Alabama Uniform Trust Code; amended to conform with Alabama Qualified Dispositions in Trust Act, limit property subject to creditors' claims

Summary

The bill changes the Alabama Uniform Trust Code so that creditors can only reach the same amount from an irrevocable trust as allowed under the Qualified Dispositions in Trust Act. It also sets rules for when a person who holds a withdrawal power or is a beneficiary is considered the settlor, and lets trustees reimburse the settlor for income taxes without those payments being subject to creditor claims. The changes affect trust creators, beneficiaries, trustees, and creditors.

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