Domestic Asset Protection Trusts – Much Ado…?

Gerry W. Beyer of the Wills, Trusts & Estates Prof Blog posts to an article by Darsi Newman Sirknen (Associate, Woolf, McClane, Bright, Allen & Carpenter, PLLC, Knoxville, Tennessee) entitled Domestic Asset Protection Trusts: What’s the Big Deal?, 8 Transactions 133 (2006).

In my rather comfortable associate bubble I have not been privy to the kind of ire that Mr. Beyer speaks of, though I’m sure its out there, however, Ms. Sirknen seems to be telling us all to relax:

Many authors express outrage that some states now allow wealthy settlors to retain the enjoyment of their property while their creditors go unsatisfied. Some essentially predict the country’s moral downfall due to this horrendous new “trick” up the sleeves of wealth protection planners. But is all the outrage really warranted? One professor has stated, “The treatment of spendthrift trusts can make a nice legal point … but it strains credibility to believe that a change in the law will affect more than a handful of people each year.”

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