INDIANA ENACTS DOMESTIC ASSET PROTECTION TRUST STATUTE

♠ Posted by Marc J. Soss in asset protection planning,asset protection trust,creditor protection,creditor protection trust,Indiana Asset Protection Trust

On July 1, 2019, Indiana will become the eighteenth (18th) state to enact domestic asset protection legislation (“DAPT”). S.B. 265, enacted by the Indiana legislature on April 9, 2019, and signed into law on May 5, 2019 by the Governor, creates a new Section 30-4-8 to the Indiana Code to permit the establishment of “Legacy Trusts” (a form of self-settled domestic asset protection trusts). The section also provides spendthrift creditor protection to the settlors of Legacy Trusts. The new Indiana Legacy Trust statute is similar to those of other states that permit DAPTs. Under the statute,...

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NEW FLORIDA HOMESTEAD EXEMPTION FOR MARRIED COUPLES

♠ Posted by Marc J. Soss in florida documentary stamps,Florida Homestead Exemption,new homestead exemption

The State of Florida imposes a documentary stamp tax of seventy (70) cents per one hundred ($100) dollars of consideration. Consideration includes mortgage obligations or other liens. In 2018, a new Florida Homestead exemption went into effect that eliminated the documentary tax expense, associated with the recording of a deed, that transferred title to real property from the name of a formerly single individual into joint names with their spouse. The exemption only applied if the deed or other instrument was recorded within one (1) year after the date of marriage. Effective July 1,2019,...

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