Onshore HavensOnshore Havens
Gideon Rothschild, asset-protection expert and member of the New York law firm Moses & Singer, reports that Utah has just joined the growing number of states providing self-settled trusts for asset protection. Until recently, high-net-worth individuals had to go offshore for such trusts. In 1996, Alaska became the first state to enact legislation intended to offer the same benefits onshore. Delaware,
June 1, 2003
Rorie M. Sherman Editor in Chief
Gideon Rothschild, asset-protection expert and member of the New York law firm Moses & Singer, reports that Utah has just joined the growing number of states providing self-settled trusts for asset protection.
Until recently, high-net-worth individuals had to go offshore for such trusts. In 1996, Alaska became the first state to enact legislation intended to offer the same benefits onshore. Delaware, Nevada and Rhode Island quickly followed. On March 22, Utah became the latest state to allow self-settled trusts; the law will apply to trusts created on or after May 5. We're told that South Dakota may soon follow suit.
Self-settled trusts are created for the benefit of the settlor (as well as third-party benef...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?
