The Connecticut legislature has passed a version of the Uniform Trust Code, which includes a variation of the Uniform Trust Code, the Uniform Directed Trust Act, the Qualified Dispositions in Trust Act, and an extension of the rule against perpetuities to 800 years. The Governor is expected to sign the bill
The Uniform Directed Trust Act outlines the powers and obligations of parties administering directed trusts, which are trusts in which a party other than a trustee has a power over the trust's administration.
The Qualified Dispositions in Trust Act sets up a framework for creating self-settled asset protection trusts.
The change to the rule against perpetuities will extend the time that a Connecticut trust can last from 90 years to 800 years.
The changes will be effective January 1, 2020.
These are very exciting changes to Connecticut law. Once the changes are effective, they will permit a number of planning opportunities for Connecticut residents that previously were unavailable.
Mr. Hendel has been practicing wealth preservation planning for over thirty -five years.