[Congressional Record Volume 151, Number 42 (Tuesday, April 12, 2005)]
[House]
[Pages H1897-H1898]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                                 S. 256

                        Offered By: Mr. Emanuel

       Amendment No. 1: Page 507, line 6, strike the close 
     quotation marks and the period at the end.
       
       Page 507, after line 6, insert the following:
       
       ``(f)(1) The trustee may avoid a transfer of an interest of 
     the debtor in property made by an individual debtor within 10 
     years before the date of the filing of the petition to an

[[Page H1898]]

     asset protection trust if the amount of the transfer or the 
     aggregate amount of all transfers to the asset protection 
     trust within such 10-year period exceeds $125,000, to the 
     extent that the debtor's beneficial interest in the trust 
     does not become property of the estate by reason of section 
     541(c)(2).
       ``(2) An asset protection trust is a trust settled by the 
     debtor, in which the debtor has a direct or indirect 
     beneficial interest or under which the trustee may distribute 
     property to or for the benefit of the debtor, and as to which 
     a restriction on the voluntary or involuntary transfer of the 
     debtor's beneficial interest in the trust is enforceable 
     under applicable nonbankruptcy law. For purposes of this 
     subsection, the following are not asset protection trusts:
       ``(A) Retirement funds to the extent that those funds are 
     in a fund or account that is exempt from taxation under 
     section 401, 403, 408, 408A, 414, 457, or 501(a) of the 
     Internal Revenue Code of 1986.
       ``(B) Charitable trusts.
       ``(C) Qualified trusts under section 529 of the Internal 
     Revenue Code of 1986, and other educational trusts, funds, or 
     accounts.''.