1. ESTATE AND INCOME TAX PLANNING UPDATE 2018
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61. Ferri V. Powell SC 19432 (Sup Ct. Conn. 2017)
Asset Protection
Ferri V. Powell SC (Sup Ct. Conn. 2017)
Husband discretionary beneficiary of a trust settled by his father. He had an absolute power to withdraw 25 percent of corpus at any time after attaining the age of 35, increasing to 100 percent after 47. The trustee, without the husband’s knowledge decanted the trust (governed by Mass Law) to eliminate the withdrawal power. The CT appeals court rejected the wife’s argument that the trust was reachable because is was “self-settled” and this includable as a marital asset. The court explained that the decanting was a valid exercise of the trustee’s discretion and the trust was no longer available to the husband.