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.
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.
DUGGAN BERTSCH, LLC is proud to announce that our Sports Group has once again been recognized as one of the top Sports Law practices in the US by Hackney Publications. Click here to learn more
As the world copes with COVID-19 and the necessity of social distancing, individuals and businesses must contemplate the legal ramifications of their contracts, and what happens when those contracts cannot or are not being performed. Most contracts contain termination and remedies provisions that may be implicated given the current health crisis.
As stay-at-home orders are being extended throughout the country, a significant population of the US workforce is and will continue to work remotely. Because employers cannot actively monitor and supervise their employees, employers are exposed to additional risks of liability. One significant risk is the potential for employees to sustain accidental injuries while working remotely. […]
Late last week, the IRS issued Notice 2020-32 which states that no deduction will be allowed for an expense that would otherwise be deductible by a small business if the payment of such expense results in forgiveness under the provisions of the Paycheck Protection Program (PPP) of the CARES Act, and the income associated with […]
As we’ve outlined in our previous Newsletters, President Trump signed into law on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act or the Act). In addition to the Paycheck Protection Program offered to businesses to further support employee retention and maintenance of the business (See March 30th, CARES Act and Paycheck […]
Summary As part of the Tax Cuts and Jobs Act of 2017 (TCJA), a new community and economic development program was enacted under Section 1400Z-1 & 1400Z-2 that garnered little attention at the time of passage, but which now appears to be causing high net worth investors and the investment community at large to take […]
Treasury Secretary Steven Mnuchin, speaking at a coronavirus news conference today, announced that individuals who owe taxes to the IRS can defer up to $1 million, and corporations can defer up to $10 million in payments, for a period of 90 days from the April 15th deadline. At this point, the deferral applies to the income taxes owed, and there does not appear […]
As we previously alerted our clients and friends, the Internal Revenue Service has postponed the tax payment deadlines for calendar year taxpayers until July 15, 2020 provided that the amounts owed did not exceed certain levels (prior alert); however, the tax filing deadline itself was not automatically extended under this prior guidance Recent guidance just […]
The Cook County Assessor’s Office recently announced updates to its assessment and appeal process in response to the coronavirus pandemic. Normally, one-third of Cook County is reassessed in any given year, but due to the projected impact of COVID-19 on property values, the Assessor announced adjustments are planned across the entire county. To make assessments […]