Michigan Permits Domestic Asset Protection Trusts
Effective March 8, 2017, Michigan joined an increasing number of states that permit “Domestic Asset Protection Trusts,” aka DAPTs. These instruments enable the Grantors forming the Trusts to protect their property against future claims, as long as they follow the specified guidelines. DAPTs are irrevocable trusts. Unlike most irrevocable trusts, however, the Grantor who sets …