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Senate amends bill to preserve spouses' creditor protection when transferring property to a trust
Summary
The Vermont Senate amended S.3 to allow married couples to transfer property into certain trusts without losing tenancy-by-the-entirety creditor protection during their lifetimes; the measure was ordered to third reading after committee amendment.
The Vermont Senate on the floor amended S.3, an act relating to transfer of property to a trust, to preserve tenancy-by-the-entirety creditor protection for married couples who transfer property into qualifying trusts, and ordered the bill to third reading.
The change matters because under current law, property that spouses hold as tenants by the entirety can lose creditor protection if transferred to a trust, which can force estates into probate. The amended S.3 would let spouses retain that protection while both remain alive, while explicitly excluding secondary beneficiaries from the protection.
Senator from Wyndham, speaking at second reading, characterized tenancy by the…
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