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Thursday, December 30, 2004

Lischer on Professional Responsibility Issues with Asset Protection Trusts

Real_property_probate_trustHenry J. Lischer, Jr. (SMU) has published Professional Responsibility Issues Associated with Asset Protection Trusts, 39 Real Prop., Prob. & Tr. J. 561 (2004).  Here is the abstract:

This Article examines the asset protection trust, a device used to protect property from the claims of creditors of the settlor. The author provides an overview of the asset protection trust and recent litigation involving such trusts. Professional responsibility issues associated with asset protection trusts, which are particularly important for attorneys who reside in states without asset protection trust legislation, are then discussed. The author reviews both the Model Rules of Professional Conduct and the Model Code of Professional Responsibility as they relate to asset protection trusts. Attorneys in non-asset protection trust states, the author concludes, should be mindful of the risk of professional discipline as to providing services in establishing or implementing an asset protection trust.

http://taxprof.typepad.com/taxprof_blog/2004/12/lischer_on_empr.html

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