Total Credits: 1.2 Self Study
Recording available after original program date, 9/12/2022
In recent years, many states have begun to allow self-settled spendthrift trusts. These new trusts allow the settlor to obtain the benefits of offshore asset protection trusts without the complexity, cost, and byzantine application of foreign law. A settlor can shield assets from his or her creditors or tort claimants, remove those assets from his or her gross estate, and obtain other tax and non-tax benefits.Though more accessible than offshore trusts, domestic asset protection trusts still come with risk. This program will provide you with a practical guide to using self-settled spendthrift trusts and drafting their instruments.
• What are domestic asset protection trusts?
• When are they best used and what are the risks?
• What states allow these trusts and subject to what limits?
• How do domestic trusts and offshore trust compare?
• What are the tax benefits and risks of thee trusts?
Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics, elimination of bias or Kansas credit.