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This treatment hypothesizes a scenario where a nonresident settlor, with no existing or foreseeable creditor obligations, establishes a self-settled discretionary spendthrift trust in a state with statutes authorizing the creation of such trusts. The settlor’s spouse and two children, all living together, are the absolutely...
A 2013 bankruptcy case, In Re Huber invalidated a DAPT created under the law of a state different from the residence of the settlor. In Huber, the settlor was a Washington State resident who created an Alaska DAPT administered by an Alaska trustee into which...
Two divorcees in unequal financial situations, each with beloved children, decide to get married. What could go wrong? Many things, of course. But establishing an estate plan that provides financial support for “blended family” members doesn’t have to cause heartache. It is not unusual that spouses’...
Seek significant benefits for your clients who don’t live in SSDS trust-enabled states A self-settled discretionary spendthrift (SSDS) trust is an irrevocable trust in which the settlor is allowed to designate himself a discretionary beneficiary or be so named later. The settlor may achieve a range...
Nevada Supreme Court Upholds Self-Settled Spendthrift Trust Against Divorce Claims for Child and Spousal Support (Klabacka v. Nelson, 133 Nev. Advance Opinion 24 (5/25/2017). Years into their marriage, Eric and Lynita Nelson signed a separate property agreement (SPA) that transmuted their community property into separate property...
