Description

Domestic Asset Protection Trusts: A Practice and Resource Manual Alexander A Bove Jr ISBN 9781641059329

Since Alaska established the first trust designed to protect assets from the settlor’s creditors in 1997, Domestic Asset Protection Trusts (DAPTs) have become a cornerstone of modern estate planning. DAPTs offer a domestic alternative to offshore asset-protection trusts, encouraging clients to engage in lifetime estate planning while maintaining potential access to the property they transfer, all within the framework of transfer tax planning.

This comprehensive guide provides in-depth coverage of the requirements, limitations, and practical uses of DAPTs, helping estate planners create trusts that safeguard assets from creditors. Written by experienced attorneys with extensive expertise in DAPTs and other sophisticated estate planning tools, the book begins with a detailed review of state-specific regulations. It also includes supplemental appendices covering DAPT legislation in Alaska, Connecticut, Delaware, Hawaii, Indiana, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

Subsequent chapters explore key practical and legal considerations, including:

• Selecting the most suitable DAPT jurisdiction

• Defending or challenging a DAPT in litigation

• The attachment of federal tax liens to DAPT assets

• Treatment of trust assets in bankruptcy and creditor claims

Domestic Asset Protection Trusts: A Practice and Resource Manual Alexander A Bove Jr ISBN 9781641059329, 978-1641059329 & 9781641059336

Author
Alexander A Bove Jr