COURSE DESCRIPTION
In recent years, many states have begun to allow self-settled spendthrift trusts. These new trusts allow the settlor to obtain the benefits of offshore asset protection trusts without the complexity, cost, and byzantine application of foreign law. A settlor can shield assets from his or her creditors or tort claimants, remove those assets from his or her gross estate, and obtain other tax and non-tax benefits.Though more accessible than offshore trusts, domestic asset protection trusts still come with risk. This program will provide you with a practical guide to using self-settled spendthrift trusts and drafting their instruments.
- What are domestic asset protection trusts?
- When are they best used and what are the risks?
- What states allow these trusts and subject to what limits?
- How do domestic trusts and offshore trust compare?
- What are the tax benefits and risks of thee trusts?
Speakers:
Jonathan E. Gopman is a partner with Akerman, LLP in Naples, Florida and chair of the firm’s trust and estate group. His practice focuses on sophisticated wealth accumulation and preservation planning strategies for entrepreneurs. He is a Fellow of the American College of Tax Counsel and co-author of the revised version of the BNA Tax Management Portfolio “Estate Tax Payments and Liabilities.” He is also a commentator on asset protection planning matters for Leimberg Information Services, Inc., a member of the legal advisory board of Commonwealth Trust Company in Wilmington, Delaware, and a member of the Society of Trust and Estate Practitioners. Mr. Gopman received his B.A. from the University of South Florida, his J.D. from Florida State University College of Law, and his LL.M. from the University of Miami.