Asset Protection in the Real Estate Practice: How Virginia's New Self-Settled Spendthrift Trust Statute Presents Planning Opportunities for Creditor-Concerned Clients

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Real estate investors and developers, as well as owners of residential and/or commercial properties, are often concerned about the creditor risk associated with lending arrangements and property ownership. For this reason, asset protection is an important facet in comprehensively representing our clients. Recent legislation in Virginia has established a new tool we can use to enable clients to remove assets from the claims of creditors while reserving the ability to benefit from such assets in the future.

This publication is a briefing of Virginia’s new statutory provisions, an assessment of the strengths and potential vulnerabilities involved in implementing a Virginia Qualified Self-Settled Spendthrift Trust, and an analysis of the practical implications that should be evaluated as clients consider taking advantage of this new planning opportunity.

This briefing is derived from the materials prepared for the 17th Annual Advanced Real Estate Seminar, presented in March 2013 by Virginia CLE®. It is available in in a searchable PDF via immediate download. Click here for more information on electronic books.

CONTENT SUMMARY

  1. Introduction to Asset Protection Planning
  2. Housekeeping Regarding Statutory References in this Outline
  3. Virginia Statutory Provisions Regarding Self-Settled Spendthrift Trusts
  4. Creditor Claims Against Virginia Qualified Self-Settled Spendthrift Trusts
  5. Comparing Virginia’s Self-Settled Spendthrift Trust Provisions to Statutory Provisions in Other States
  6. Planning With Virginia Self-Settled Spendthrift Trusts

Copyright © 2013 Virginia Law Foundation. All rights reserved.

Table of Contents

TABLE OF CONTENTS:

I. Introduction to Asset Protection Planning

II. Housekeeping Regarding Statutory References in this Outline

III. Virginia Statutory Provisions Regarding Self-Settled Spendthrift Trusts

IV. Creditor Claims Against Virginia Qualified Self-Settled Spendthrift Trusts

V. Comparing Virginia’s Self-Settled Spendthrift Trust Provisions to Statutory Provisions in Other States

VI. Planning With Virginia Self-Settled Spendthrift Trusts

Authors

C. Daniel Vaughan, Vaughan, Fincher & Sotelo, PC / Vienna

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