When the State Attacks a Discretionary Trust
An enormous opportunity for asset protection planning in Michigan and other states involves using trusts. It is quite common that a settlor of a trust will establish a trust with the goal that creditors of the trust's beneficiaries cannot reach trust assets to satisfy their claims. Occasionally the government is the creditor. In a recent Michigan case the State Treasurer sought reimbursement from a trust for the costs of incarcerating a trust beneficiary.
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