HB 1447 Summary

• Expands the definition of "permitted property" from limited assets (cash, marketable securities, life insurance, annuities) to include all real and personal property and interests therein.

• Creates new section allowing transferors to appoint advisors or protectors with authority to remove/appoint trustees, direct distributions, or serve as investment advisors, with disputes resolved by transferor determination binding the trustee.

• Removes requirement for certificate of solvency and transfer tax filing; repeals the one-time one percent excise tax on permitted transfers and related taxation provisions.

• Modifies creditor protections to allow family court-ordered support claims (when transferor is 30+ days in default), tort claims, secured lenders relying on trust assets as collateral, and property division in divorce/civil union dissolution occurring within 30 days after transfer or after marriage.

• Clarifies that permitted transfers can involve multiple transferors with undivided interests and multiple trustees, with at least one trustee meeting residency and business operation requirements; effective July 1, 2011.