HB 441: Trusts; establish qualified self-settled spendthrift trusts; provisionsVoted on Friday March 3, 2017
John Pezold's thoughts
HB 441 adds new code section for "spendthrift trusts" which are trusts created to prevent a beneficiary from spending all the funds in the trust by giving an independent trustee full authority to make financial decisions on behalf of the beneficiary.
In this bill, a settlor may prevent creditors from gaining access to the settlor's funds by transferring those assets to a qualified self-settled spendthrift trust, which is an irrevocable trust that includes a spendthrift provision that restrains creditors from reaching the funds while the settlor still retains a qualified interest in the trust.More information on legis.ga.gov
The table below breaks down the total number of votes, and marks the majority vote.
|Did not vote||10||5.6%|