"Selection and Succession of Trustees and Trust
Protectors, With A Focus on Trusts Expected To Own Family Business Interests"
session focuses on the way family and corporate trustees and trust protectors
are chosen and trained, and on the succession processes for each. The
presenters will share data from a survey on this topic to stimulate a
facilitated discussion among attendees, using data collected from AFHE and
ACTEC members. Handouts will include the survey report, relevant articles and a
selected bibliography. Upon
completion, attendees should be able to:
Understand the importance of proper selection, training and succession of
trustees and trust protectors.
Based on survey results, the ability to compare the ways in which attorneys
manage this process
Michael D. Whitty is a Shareholder in the firm’s Tax Estate Planning group concentrating his practice in estate planning, taxation, and estate and trust administration.
Mr. Whitty represents principals of venture capital and private equity funds, key executives, investors and other high‐net worth individuals in planning for the preservation and transfer of their wealth. Specifically, he advises individuals and fiduciaries in the design/drafting of estate plans, wills, trusts, lifetime gifts, premarital agreements and other estate planning documents.
Mr. Whitty reviews and manages estate and gift tax returns, including complex reporting and valuation issues. He has extensive experience with various types of trusts, family limited partnerships, corporate recapitalizations, shareholders’ and redemption agreements, private annuities, installment sales, intra‐trust sales and other transactions, self‐canceling installment notes and net gifts.
Mr. Whitty consults with executors, administrators, guardians and trustees in probate and trust administration. He supervises the drafting of estate administration documents and the filing of pleadings, motions and accountings with probate courts. He also advises clients in connection with litigation involving disputes between trustees and beneficiaries and in contested trust and tax matters, and he has served as an expert witness in such cases.
Mr. Whitty is an active member of the American Bar Association, in which he serves on the Section Council and recently served as Chair of the Wealth Planning and Nontax Issues Group of the Probate and Trust Division of the Section of Real Property, Probate and Trust Law. He also is a member of the Chicago Estate Planning Council, Attorneys for Family‐Held Enterprises, and the Family Firm Institute, and he is a Fellow of the American College of Trust and Estate Counsel.
Mr. Whitty served for three years as an adjunct professor at the Northwestern University School of Law, teaching a course titled ʺFederal Estate and Gift Taxation and Estate Planning.ʺ He is a Certified Financial Planning practitioner (CFP™) and a member of the Financial Planning Association of Illinois. Mr. Whitty was selected for inclusion in 2006 and from 2008 to 2012 in Illinois Super Lawyers. He also received an ʺAV Preeminentʺ Peer Rating in Martindale‐ Hubbell. Mr.
Whitty is a frequent speaker on estate and financial planning topics, has appeared on the PBS program Nightly Business Report on December 21, 2005, and has been quoted in the Wall Street Journal.