ASSET PROTECTIONASSET PROTECTION
Gideon Rothschild, partner in New York's Moses & Singer LLP, reports: Oklahoma and Missouri have passed asset protection trust legislation bringing to seven the states allowing settlors to create trusts for their own benefit that enjoy protection from future creditors. The other states are Alaska, Delaware, Nevada, Rhode Island and Utah. Oklahoma passed the Family Wealth Preservation Act on June 9,
September 1, 2004
Rorie M. Sherman Editor in Chief
Gideon Rothschild, partner in New York's Moses & Singer LLP, reports:
Oklahoma and Missouri have passed asset protection trust legislation — bringing to seven the states allowing settlors to create trusts for their own benefit that enjoy protection from future creditors. The other states are Alaska, Delaware, Nevada, Rhode Island and Utah.
Oklahoma passed the Family Wealth Preservation Act on June 9, effective for trusts created after that date. Missouri's statute was signed into law July 9; it is effective for all trusts created on, before or after Jan. 1, 2005.
Although Missouri already had a similar statute, there was uncertainty about its intent. The new law should clear up that confusion. Oklahoma's new ...
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