Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate Judiciary reviews amendment to S.3 to preserve creditor protection when spouses transfer tenancy-by-entirety property to trusts
Summary
The Senate Judiciary Committee met Feb. 13 to review a proposed amendment to S.3 that would confirm creditor-protection rules for property owned by spouses as tenants by the entirety when the property is put into a trust.
The Senate Judiciary Committee met Feb. 13 to review a proposed amendment to S.3, a bill that would confirm creditor-protection rules for property owned by spouses as tenants by the entirety when that property is transferred into a trust.
The change matters because tenants-by-the-entirety ownership gives married couples protection against a creditor of only one spouse; the amendment aims to preserve that protection when couples transfer property into a trust, and to clarify who may benefit from it. Committee counsel Eric Fitzpatrick summarized the bill and the parties’ negotiated amendment during the committee session.
Eric Fitzpatrick, legislative counsel, told the committee S.3 "provides for some legal consequences for property being…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
