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Williams Mullen: Gift and Creditor Protection Planning with Virginia’s New Self-Settled Spendthrift Trust Statute

BY: FARHAD AGHDAMI & JEFFREY D. CHADWICK On April 4, 2012, Governor McDonnell signed Senate Bill 11 into law, which permits the creation of "self-settled spendthrift trusts" in Virginia. A self-settled spendthrift trust is an irrevocable trust in which the grantor retains a beneficial...

Williams Mullen: Virginia Enacts Trust Decanting Statute

BY: FARHAD AGHDAMI & JEFFREY D. CHADWICK On April 4, 2012, Governor McDonnell signed Senate Bill 110 into law, which allows trustees to exercise the power to distribute trust income or principal to or for the benefit of a beneficiary by distributing the assets to a new trust. The act of distributing...