Sam Phillips at Donlevy-Rosen & Rosen, P.A. discusses the differences between Domestic Asset Protection Trusts (DAPTs) and Foreign Asset Protection Trusts (FAPTs).
A battle is raging between US-based attorneys over the use of Domestic Asset Protection Trusts (DAPTs) or their offshore counterparts (Foreign Asset Protection Trusts or FAPTs). Fifteen states (and counting) have enacted some form of asset protection trust legislation, but the efficacy of these DAPTs has been called into question since inception.
Gerry W. Beyer (of the Wills, Trusts & Estates Blog) reports that this was a focus of the 48th Annual Heckerling Institute on Estate Planning (held last month in Miami, FL).