WTF is the "Delaware Trust Law" a cspan caller mentioned it ..they cut

[ElsewheresDaughter]

off quick...I had never heard of it until then....anyone know anything about it?....i am researching it now...could use whatever info or opinions any may have here at DU...these bastards have protected themselves but prevented us from the same protections

this Delaware is a haven for the evil phuckers...the links on the left on the opening page paint a disgusting picture of these turds and there patriotism. here is a snip from their "summery" statement: "The Delaware Trust is a powerful new weapon in the arsenal of attorneys specializing in asset protection law." :puke:

http://www.rjmintz.com/delaware-trust-law.html

Delaware Trust Law
Recognizing that asset protection is a sound and legitimate business planning tool, state legislatures are enacting laws which allow individuals to protect assets from future claims. Alaska passed the Alaska Trust Act in April, 1997 and in July, Delaware amended it’s trust law to permit the formation of Asset Protection Trusts. A number of other states are likely to follow this trend. The Delaware law is similar to that in Alaska. The key provisions of the law are the following:

A trust can be created in which the Settlor is also the beneficiary;
At least one trustee must be a licensed Delaware Trust Company, financial institution or an individual who resides in the state. This trustee must have some responsibility for trust tax returns and administration;
The Settlor may have the right to veto any distributions by the trustees;
Some portion of the assets of the trust must be in a bank or other financial institution in Delaware;
The power to make distributions to the Settlor must be held by a trustee who is independent of the Settlor;
The assets of the trust are protected from any claims against the Settlor except:

Fraudulent Transfers;

Claims for spousal support, alimony and child support;

Claims for personal injury or property damage which occurred before the transfer to the trust; and

Claims by creditors who relied upon an express written statement by the Settlor that the assets of the trust were available to satisfy the debt to such creditor.
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http://www.rjmintz.com/delaware-trust.html

The Delaware Trust > Overview

Overview

Asset Protection Trusts, with many of the same features as the typical offshore trust, can now be created in the state of Delaware. Effective July 1, 1997, Delaware has enacted new trust legislation which allows individuals to legally shelter assets from potential creditor claims without the cost and complexity usually associated with the offshore structure.

The significant benefits available under the Delaware law must be understood in the context of the prevailing U.S. law and the asset protection strategies which are currently available.

For at least the last five hundred years, creditor friendly English and American common law and statute have severely restricted the ability of an individual to shield his personal assets from either existing or future creditors.

more

[papau]

1. "typical offshore trust" - this will save home builders a lot of effort

in protecting their wealth from the guarantees they give with the developement projects, and indeed will make tracking the asset of the rich a little easier - which is why I suspect it will not completely replace the "typical offshore trust" approach.