What rights do creditors have to a beneficiary’s interest in an irrevocable trust? There are a number of misconceptions related to this common question, and further, the law varies from state-to-state. However, there are some generally applicable concepts to consider in determining whether a creditor can access the rights of a beneficiary to an irrevocable…
Read More
Estate planning requires the careful balancing of family priorities with tax and asset protection concerns, and the tools available to practitioners to address these priorities and concerns change over time amid legislative reforms and judicial determinations. Among the tools available to practitioners, the inter vivos Qualified Terminable Interest Property trust, aka the inter vivos “QTIP”…
Read More
In 2014, Mississippi enacted the Mississippi Qualified Disposition in Trust Act,[1] which amended the former provisions of the Mississippi Trust Code to allow the creation of a “qualified disposition trust,” also known as a domestic asset protection trust (“DAPT”). Generally, assets placed in trust by someone other than a beneficiary are protected from such beneficiary’s…
Read More