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Ndlegis resource64-20152015 HOUSE INDUSTRY, BUSINESS AND LABOR HB 1300

Ndlegis resource64-20152015 HOUSE INDUSTRY, BUSINESS AND LABOR HB 1300-2025

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House Bill 1300 aims to clarify the definition and treatment of irrevocable trusts in North Dakota law. The bill asserts that modifications made to an irrevocable trust, with the consent of all beneficiaries and court approval, do not alter its irrevocable status. This clarification addresses concerns from financial planners and attorneys regarding the potential misclassification of modified irrevocable trusts as revocable, which could impact asset protection and Medicaid eligibility. The bill received support from legal professionals and was passed unanimously by both the House and Senate committees.

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