Only a few states have enacted asset protection trust legislation to provide creditor protection through a self-settled irrevocable trust. Those states with domestic asset protection trust (DAPT) statutes compete with one another by maintaining laws that attract investment assets to their state from people seeking asset protection benefits. In 2013,…
Prior to 2011, when the estate tax exemption was much lower, most estate planning attorneys preferred to separate spouses’ assets in separate living trusts to make sure each spouse received their full estate tax exemption. Joint trusts which are not properly drafted or maintained can forfeit one or the other…
According to judicial decisions in Florida a person who served as trustee of a trust which held real property for the benefit of another person could expose the real property to the trustee’s personal creditors. These cases held that real property titled in the name of a trustee belongs to…
