Tennessee Investment Transfer Affidavit and Agreement
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How to fill out Investment Transfer Affidavit And Agreement?
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FAQ
?Qualified affidavit? means a sworn affidavit signed by the transferor before a disposition of assets to an investment services trust that meets the requirements of § 35-16-103.
For example, some personal items such as household furnishings, clothing, jewelry, and tools of a person's trade are exempt assets that cannot be reached by creditors. Under Tennessee law, up to $5,000 of home equity for individuals and up to $7,500 for married or joint owners is exempt.
The TIST is an irrevocable trust that allows the client to have a significant amount of access and control over the property placed in the trust, while at the same time protecting the property from the client's creditors.
The TIST is an irrevocable trust that allows the client to have a significant amount of access and control over the property placed in the trust, while at the same time protecting the property from the client's creditors.
The Tennessee Investment Services Act was first adopted in 2007. It changed centuries of Tennessee common law, which generally prohibits a Tennessee resident from protecting assets from a creditor's claim by creating a trust for his or her own benefit, usually against the federal bankruptcy code.
This Act, which was supported by the Tennessee Bankers Association, attempts to provide protection from creditors by allowing a ?person? to create a self-settled, asset protection trust referred to as an ?Investment Services Trust? or IST.