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30-4-8-1. Application

Sec. 1. (a) Subject to the limitations set forth in subsection (b), this chapter applies to: (1) qualified dispositions to legacy trusts; and (2) dispositions by transferors who are trustees; that are made after June 30, 2019. (b) This chapter does not apply to: (1) any assets that are listed on an application or financial […]

30-4-8-10. Spendthrift Provisions

Sec. 10. A spendthrift provision described in section 4(4) of this chapter is considered a restriction on the transfer of the transferor’s beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the federal Bankruptcy Code (11 U.S.C. 541(c)(2)) or any successor provision of the federal […]

30-4-8-11. Transferor’s Rights and Authority

Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the retention of any greater […]

30-4-8-12. Transferor’s Service as an Investment Advisor

Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this chapter. As added by P.L.221-2019, SEC.9.

30-4-8-13. Revocability

Sec. 13. (a) A legacy trust is not considered revocable because of the inclusion of one (1) or more of the following: (1) A transferor’s power to veto a distribution from the trust. (2) A power of appointment (other than the power to appoint to the transferor, the transferor’s creditors, the transferor’s estate, or the […]

30-4-8-14. Appointment of Trust Directors

Sec. 14. (a) A transferor may appoint one (1) or more trust directors who may have authority under the terms of the trust: (1) to remove and appoint qualified trustees or trust directors; and (2) to direct, consent to, or disapprove distributions from the trust. (b) Trust directors are not required to satisfy the requirements […]

30-4-8-15. Resignation of Qualified Trustee; Appointing Successor Trustees

Sec. 15. If: (1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and (2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter; the qualified trustee described in subdivision (1) is considered to have resigned when […]

30-4-8-16. Rights of a Lender; Notice of Transfer of Assets

Sec. 16. (a) Nothing in this chapter shall be construed to prohibit a lender from enforcing its rights in property identified in section 1(b) of this chapter and, to the extent necessary, naming the legacy trust or trustee of the trust as a defendant to the action or proceeding. (b) If an asset described in […]

30-4-8-2. Definitions

Sec. 2. Unless the context requires otherwise, the following definitions apply throughout this chapter: (1) “Claim” means a right to payment, regardless of whether the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, immature, disputed, undisputed, legal, equitable, secured, or unsecured. (2) “Creditor” means a person who has a claim against the transferor. […]

30-4-8-3. Establishment

Sec. 3. A legacy trust is established by: (1) designating in writing in the trust that the trust is a legacy trust established under this chapter; (2) including the terms required by section 4 of this chapter in the legacy trust; and (3) delivering a qualified affidavit containing the statements required by section 5 of […]

30-4-8-4. Requirements

Sec. 4. A legacy trust must do the following: (1) Provide for the appointment of at least one (1) qualified trustee for the property that is the subject of a qualified disposition. (2) Expressly incorporate Indiana law to govern the validity, construction, and administration of the trust. (3) Be irrevocable. (4) Provide that the interests […]

30-4-8-5. Qualified Affidavits

Sec. 5. (a) A qualified affidavit must be signed under the penalties of perjury, and state the following: (1) That the transferor has full right, title, and authority to transfer the property to the legacy trust. (2) That the transfer of the property to the legacy trust will not render the transferor insolvent. (3) That […]

30-4-8-6. Qualified Trustees; Duties

Sec. 6. (a) A person may serve as a qualified trustee of a legacy trust if the person is not the transferor and satisfies either of the following requirements: (1) In the case of an individual, the individual is a resident of Indiana. (2) In all other cases, the person is: (A) authorized by Indiana […]

30-4-8-7. Prohibited Causes of Action; Effect of Spendthrift Provision

Sec. 7. (a) Except as provided in section 8 of this chapter, no cause of action of any kind, including a cause of action to enforce a judgment, may be brought for: (1) an attachment or other provisional remedy against property that is the subject of a qualified disposition to a legacy trust; or (2) […]

30-4-8-9. Creditor’s Claims

Sec. 9. (a) If a creditor’s claim is allowed under section 8 of this chapter, the transferor’s qualified disposition to a legacy trust is subject to the claim only to the extent necessary to satisfy the transferor’s debt to the creditor making the allowed claim. (b) In the event the trustee participates in litigation brought […]