March 19, 2018

New Domestic Asset Protection Statute Provides Planning Alternative to Newly Uncertain Prenuptial Agreements in Michigan

Effective March 8, 2017, Michigan became the 17th state to permit the creation and funding of domestic asset protection trusts, which permit the grantor of the trust to place assets into the trust for his own benefit while protecting such assets from claims by creditors. The transfer to the trust is permitted if it qualifies as a “qualified disposition” as defined under the statute. Mich. Comp. Laws §§ 700.1041 to 700.1050.

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