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House approves bill preserving creditor protection when spouses transfer property into trusts
Summary
The Vermont House on April 10 approved S.3, a bill to allow property owned by spouses as tenants by the entirety to retain creditor-protection when transferred into a trust; the measure passed third reading by roll call, 143-1.
The Vermont House of Representatives on April 10 approved S.3, an act to allow property owned by spouses as tenants by the entirety to retain creditor-protection when it is transferred into a trust. The measure passed third reading by roll call, 143-1.
The bill aims to preserve the existing creditor-protection benefit that married couples receive when they own real property as tenants by the entirety, even after placing that property in a trust for estate-planning purposes. The member from Brattleboro, reporting for the Judiciary Committee, described the change as preserving spouses’ protections when a trustee holds legal title to the property.
The Judiciary Committee reported S.3 out with a committee vote of…
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