’s assets
    • More than one grantor
    • Can the grantor (or the grantor’s spouse) be a trustee?
  • Res
  • Trustee
  • Trust protector
  • Trust fund
    • Income
      • Grantor can retain right to income
    • Principal
      • Spouse as beneficiary
      • Trustee’s discretion
      • Should a MQT have a reimbursement clause?

Trusts: Qualified Personal Residence Trust (QPRT)

Trusts: Taxation of Income by States

Trusts: Trust Protector

Trusts: Trustee

Trusts: Trustee-Beneficiary

Uniform Probate Code

Uniform Trust Code