Nevada's new Domestic Asset Protection Trust (DAPT) laws became
effective October 1, 2011. One new feature is the ability to move a DAPT
that was established in another state to Nevada without having to start
the statute of limitations period over.
For example, say you set up a DAPT in a state...
In the May 26, 2011 Alaska Bankruptcy Court decision of In re Mortensen ,
the court avoided a transfer of real property of the debtor to an
Alaska Domestic Asset Protection Trust (DAPT). The judge held that
under Section 548(3) of the Bankruptcy Code , any transfer to a DAPT for
less than full and...
In Rush University v. Sessions, et al [ enhanced version available to lexis.com subscribers ], the Illinois Supreme Court ruled that a transfer to a Cook Islands trust was per se fraudulent. Despite the holding, since the grantor was deceased and therefore could not be held in contempt of court, the...