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HB 0441 - Trusts; establish qualified self-settled spendthrift trusts; provisions

Tracking Level: Monitor
Sponsor: Barry Fleming
Last Action: 5/8/2018 - Veto V3
House Committee: Banks & Banking
Senate Committee: Banking and Financial Institutions
Assigned To:
CivilNext Bill

Staff Analysis of the Legislation

HB 441 amends Chapter 12 of Title 53 of the O.C.G.A. by adding Article 5A. Article 5A defines independent qualified trustees, qualified interests, qualified self-settled spendthrift trusts, and qualified trustees and their limits. No trust shall be considered revocable because of a power of appointment, the qualified interest in the trust, a right of a settlor to receive income, the potential or actual receipt of income, annual receipt by the settlor, the right of a settle to remove a trustee, the potential or actual use of real property by a settlor, or the ability of the qualified trustee to pay upon death of a settler. A beneficiary may withdraw their entire beneficial interest when such a right has lapsed, been released, or otherwise expired. A qualified self-settled spendthrift trust cannot collect alimony or child support.


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