Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Wednesday, July 16, 2014

New Self-Settled Asset Protection Trust Law

Money SafeMississippi recently enacted legislation that now allows self-settled asset protection trusts. The Mississippi Qualified Disposition in Trust Act permits the grantors to be trust beneficiaries in some situations. Here are some of the requirements to create such a trust under the new law and receive the creditor protection that comes with it:

  • The trust must be irrevocable
  • The settler is limited in the types of interest they may retain
  • A “qualified affidavit” must be signed by the settler
  • A liability insurance policy must be created for the trust

See Daniel G. Worthington & Mark Merric, Mississippi Enacts Self-Settled Asset Protection Trust Legislation, Wealth Management, July 15, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/07/new-self-settled-asset-protection-trust-law.html

Estate Planning - Generally, New Legislation, Non-Probate Assets, Trusts | Permalink

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