This question should be answered using three IRAC structures. Please include all relevant key words in your answer.
George sets up a spendthrift trust to distribute money to his son Paul, who is in law school. Paul has a gambling problem and is heavily in debt. He is sued for crashing his car into a house and now owes a large amount of damages to the homeowner. In a panic, Paul tries to transfer his interest in the trust to the homeowner. He also initiates bankruptcy proceedings to have his gambling debts paid by the trust. Finally, he convinces the trustee to pay off his debt to the homeowner.
Which of Paul’s actions were effective?
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Hint
To answer this question, you should think about and discuss first whether the Paul transferred his interest in the trust to the homeowner, then, whether Paul’s debts can be paid by the trust through bankruptcy proceedings and finally, whether the trustee can pay off a tort claim.
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Transferred Interest
Bankruptcy Proceedings
Tort Claim
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