Trusts & Estates
Clarity in Asset Protection: The Voidable Transactions Act
By Jeremiah Barlow, JD
In 2014, the Uniform Fraudulent Transfer Act (UFTA) was renamed to the Uniform Voidable Transactions Act (UVTA).1 Why is this important in asset protection? In the realm of asset protection, “fraudulent transfers” provide a means for creditors to void assets that were transferred to an asset protection trust. Thus, understanding the importance of what is now the UVTA, as well as how it applies, is vital for any attorney practicing in the area of asset protection.
This article will discuss the following key revisions to what is now the UVTA: 1) the term “voidable” is now used in place of “fraudulent”; 2) the burden of proof is clarified; and 3) the amendment seeks to clarify the choice of law issue that common arises during application of fraudulent transfer laws.
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