Staff Analysis of the Legislation
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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. |