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Virginia Asset Protection

In: Business and Management

Submitted By rainnymiko
Words 371
Pages 2
ACCOUNTING 640
SPRING 2012
CLASS PAPER
ETHICS TOPIC:
The Virginia General Assembly is considering legislation to allow individuals to create asset protection trusts. The legislation involves an irrevocable trust to protect the settlor’s assets from the settlor’s creditors. The concept of this trust is called asset protection trusts. The settlor
(creator of the trust) would create an irrevocable trust whereby the settlor would b e a beneficiary of the trust (trust assets benefit them still). By doing so the settlor would put their assets outside of the reach of their creditors. If the settlor is sued the creditors will not be able to reach the assets placed in the irrevocable trust. A few states have already passed similar legislation, such as
Alaska and Delaware.
PURPOSE:
The purpose of the Class Paper is to enable the student to analyze state statutes and resolve the ethical issues of whether the state should allow individuals to create vehicles (irrevocable trusts) to place their assets outside the reach of their creditors.
DIRECTIONS:
1. Go to the Virginia General Assembly Website and find the legislation described above. (5 points) 2. Analyze the legislation under consideration and provide a statutory anaylsis of the legislation.
Discuss how an individual would be able to do this? What does the statute allow the individual to do? What creditors does the statute effect? What creditors are excluded? (40 Point)
3. Analyze whether the legislation is moral or ethical. Using the two of the ethical theories and the ethical checklist discussed in the first class, advise whether the legislation is ethical or moral (40 points) 4. Provide a conclusion as to whether the legal purpose or ethical purpose should be followed. (15
Points)
REQUIREMENTS FOR WORK PRODUCT:
The paper should be prepared in Times New Roman 12 point font, double-spaced, with one inch
(1") margins. The paper length should not be more than fifteen (15) pages.
DUE DATE:
The last date the Class Paper may be turned in is the beginning of class on April 17, 2012. papers will not be accepted. You may turn your paper in anytime before April 17, 2012.
GRADE WEIGHT:
The Class Paper will be worth twenty percent (20%) of the student’s final grade.

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