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Imperfect Grafts: Legislative and Judicial Additions to California Probate Code Sections 15300 et seq
California Trusts and Estates Quarterly Vol. 25, Issue 2, 2019
Credit(s):
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Self-Study Credit
A spendthrift trust is intended to prevent both the voluntary and involuntary transfer of a beneficiary’s interest in a trust. Jurisdictions across the country struggle with the fundamental question surrounding such trusts: What creditor protections should be afforded to a beneficiary of a spendthrift trust? California permits spendthrift trusts subject to certain limitations as set forth in California Probate Code sections 15300, et seq. Spendthrift trust law underwent a number of statutory changes in the 1980’s as the answer to the fundamental question changed and spendthrift protections were relaxed in a number of ways. The fallout from the changes—and attempted corrections—in the 1980’s eventually garnered the attention of the Bankruptcy Appellate Panel (“BAP”), of the Ninth Circuit Court of Appeals (“Ninth Circuit”), and the Supreme Court of California when spendthrift trust beneficiary Rick Reynolds filed for bankruptcy in 2009. The decisions in the Reynolds case demonstrate the problem that was created with the Legislature’s addition of Probate Code section 15306.5 in 1986 without reconciling it with Probate Code section 15307.
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Self-Study Credit
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