Tye J. Klooster

Tye J. Klooster represents high net worth individuals and business owners in wealth transfer and estate planning matters. He has extensive experience in designing and implementing sophisticated estate plans, leveraged wealth transfer techniques and business succession planning. Mr. Klooster’s practice also includes representing fiduciaries in the administration of estates and trusts and the formation and operation of private foundations.

Mr. Klooster is a member of the Illinois and Florida bars. He is a member of the American Bar Association, where he was a 2009–2011 Fellow of the Real Property, Trust and Estate Section and is an active member of the Section's Income and Transfer Tax Group and Business Planning Group. Mr. Klooster is currently vice-chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the ABA's RPTE Business Planning Group. Mr. Klooster also is a member of the Chicago Bar Association, where he serves on the Executive Committee of the Trust Law Section and is a past co-chair of the Young Lawyers Section Estate Planning Committee. In addition, Mr. Klooster is a member of the Illinois Bar Association and the American Cancer Society’s Chicago Division Planned Giving Committee. Mr. Klooster has been selected for inclusion in Illinois Super Lawyers – Rising Stars (2012, 2013).

In the community, Mr. Klooster is an immediate past member of the Drake University Law School Board of Counselors and is a founding member of the Community of Support for Muchin College Prep, a campus of Noble Street Charter School located in the heart of the Chicago Loop.

Mr. Klooster earned his BBA in finance, with honors, from the University of Iowa. He earned his JD, with high honors, from Drake University Law School and his LLM in taxation from New York University School of Law. During law school, Mr. Klooster served as editor-in-chief of the Drake Law Review.

Speaking Engagements

• “Pitfalls of Charitable Planning with Business Interests,” ABA Spring Meeting, Washington, D.C. (May 2013)
• “State Estate Tax Recent Developments,” ABA Spring Meeting, Washington, D.C. (May 2013)
• "Estate Planning 101: Basics, Taxes and More," ABA RPTE Paralegal Program (January 2013)
• "Common Mistakes in Estate Planning, Avoiding Litigation and Navigating Litigation When It Happens," Chicago Bar Association, YLS Estate Planning Committee (May 2012)
• "State Estate Tax and Business Succession Planning," ABA Joint Meeting, Denver, Colorado (Fall 2011)
• "FLP Case Law Update," Chicago Bar Association, Trust Law Committee (May 2011)
• "The Evolving Application of the Step Transaction Doctrine," Chicago Bar Association, YLS Estate Planning Committee (April 2011)
• "The Early Years: Choice of Entity. Which acronym is best for me: C, S, LLC, LP, LLP?" ABA RPTE 2010 Spring Meeting, Philadelphia, Pennsylvania (May 2010)
• "Ten Essential Tax Rulings for the Estate Planner's Tool Box," CBA YLS Estate Planning Committee (April 2010)
• "Planning with Tenancies-in-Common – An Alternative to an FLP?" ABA RPTE/Tax 2009 Joint Fall Meeting, Chicago, Illinois (September 2009)
• "Survey of Tax Developments of Importance to Closely-Held Businesses," ABA RPTE/Tax 2009 Joint Fall Meeting, Chicago, Illinois (September 2009)
• "Navigating the Waters of Estate Tax Deferral and Payment Techniques in Illiquid Estates," ALI-ABA Estate Planning in Depth, Madison, Wisconsin (June 14, 2009)
• "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 (March 2008)
• "Basics of Florida Estate and Asset Protection Planning," Chicago Bar Association, YLS Estate Planning Committee (May 13, 2007)
• "FLP Administration and (When Appropriate) Termination – Cases and Trends," Chicago Bar Association, Trust Law Committee (May 14, 2007)

Publications

• "Wandry v. Commissioner; The Secret Sauce Estate Planners Have Been Waiting For?" Property and Probate (November/December 2012)
• "The Dance Continues: Post-Death Use of Entity Assets to Pay Estate Obligations," Property and Probate (July/August 2011)
• "Ten Essential Tax Rulings for the Estate Planner's Tool Box," Property and Probate (November/December 2010)
• "Blockbuster Guide to Drafting Florida Trusts," Trusts and Estates (February 2008)
• "Beneficiary-Controlled Trusts May Lose Asset Protection," Trusts and Estates (December 2006)
• "Asset Protection Tools for Florida Professionals: Strategies to Pursue and Strategies to Avoid," Florida State University Business Law Review (Spring 2005)
• "Repeal of the Death Tax? Shoving Aside the Rhetoric to Determine the Consequences of the Economic Growth and Tax Relief Reconciliation Act of 2001," Drake Law Review, Vol. 51, Issue 3 (2003)