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Nevada Asset Protection Trust Laws Improved

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...

AK Bankruptcy Court Avoids Transfer to AK DAPT

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...

Illinois Ruling Strikes a Blow at Asset Protection Trusts

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...