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Chapter 1 — Why Is Asset Protection Important?
Assets protected from creditors by various laws
Areas of potential liability, including
Contract Liabilities
Employer Liabilities
Professional Liability
Other Negligence Claims
Marital and Family Issues
Other Factors Adding to the Need for Asset Protection Planning
Duty to Provide Asset Protection Planning Advice
Ronald Schreiber and Kathleen Eggers Buchar, Seyfarth Shaw, Chicago.
Chapter 2 — Practical and Ethical Considerations
Defining the scope of representation
Defining the client – multiple representation, business representation, multigenerational families
Civil liability of attorneys to third parties
Criminal liability
Disciplinary action
Topics to cover in initial meeting with client
Appendix – Forms
James M. Lestikow, Hinshaw & Culbertson LLP, Springfield.
Chapter 3 — Fraudulent Transfers
Bankruptcy Code §548
Meaning of “transfer”
Actual fraud
Constructive fraud
Good-faith transferees
Remedies
Uniform Fraudulent Transfer Act
Actual fraud
Constructive fraud
Insolvency
Action for relief
Kevin T. Keating, Keating & Shure, Ltd., Chicago.
Chapter 4 — Bankruptcy Issues Under the Bankruptcy Abuse Prevention and Consumer Protection Act
The BAPCPA and the bankruptcy estate – exclusions and exemptions
Other BAPCPA changes aimed at asset protection
The bankruptcy option for asset planning after the BAPCPA
James E. Morgan, K&L Gates LLP, Chicago.
Chapter 5 — Protecting Family Assets
Spousal claims before, during and after marriage and dissolution of marriage
Third-party creditors and claims
Beneficiary’s addiction
Disabled beneficiary and government claims
Family limited partnerships and limited liability companies as asset protection vehicles
Jane Gorham Ditelberg, The Northern Trust Co., Chicago.
2010 Supplement by Janet Rae Montgomery, Pokorny & Associates, Oak Brook.
Chapter 6 — Drafting Considerations for Trusts
Analysis of sample clauses, including
Discretionary distributions
Perpetuities provisions
Powers of appointment
Investment advisor/committee provisions
Governing law clauses
Trustee succession considerations
Exclusion of spouse
Trustee powers
Robert Alan Romanoff, Levenfeld Pearlstein, LLC, Chicago.
Chapter 7 — Planning for Exempt Assets
State law vs. federal bankruptcy law
529 plans
Life insurance
Annuities
Qualified plans and individual retirement accounts
Carleen L. Schreder and Theodore E. Froum, Arnstein & Lehr LLP, Chicago.
2010 Supplement by Steven Bonneau and Theodore E. Froum, Charles E. Dobrusin & Associates, Ltd., Chicago.
Chapter 8 — Protecting Business Assets --- Sheltering Individuals from Business Liabilities
Protecting individuals from business liabilities
Protecting businesses from individual liabilities
Structuring multi-entity business organizations
Piercing the veil of entity liability
Mark D. Anderson, Coman & Anderson PC, Lisle.
Chapter 9 — Asset Protection During Estate and Trust Administration
Postmortem asset protection during probate, including
Notice requirements
Priority of claims
Defending and defeating claims
Protection with disclaimers
Protection for special recipients
Trust funding
Kim A. Kamin, Schiff Hardin LLP, Chicago.
Chapter 10 — Onshore Trusts
State-by-state consideration of domestic asset protection trusts
Conflict-of-laws principles relating to perpetuities and domestic asset protection trusts
Practical problems with respect to domestic asset protection trusts, including
Enforceability of foreign judgments
Judgment against trust and not settlor
Charles D. Fox IV, McGuire Woods LLP, Charlottesville, VA, and Michael J. Huft, Schiff Hardin LLP, Chicago.
2010 Supplement by Charles D. Fox IV, McGuire Woods LLP, Charlottesville, VA, and Kim A. Kamin, Schiff Hardin LLP, Chicago.
Chapter 11 —Offshore Trusts
General considerations
The control issue
Practical implementation
Overview of nine selected jurisdictions, including
Bahamas
Cayman Islands
Gibraltar
Liechtenstein
Bradley G. Korell, Korell & Frohlin, L.L.P., Austin, TX, and Jack E. Owen, Jr., University of Mississippi, Department of Legal Studies, Oxford, MS.
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