Creating a Domestic Asset Protection Trust: An American Bar Association Teleconference

A recent trust & estate teleconference sponsored by the American Bar Association was held on the topic of "Creating a Domestic Asset Protection Trust". An overview of the issues to consider in drafting, funding and administering a domestic asset protection trust were covered in the Tuesday, May 7, 2013 teleconference. Serving as a panelist and presenter was GF&M's own Michael Gordon.

Panelists

Cynthia D.M. Brown, Commonwealth Trust Company, Wilmington, DE
Brandon Cintula, Alaska Trust Company, Anchorage, AK
Michael M. Gordon, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE
Anne Marie Levin, Key National Trust Company of Delaware, Wilmington, DE
John E. Sullivan III, Sullivan & Sullivan Ltd., Beachwood, OH,
Jeffrey C. Wolken, Wilmington Trust Company, Wilmington, DE

Background Information

In 1997, Alaska and Delaware became the first two states to adopt self-settled asset protection trust legislation. A list of additional states have since adopted some form of self-settled asset protection trust legislation. the full list of states is as follows: Alaska, Colorado, Delaware, Hawaii, Missouri, New Hampshire, Nevada, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia and Wyoming. Domestic asset protection trusts have become an important component of many clients’ wealth preservation and estate planning.

The overall program, sponsored by the American Bar Association of Chicago, IL addressed some of the key aspects of domestic asset protection trust planning including:

• Selection of a trust jurisdiction;
• Intake and funding of domestic asset protection trusts;
• Common uses of domestic asset protection trusts;
• Drafting a domestic asset protection trust; and
• Administering a domestic asset protection trust.

Michael M. Gordon advised and spoke on the relevant issues to consider when drafting a Delaware asset protection trust.