Notice of Important Legislation: Senate Bill 56 (Legacy Trust)

IndyBar Commercial & Bankruptcy Law Section Members: 

There is proposed legislation that has far-reaching implications in our area of practice that is up for a vote on Monday, February 9, 2015.

Senate Bill No. 56 proposes to create “Legacy Trusts” as estate-planning vehicles that offer an extremely high degree of asset protection.

The full text and other information about Senate Bill No. 56 is here:  http://iga.in.gov/legislative/2015/bills/senate/56#document-bd70d3a8. 

There was also a recent Indiana Lawyer article on the bill that can be found here:  http://www.theindianalawyer.com/trust-proposal-in-legislature-would-shield-assets-from-creditors-permit-perpetuity/PARAMS/article/36206

The Section is not taking a position on Senate Bill No. 56. If you wish to assert an opinion on the bill, the contact information for the committee members who will vote on the bill are below. 

Joseph Zakas (R), Chair                  
Greg Walker (R)                              
Ron Alting (R)                                 
James Buck (R)                               
Randy Head (R)                              
Pete Miller (R)                                 
R. Michael Young (R)                      
Greg Taylor (D)                               
James Arnold (D)                           
Timothy Lanane (D)