Ignoring the Nevada self-settled asset protection trusts, a land trust is a grantor trust with A being the Settlor, T the trustee, and A as the beneficiary. A transfers property into the land trust. P the plaintiff is injured on the property (2 year old stick towel in wall heater gets burned). Plaintiff sues T as trustee of the trust, during lawsuit P obtains copy of the trust and discovers the beneficiary’s identity. Lawsuit names A as additional defendant, may release T as a defendant. What prevents P from attaching A’s other assets?
Since a land trust is a self-settled grantor trust, can a creditor simply set aside the trust?
admin Posted new comment