There has been an increasing amount of popularity for Domestic Asset Protection Trusts in various jurisdictions. Thirteen States have adopted some type of asset protection trust scheme since Alaska became the first on April 2, 1997. There is very little legal and regulatory uniformity in these different jurisdiction which can create complex estate planning issues for people that have property in different states. This column discusses the protections for creditors that are afforded under New York Law. To get more information on discretionary trusts people should set up a meeting with an estate planning professional.
See Ettinger Law Firm, Discretionary Trusts, New York Estate Planning Attorney Blog, November 24, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
