Share

Katya Sverdlov Blog

Friday, March 13, 2015

Self-settled trusts may not provide asset protection.

Another warning for anyone thinking of using self-settled trusts. A Utah court recently decided that Utah state law should apply to an asset protection trust, even though the stated choice of law in the trust was Nevada.

If the same logic will apply in New York, any local creators of self-settled trusts will be doomed, because New York has a strong policy against self-settled trusts. As a result, any transfer to such a trust my be considered void, and the money may be available for creditors!    As I wrote earlier, there are multiple considerations when choosing a type of asset protection trust to use. Talk to an experienced attorney if you are thinking about asset protection.

http://law.justia.com/cases/utah/supreme-court/2015/20100683.html


Archived Posts

2017
2016
November
October
August
July
June
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014


The Law Offices of Katya Sverdlov serves clients throughout Brooklyn, Manhattan, and Queens New York.



© 2017 Law Offices of Katya Sverdlov | Disclaimer
30 Wall Street, 8th Floor, New York, NY 10005
| Phone: 212-709-8112
159 20th Street, 1B, Brooklyn, NY 11232
| Phone: 917-566-8151

Estate Planning | Planning for Incapacity | Guardianships | Probate / Estate Administration | Special Needs Planning | Elder Law | Medicaid Planning | Medicaid Fraud Investigations | Business Formation & Selling Your Business | Business Succession Planning | Estate Litigation | Residential Real Estate | Attorney Profile

Law Firm Website Design by
Amicus Creative