Tye J. Klooster represents high net worth individuals 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 business owners concerning business succession planning and has substantial experience with a vast array of asset protection techniques. He 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. Tye 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. Tye 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.
While in law school, Tye was the editor-in-chief of the Drake Law Review.
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 and Business Planning Group;
American Cancer Society, Chicago Division Planned Giving Committee
Chicago Bar Association, Executive Committee, Trust Law Section; member, Illinois Uniform Trust Code Task Force; past Co-Chair, Young Lawyers Section, Estate Planning Committee.
Florida Bar Association
Illinois Bar Association