Once again he found a foreign settlor, in a Colombian named Carlos M.

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Smith is both the settlor and a beneficiary of the Trust.

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The point is that a creditor could get a similar injunction that keeps the settlor and beneficiaries of a DAPT from receiving assets from the trust.

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Each trust would provide that if the settlor (creator of the trust) leaves a surviving spouse, the trust breaks into a marital trust and a credit shelter trust.

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Even though the Trust was domiciled in the Cook Islands, the Court applied Illinois law to penetrate the Cook Islands Trust as to a Illinois settlor and Illinois property.

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If the settlor is the last to die of the spouses, then upon his or her death the assets in his or her trust pass as specified in his or her trust document.

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Combine that with the fact that the legal systems of these havens provide little real protection for those defrauded (the con-artists would disappear with the money anyway), and a brew is created that would make any would-be trust settlor very nervous.

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