Reply #6: Less pertinent, but somewhat interesting

[karynnj]

1) The ABA's identifies "myths" and they use the Talent amendment to say that these can not be used if there is fraud - ignoring that they can of course shelter everything and as Schumer said it would be hard to prove fraud.

http://www.aba.com/Press+Room/PR_Bankruptcy_041205myths.htm

2) Two documents explaining the impact of the law on the Asset Protection Trusts by financial planners
Note that the first one shows that it favors one of their products and the second makes this point: {b} The key impact is that Congress has now validated the use of asset protection trusts. (which is an interesting comment suggesting that prior to this the legality was less clear.


http://resourcecenter.virchowkrause.com/resources/intlestatetrustplanningcch306.pdf
http://www.abanet.org/rppt/publications/estate/2005/2/AssetProtectionGetty.pdf