The Beneficiary Defective Inheritor's Trust "BDIT"

Date: Tuesday, March 20, 2018
Time: 7:30am - 9:00am
Location: Alantis Hotel Casino
Speaker: Mike Halloran, CFP, AEP (Distinguished), ChFC, CLU

BDIT Summary

The Beneficiary Defective Inheritor's Trust (BDIT) is an efficient tool for the advisor to use with their high net-worth clients.  The planning tool that has been used since the late 1970's helps transfer a client's business from individual ownership to a Dynasty Trust.  Mike will go through the requirements for this trust so everything is done with no Gift Tax, no Income Tax at the time of the transfer, and hopefully no Estate Tax at the death of your client.  The BDIT has to be drawn up by an attorney but there are numerous opportunities for each of the members of the Estate Planning Team to work on the development of the plan for your client.  

Michael W. Halloran is a Wealth Management Advisor with Northwestern Mutual. Mr. Halloran has been in the financial services industry for over 40 years.

Mr. Halloran is a graduate of the Florida State University (Bachelor of Science, 1969) and the American College (Master of Science in Financial Services, 1981 and Master of Science in Management, 1986). Mr. Halloran holds the following designations: AEP® Distinguished, CFP®, CLU®, ChFC®, LUTCF, RHU®, REBC®. Additionally, he is Series 1, 8, 63, 65, and Life, Health, Long Term Care, and Annuity licensed.  Mike recently obtained the RICP® designation in 2016.

Mr. Halloran guides clients in reaching financial security from every aspect through long-term relationships that are based on value and integrity. His approach to financial planning involves analyzing, planning, and implementing customized strategies. More specifically, Mr. Halloran’s expertise lies in estate and business planning for individuals and businesses.

In recognition of his skills and expertise, Mr. Halloran has received several industry awards, has been featured in publications including National Underwriter, Capital Executive, New York University Review, Money, Life Association News, Life Insurance Selling, USA TODAY, New York Times, Chicago Tribune, Congressional Quarterly, Dow Jones News Wire, and has spoken in numerous states on various financial planning topics.

Mr. Halloran was the President of the National Association of Estate Planners and Councils in 2010, past National Director of the Society of Financial Services Professionals, past Board of Directors of Florida Association of Insurance and Financial Advisors, past President of Jacksonville Association of Insurance and Financial Advisors, past President of the Estate Planning Council of Northeast Florida, is the Executive Director of Physicians Nationwide, is a Member of the Estate Strategies Group, and other community organization boards. Additionally, Mike was a part-time professor at the University of North Florida for 14 years.

Awards and Recognition

Mike Halloran was elected by the National Association of Estate Planners and Councils Estate Planning Hall of Fame in November 2015.  This honor recognizes estate planning professional who excel well above the norm in their level of education, experience, knowledge, professional reputation, and character.  Mike Halloran is one of only two members of the field to earn this recognition.

Michael Halloran is a member of the Million Dollar Round Table (MDRT), the Premier Association of Financial Professionals. Founded in 1927, MDRT provides its members with resources to improve their technical knowledge, sales and client service while maintaining a culture of high ethical standards.

MDRT's mission is to be a valued, member-driven international network of leading insurance and investment financial services professionals who serve their clients by exemplary performance and the highest standards of ethics, knowledge, service and productivity.

  • Million Dollar Round Table Qualifying/Life and Qualifying Member: 2002-2003, 2005-2017
  • National Quality Award: 1972, 1975-1981, 1999, 2003-2004, 2006, 2008-2017
  • National Sales Achievement Award: 1976-1977
  • Outstanding Achievement in Recruiting and Sales Award: 2010

Associations and Memberships

  • Member of the Society of Financial Service Professionals (Society of FSP)
  • Past President of the National Association of Estate Planners and Councils (NAEPC)
  • Member of the Florida Association of Insurance and Financial Advisors (FAIFA)
  • Member of the Rotary Club of Jacksonville
  • Executive Director of Physicians Nationwide

In his spare time, Mr. Halloran enjoys running, public speaking, and spending time with his wife, Sue.

Mr. Halloran can be reached through his website, by phone (904) 399-8308, or email

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