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Sixteen states, or over 30 percent of the states in the United States, now have domestic asset protection trust (DAPT) statutes. Some commentators thought that DAPT statutes would be limited to less populous states, but Ohio, for example, which is a populous state and one with a major banking center, adopted DAPT legislation. Also, at the time of this writing, both of Michigan’s legislatures passed a DAPT statute, which is waiting for the governor’s signature.1 This adoption would create the 17th DAPT state. While the history of asset protection trusts (APTs) is fairly recent in the United States beginning with Alaska in 1996,2 we anticipate that many more jurisdictions will adopt DAPT statutes.
DAPTs are a powerful tool to help clients l...
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