Tye J. Klooster represents high-net-worth individuals, including equity fund principals and business owners, in wealth transfer and estate planning matters. He is experienced in designing and implementing sophisticated and personalized estate plans.
Tye designs estate plans which allow high-net-worth individuals to leverage use of their gift, estate and generation-skipping transfer tax (GST) exemptions and to pass wealth to the next generation in a manner which is both tax efficient and creditor protected. His practice often involves the implementation of sales to grantor trusts, grantor retained annuity trusts (GRATs), charitable lead and remainder trusts and business entities designed to achieve numerous non-tax and potentially tax objectives.
Tye advises principals in private equity, venture capital and hedge funds regarding strategies for transferring their fund interests to minimize the impact of estate, gift and GST taxes. He advises business owners concerning business succession planning and has substantial experience with a vast array of asset protection techniques. Tye counsels clients with illiquid estates, such as farmers, business owners and art collectors, including the use of Graegin loans and qualifying for the benefits of Code Sections 2032A and 6166. He also represents fiduciaries in the administration of estates and trusts, the formation and operation of private foundations and sophisticated charitable giving techniques.
Tye is a fellow of the American College of Trusts and Estates Counsel. He is actively involved with the American Bar Association's Business Planning Group and is currently vice-chair of the Business Investment Entities, Partnerships, LLCs and Corporations committee. He also is actively involved with the Chicago Bar Association, currently serving on the Trust Law Section's Executive Committee and as a member of the Illinois Uniform Trust Code Task Force. Additionally, Tye is an adjunct professor at The John Marshall Law School, teaching a class titled "Wealth Transfer Taxation II."While in law school, Tye was the editor-in-chief of the Drake Law Review.