Alabama SB179 amends the Alabama Uniform Trust Code to align with the Alabama Qualified Dispositions in Trust Act, limiting creditor claims and.
Alabama SB179 amends the Alabama Uniform Trust Code to limit the property subject to creditors' claims in trusts. It aligns with the Alabama Qualified Dispositions in Trust Act by restricting creditors' recovery to the settlor's interest in the trust. The bill also clarifies that a beneficiary holding a power of withdrawal is not considered the trust's creator upon the power's lapse. Additionally, it allows trustees to reimburse the trust's creator for income taxes without those amounts being subject to the creator's creditors' claims.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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