Make sure you know the rules applicable to the state of which law is selected for the trust.
There have been law changes made in the last few years in many states to codify the trust law and to provide more certainty of the protection that is given to beneficiaries of trusts. In some instances, the law follows the rules applicable to the majority of states. But in other instances, the protections legislated are greater than those of most other states. There is an important exception – more and more states specifically authorize individuals to fund or settle trust for their benefits yet prevent creditors from reaching the trust assets. Such trusts are often referred to as “self-settled trusts,” and the legislation authorizing them is referred to as Domestic Asset Protection Trust state statutes, or DAPTs. However, those statutes are subject to the supremacy of relatively new federal bankruptcy legislation specifically designed to make much of those statutes of questionable value. This white paper reviews the bankruptcy legislation and discusses some of the laws regarding the rights of trust beneficiary creditors.
Agenda
Faculty
Les Raatz
Dickinson Wright PLLC
- Member of the law firm of Dickinson Wright PLLC in Phoenix
- Practices primarily in the areas of estate planning, probate and trust administration, divorce tax and asset planning, and entity structuring, and taxation
- Has significant experience representing thousands of business clients and their families in connection with estate and tax planning
- National author and speaker at numerous seminars on areas of income, estate and gift taxation, probate and trust issues, and selection of business entities, and has been engaged as an expert witness in numerous tax and estate and trust related matters
- Listed as Best Lawyers “Lawyer of the Year – Trust and Estates” in Phoenix for 2016, 2018 and 2020; also listed in Southwest Superlawyers in the fields of tax, estate planning & probate, estate & trust litigation and listed in Chambers and Partners - high net worth field
Gregory V. Gadarian
Gadarian & Cacy, PLLC
- Partner in Gadarian & Cacy, PLLC in Tucson, Arizona
- Has been admitted to the State Bar of Arizona and the State Bar of Florida
- From 1978 - 1980 he was a legislation attorney on the staff of the Joint Committee on Taxation, U.S. Congress
- Prior to that, he was an attorney-advisor to Judge Cynthia H. Hall of the U.S. Tax Court
- Former chair of the Fiduciary Income Tax Committee and former Arizona State chair of the American College of Trust and Estate Counsel, and is an adjunct professor at the University of Arizona College of Law
- L.L.M. degree in taxation, New York University; J.D. degree, cum laude, Northwestern University School of Law; B.A. degree, Northwestern University
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