Self-Settled Trusts After Wacker

SKU: EST9900

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About This Course

The Supreme Court of Alaska just held that Alaska could not require that proceedings relating to the transfer of assets to an Alaska self-settled trust be before an Alaska court. The Court did not invalidate self-settled trusts created in that state as some commentators have suggested. The viability of Alaska (and other state) self-settled trusts shielding trust assets from the claims of the grantor’s creditors was not disturbed.

This CLE program will explain why, with such high temporary estate tax exemptions, Domestic Asset Protection Trusts (“DAPTs”) are a vital planning tool for many clients and how DAPTs can be used to increase the early use of the exemptions. The reasoning and use of DAPTs in today’s planning environment will be explored for income and estate tax purposes. The actual holding in the Toni 1 Trust v. Wacker case will be explained. Options might include hybrid DAPTs, loan powers, non-fiduciaries making distributions, pre-transfer planning such as solvency affidavits, searches, and more. Practical planning tips on how trusts can be structured to provide greater protection will be discussed. What should practitioners communicate to clients who created DAPTs in the past?

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