McGuire Woods reports that Connecticut has adopted self settled asset protection trust legislation. Their article begins as follows:
On June 24, 2019, Connecticut enacted HB 7104, adopting the Uniform Trust Act. One important provision of the act was the “Connecticut Qualified Dispositions in Trust Act,” permitting the establishment of self-settled domestic asset protection trusts (DAPTs), which provide spendthrift creditor protection to the settlors.
As of the effective date of Jan. 1, 2020, Connecticut will become the 19th state to have DAPT-enabling legislation. The other 18 states are Alaska, Delaware, Hawaii, Indiana, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia and Wyoming. (See also McGuireWoods’ May 19 legal alert, “Indiana Enacts Self-Settled Asset Protection Trust Legislation.”)
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..
