SB 11 Self-settled spendthrift trusts; created.

Email Print Twitter Facebook More

Bill ID:2012 Senate Bill 11
Introduced:Monday, December 19, 2011
Sponsors: ---
Status:Introduced
Complete Text: Read Now

Self-settled spendthrift trusts; creation of. Provides for the creation of self-settled spendthrift trusts, which protect trust assets against the claims of a settlor who is also a trust beneficiary. This bill allows a settlor to transfer assets to an irrevocable trust to be held for the joint benefit of the settlor and at least one other beneficiary. Currently, a spendthrift clause is ineffective to shield the beneficiary from creditors when the beneficiary is also the settlor. Current law allows the creation of trusts that are protected from the claims of creditors against trust beneficiaries, and this bill extends that policy to trusts of which the settlor is also a discretionary beneficiary.

Related Issues: Miscellaneous

Positions

Are you in favor of this legislation?

If so, voice your opinion! Contribute an op-ed article, submit a comment or vote your support.

Are you against this legislation?

If so, voice your opinion! Contribute an op-ed article, submit a comment or vote your support.

Political Pulse

Do you support or oppose the legislation SB 11 Self-settled spendthrift trusts; created. ?

Yes No

Support SB 11 Self-settled spendthrift trusts; created.

Oppose SB 11 Self-settled spendthrift trusts; created.

Comments

Supporting Discussion

We welcome your thoughtful comments. Be the first to participate in the discussion.

Dissenting Discussion

We welcome your thoughtful comments. Be the first to participate in the discussion.