Self-settled spendthrift trusts; created. (SB11)
Introduced By
Sen. Richard Stuart (R-Westmoreland)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Self-settled spendthrift trusts; creation of. Provides for the creation of self-settled spendthrift trusts, which protect trust assets against the claims of a settlor who is also a trust beneficiary. This bill allows a settlor to transfer assets to an irrevocable trust to be held for the joint benefit of the settlor and at least one other beneficiary. Currently, a spendthrift clause is ineffective to shield the beneficiary from creditors when the beneficiary is also the settlor. Current law allows the creation of trusts that are protected from the claims of creditors against trust beneficiaries, and this bill extends that policy to trusts of which the settlor is also a discretionary beneficiary. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/19/2011 | Prefiled and ordered printed; offered 01/11/12 12100829D |
12/19/2011 | Referred to Committee for Courts of Justice |
01/18/2012 | Reported from Courts of Justice (15-Y 0-N) (see vote tally) |
01/20/2012 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
01/23/2012 | Read second time and engrossed |
01/24/2012 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
02/13/2012 | Placed on Calendar |
02/13/2012 | Read first time |
02/13/2012 | Referred to Committee for Courts of Justice |
02/16/2012 | Assigned Courts sub: #2 Civil |
02/27/2012 | Subcommittee recommends reporting (9-Y 0-N) |
02/27/2012 | Reported from Courts of Justice (18-Y 0-N) (see vote tally) |
02/29/2012 | Read second time |
03/01/2012 | Read third time |
03/01/2012 | Passed House BLOCK VOTE (99-Y 0-N) |
03/01/2012 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
03/06/2012 | Enrolled |
03/06/2012 | Bill text as passed Senate and House (SB11ER) |
03/06/2012 | Signed by Speaker |
03/08/2012 | Signed by President |
04/04/2012 | G Approved by Governor-Chapter 555 (effective 7/1/12) |
04/04/2012 | G Acts of Assembly Chapter text (CHAP0555) |