Domestic Self-Settled Spendthrift Trust
Generally, to protect assets from creditors, owners must give up control over and access to those assets. A self-settled spendthrift trust allows individuals to put assets beyond the reach of creditors while retaining some control over and access to those assets. Previously only available in offshore jurisdictions, self-settled spendthrift trusts (also known as domestic asset protection trusts (DAPTs) and Alaska/Delaware Trusts) are currently authorized in 17 states: Alaska, Delaware, Hawaii, Michigan, Mississippi. Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.