Tye J. Klooster

Chicago Office

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 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 is also 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.

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Super Lawyers Rising Stars, 2012-2013
January/February 2014
"Dodging Pitfalls in Charitable Planning with Interests in Pass-Through Entities," Probate & Property
November 1, 2012
"Wandry v. Commissioner: The Secret Sauce Estate Planners Have Been Waiting For?" Probate & Property
July 1, 2011
"The Dance Continues: Post-Death Use of Entity Assets to Pay Estate Obligations," Probate & Property
November 1, 2010
"Ten Essential Tax Rulings for the Estate Planners Tool Box," Probate & Property
February 1, 2008
"Blockbuster Guide to Drafting Florida Trusts," Trusts and Estates
September 20, 2013
"Beyond IRC Section 6166: The Future of Graegin-Style Loans," ABA Joint Meeting, San Francisco, CA
May 1, 2013
"State Estate Tax Recent Developments," ABA Spring Meeting, Washington, DC
May 1, 2013
"Pitfalls of Charitable Planning with Business Interests," ABA Spring Meeting, Washington, DC
January 2, 2013
"Estate Planning 101: Basics, Taxes and More," ABA RPTE Paralegal Program
May 1, 2012
"Common Mistakes in Estate Planning, Avoiding Litigation and Navigating Litigation When It Happens," Chicago Bar Association, YLS Estate Planning Committee
October 1, 2011
"State Estate Tax and Business Succession Planning," ABA Joint Meeting, Denver, Colorado
May 1, 2010
"The Early Years: Choice of Entity. Which acronym is best for me: C, S, LLC, LP, LLP?" ABA RPTE 2010 Spring Meeting, Philadelphia, Pennsylvania
April 1, 2010
"Ten Essential Tax Rulings for the Estate Planners Tool Box," CBA YLS Estate Planning Committee
September 1, 2009
"Survey of Tax Developments of Importance to Closely-Held Businesses," ABA RPTE/Tax 2009 Joint Fall Meeting, Chicago, Illinois
September 1, 2009
"Planning with Tenancies-in-Common ? An Alternative to an FLP?" ABA RPTE/Tax 2009 Joint Fall Meeting, Chicago, Illinois
March 1, 2008
"The Shallow (But Effective) End of the Asset Protection Pool: Exempt Assets, Third Party Created Trusts and Even More Basic Than That," Chicago Bar Association, Trust Law Committee
May 14, 2007
"FLP Administration and (When Appropriate) Termination ? Cases and Trends," Chicago Bar Association, Trust Law Committee
May 13, 2007
"Basics of Florida Estate and Asset Protection Planning," Chicago Bar Association, YLS Estate Planning Committee


  • LLM, New York University School of Law
  • JD, Drake University, School of Law, with highest honors
  • BBA, The University of Iowa, with honors

Bar Admissions

  • Illinois
  • Florida


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  • American Bar Association, Vice-Chair Business Investment Entities, Partnerships, LLCs and Corporations Committee of the Trust and Estates Section's Business Planning Group; former Fellow of the Real Property, Trust and Estate Section; Member, Income and Transfer Tax Group
  • American Cancer Society, Chicago Division Planned Giving Committee
  • Florida Bar Association
  • Illinois State Bar Association
  • The Chicago Bar Association , Executive Committee, Trust Law Section; member, Illinois Uniform Trust Code Task Force; past Co-Chair, Young Lawyers Section, Estate Planning Committee
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