Trusts and Estates

Ca. Trs. & Estates Quarterly Volume 10, Issue 4, Winter 2004

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

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