Meet The Team
Michael A. Passananti, JD
Michael Passananti serves as advisor and general counsel to entrepreneurs/business owners, successful families, professional athletes, executives/professionals, and privately owned businesses. Michael’s comprehensive planning roles includes trusts and estate planning/implementation, family office administration and governance, wealth transfer planning, asset protection planning and charitable giving. Michael pays a high level of attention to his private clients to help ensure their wealth is protected and passes in the most tax efficient manner. Michael’s business/corporate practice entails business succession planning, corporate compliance/maintenance and governance, and representation and negotiation related to a broad range of business/corporate transactions. Michael acts as outside general counsel for many of the privately held businesses he represents helping to navigate the day to day legal matters and risk analysis/mitigation required for successful private business. In addition, Michael advises and counsels on the diverse and volumous business interests and holdings relating to his entrepreneurial clients as investors, board members and/or executives. Michael has been selected as a Rising Star by Super Lawyers in his areas of practice from 2012 – 2015 and recently elected to the 2016 Illinois Super Lawyers list.
Michael earned a Bachelor of Arts in Business Administration with a concentration in Finance and Management from Augustana College, where he graduated Summa Cum Laude and graduated as the top business student in his class. While at Augustana College, Mr. Passananti served as the Captain of the Men’s Basketball Team. He obtained his Juris Doctorate from DePaul University College of Law in Chicago, Illinois.
Michael’s article, “Domestic Asset Protection Trusts: The Risks and Roadblocks Which May Hinder Their Effectiveness,” was published in the American College of Trust and Estate (“ACTEC”) Journal. Recently, Michael has been quoted in the Wall Street Journal, Financial Planning Magazine, U.S. News and World Report, Think Advisor and other recognized publications. Michael’s speaking engagements/presentations include:
- Business Succession and Exit Planning (Moderator), Society of Financial Services Professionals Chicago Chapter 2013 Seminar, March 2013
- Top Ethical Issues in Trust and Estate Planning (Moderator), Trust Law Seminar for the Chicago Bar Association, March 2014
- Fundamentals of Estate and Business Planning for Certified Public Accountants, The CPAAcademy.org, October 2014
- Comprehensive Planning with Limited Liability Companies: Strafford Publications Webinar, December 2011
- Navigating The Ever Changing Illinois Trust Law Landscape, McHenry County Bar Association Conference, April 2014
- 2012 Gifting and Beyond: Stafford Publications Webinar, September 2012
- Generation Skipping Tax (GST) Planning 101, YLS Estate Planning Committee of Chicago Bar Association, January 2010
- International Asset Protection Planning with APTs, LLCs, and Captive Insurance Companies, DuPage Estate Planning Council, March 2009
- Pre and Post Marital and Asset Protection Planning, YLS Estate Planning Committee of Chicago Bar Association, September 2008
- Family Limited Partnerships and Family Limited Liability Companies: The Foundation of Any High Net-Worth Plan, Society of Financial Services Professionals Chicago Chapter, January 2008.
In addition to frequently speaking and writing in his areas of practice, Mr. Passananti is on the Executive Committee of the Chicago Bar Association Trust Law Committee. Michael has served as the past President of the Junior Board of Directors of the J. Kyle Braid Leadership Foundation.
The Illinois Super Lawyers and Rising Stars is an honor reserved for those lawyers who exhibit excellence in practice. Only 5% of attorneys in Illinois receive this distinction. Attorneys are selected through a patented selection process involving nominations, research, and peer reviews. In addition to our numerous prior and existing award recipients, DUGGAN BERTSCH, LLC […]
On January 5, 2023, the Federal Trade Commission (“FTC”) proposed a new rule that would prohibit non-compete provisions for workers and require employers to rescind existing non-competes. The proposed rule would apply to all employees, independent contractors, and consultants. The broad proposed rule would apply even to senior level executives and could potentially implicate agreements […]
“But there are legal considerations around actually using it that depend on city and state rules. According to the Prescription Drug Abuse Policy System, a database of prescription drug laws operated by Temple University’s Beasley School of Law, in 13 states, including Virginia, Arizona, and Florida, someone who administers the medication to another person does […]
Dear Clients and Colleagues, As the fourth quarter of 2022 is drawing to a close, we recommend that you review your comprehensive wealth planning and business structures to ensure that it is consistent with your long-term objectives. While the recent mid-term election results are still not final, with a Senate run-off left in Georgia, it […]
As indicated above, the recent changes to congressional control following the mid-term elections will likely mean a stalemate in Congress for the next 2 years with respect to any meaningful tax legislation. This means that from an estate planning perspective, the increased lifetime exemptions enacted as part of TCJA will continue to be available for […]
The relationship between individual taxpayers and their businesses continue to offer opportunity for effective tax savings, including the use in certain circumstances of C corporation structures to arbitrage tax rates, allow for greater deductions and potentially offer savings on an exit. However, much tax planning continues to focus on accessing these benefits before they sunset […]
The TCJA imposed a $10,000 limitation on individual’s deduction for payment of state and local taxes in itemizing their deductions. For many high taxed states, this resulted in significant limitations on state income and property tax deductibility and resulted in an effort to find a workaround from the legislation to allow for deductibility. Most states […]
The conference took place in Nashville from October 11-13, 2022. Tim spoke on the Terms & Conditions Power Panel. CLICK HERE for a recap on part 1 of the Terms & Condition Power Panel: https://www.ieba.org/2022panelrecaps/terms-amp-conditions-power-panel-part-1-insurance-and-employment-practices CLICK HERE for a recap on part 2 of the Terms & Condition Power Panel: https://www.ieba.org/2022panelrecaps/terms-amp-conditions-power-panel-part-2-contracts-and-yet-another-discussion-of-cois CLICK HERE for a […]
When a professional baseball player is accused of using performance-enhancing drugs (“PEDs,” inclusive of hormones for purposes of this article), the implications can be catastrophic.