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Engel & Reiman pc’s Updated Comparative Grid Just Published

With the very recent enactment of the Mississippi Qualified Disposition in Trust Act, Engel & Reiman has updated its Jurisdictional Comparative Grid. The Grid is intended to provide a bird’s-eye view of what one should look for in asset protection trust legislation (the horizontal axis on the Grid), the principal foreign and domestic jurisdictions having asset protection trust-style legislation (the vertical axis on the Grid), and which jurisdictions address which asset protection trust principles (the body of the Grid).

 Integrated Estate Planning Trust Law

Comparative Grid – Select Jurisdictions

(As of June 1, 2014)

Provisions (6 most important integrated estate planning trust law provisions appear first)

Jurisdiction

(1)

Statutory certainty regarding non-recognition of foreign judgments

(2)

“Beyond Reasonable Doubt” standard of proof required in establishing fraudulent intent

(3)

Statute of limitations on challenging an APT

(4)

Statutory certainty that Settlor can be a beneficiary

Antigua/Barbuda

                X

X

X

X

Bahamas

   

X

X

Belize

X

   

X

Bermuda

   

X

 

Cayman Islands

   

X

 

Cook Islands

X

X

X

X

Cyprus

   

X

X

Gibraltar

   

*

 

Jersey

X

     

Labuan

X

X

X

X

Mauritius

X

 

X

X

Nevis

X

X

X

X

Saint Vincent and the Grenadines

X

X

X

X

Seychelles

 

X

X

X

Turks and Caicos

   

X

 

Alaska

   

X

X

Colorado

   

X

X

Delaware

   

X

X

Hawaii

   

X

X

Mississippi[1]

   

X

X

Missouri

   

X

X

Nevada

   

X

X

New Hampshire

   

X

X

Ohio

   

X

X

Oklahoma

   

X

X

Rhode Island

   

X

X

South Dakota

   

X

X

Tennessee

   

X

X

Utah

   

X

X

Virginia

   

X

X

Wyoming

   

X

X

* While some believe Gibraltar law provides "instant" protection if transferor is solvent following transfers, post-transfer solvency of transferor and hence validity of transfers can be challenged.

 

Integrated Estate Planning Trust Law

Comparative Grid – Select Jurisdictions

(As of June 1, 2014)

Provisions (6 most important integrated estate planning trust law provisions appear first)

Jurisdiction

(5)

Statutory certainty that Settlor can retain some degree of control

(6)

Burden of proving fraudulent intent is always on creditor

(7)

Statutory recognition of different classes of creditors

(8)

Specific Statute of Elizabeth override provisions

Antigua/Barbuda

X

X

 

X

Bahamas

X

X

X

 

Belize

X

     

Bermuda

 

X

X

X

Cayman Islands

X

X

X

X

Cook Islands

X

X

X

X

Cyprus

 

X

X

 

Gibraltar

   

X

X

Jersey

X

     

Labuan

X

X

X

 

Mauritius

 

X

X

 

Nevis

X

X

X

X

Saint Vincent and the Grenadines

X

X

X

X

Seychelles

 

X

   

Turks and Caicos

 

X

X

 

Alaska

X

 

X

N/A

Colorado

   

X

N/A

Delaware

X

 

X

N/A

Hawaii

X

X

 

N/A

Mississippi

X

X

X

N/A

Missouri

X

 

X

N/A

Nevada

X

X

X

N/A

New Hampshire

X

 

X

N/A

Ohio

X

X

 

N/A

Oklahoma

   

X

N/A

Rhode Island

X

 

X

N/A

South Dakota

X

X

X

N/A

Tennessee

X

 

X

N/A

Utah

X

X

X

N/A

Virginia

     

N/A

Wyoming

X

X

X

N/A

 

Integrated Estate Planning Trust Law

Comparative Grid – Select Jurisdictions

(As of June 1, 2014)

Provisions (6 most important integrated estate planning trust law provisions appear first)

Jurisdiction

(9)

Posting of Bond Required Before Litigation Can Commence

(10)

Statutory certainty that trust remains valid if fraudulent transfers determined to have taken place

(11)

Retroactive protection afforded immigrant trusts

(12)

Statutory certainty regarding requirements for freezing assets for an APT

Antigua/Barbuda

X

X

   

Bahamas

 

X

   

Belize

       

Bermuda

 

X

   

Cayman Islands

 

X

   

Cook Islands

 

X

X

X

Cyprus

       

Gibraltar

 

X

   

Jersey

       

Labuan

 

X

X

 

Mauritius

       

Nevis

X

X

X

 

Saint Vincent and the Grenadines

 

X

**

 

Seychelles

       

Turks and Caicos

       

Alaska

 

X

   

Colorado

       

Delaware

 

X

   

Hawaii

       

Mississippi

       

Missouri

       

Nevada

       

New Hampshire

 

X

   

Ohio

       

Oklahoma

       

Rhode Island

 

X

   

South Dakota

       

Tennessee

       

Utah

 

X

   

Virginia

       

Wyoming

       

** Non-specific treatment in the law.                      

 

Integrated Estate Planning Trust Law

Comparative Grid – Select Jurisdictions

(As of June 1, 2014)

Provisions (6 most important integrated estate planning trust law provisions appear first)

Jurisdiction

(13)

Presumption against fraudulent intent if transferor remains solvent following transfers

(14)

Biding effect of choice of law

(15)

Forced heirship override provisions

(16)

Community property provisions

Antigua/Barbuda

 

X

X

X

Bahamas

 

X

X

 

Belize

 

X

X

 

Bermuda

   

X

 

Cayman Islands

 

X

X

 

Cook Islands

X

X

X

X

Cyprus

 

X

X

 

Gibraltar

X

X

   

Jersey

 

X

   

Labuan

X

X

X

 

Mauritius

 

X

X

X

Nevis

X

X

X

X

Saint Vincent and the Grenadines

X

X

X

X

Seychelles

 

X

X

 

Turks and Caicos

X

X

X

 

Alaska

 

X

X

 

Colorado

       

Delaware

       

Hawaii

       

Mississippi

       

Missouri

       

Nevada

       

New Hampshire

       

Ohio

       

Oklahoma

       

Rhode Island

 

X

   

South Dakota

       

Tennessee

       

Utah

 

X

   

Virginia

       

Wyoming

 

X

   

NOTE: Local bank secrecy and other non-disclosure provisions do not appear because of the author's view that such provisions are not material considerations in asset protection planning.

 


[1] On July 1, 2014, Mississippi will become the most recent domestic jurisdiction to enact self-settled spendthrift trust legislation with the adoption of the “Mississippi Qualified Disposition in Trust Act” See Miss. Code Ann § 91-9-701—91-9-723.

 

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Barry S. Engel
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