Trusts and Estates
Ca. Trs. & Estates Quarterly Volume 10, Issue 4, Winter 2004
Content
- Breaking Up Is Easy To Do: Avoiding Mistakes That Unravel Settlements
- Divorce Complications In Estates and Estate Planning: Together With the Unraveling of Common Provisions For the Former Spouse
- Ode To the Estate Tax Return...a Poetic Approach To Form 706, Audits and Estate Planning
- Planning Multi-generation Trusts With the Client
- THE DOCTRINE OF VIRTUAL REPRESENTATION OF INCAPACITATED, MINOR, UNBORN AND UNASCERTAINED BENEFICIARIES IN RELATION TO NOTICE OF AND REPRESENTATION IN A PROBATE CODE § 17200 PROCEEDING
- Trust and Estates Section Executive Committee
- Protecting and Moving Wealth Forward—An Important Factor Is the Jurisdiction You Select
PROTECTING AND MOVING WEALTH FORWARD—AN IMPORTANT FACTOR IS THE JURISDICTION YOU SELECT
by Stephen E. Greer*
There is a dearth of literature to assist estate planners in comparing or contrasting state laws concerning the rights of creditors to reach assets in trust or other planning vehicles such as limited partnerships (LPs) or limited liability companies (LLCs). When a client has concerns about the ability of creditors to diminish the amount of wealth the client may be able to transfer to beneficiaries, selecting a jurisdiction other than California may be useful. This article compares and contrasts the laws of other states with California concerning protections against creditors. In Section I, the author considers the rights of the client’s creditors under California law and the laws of states that can provide greater protection to the client. In Section II, the author discusses choice of law to protect against creditors of the client’s beneficiaries.1
I. PROTECTING YOUR CLIENT’S WEALTH AGAINST CREDITOR CLAIMS2
A. Limited Partnerships And Limited Liability Companies