To limit the exemption for asset protection trusts.

SA 42. Mr. SCHUMER (for himself, Mr. Bingaman, Mr. Durbin, Mrs.
Feinstein, and Mrs. Clinton) submitted an amendment intended to be
proposed by him to the bill S. 256, to amend title 11 of the United
States Code, and for other purposes; as follows:

On page 205, between lines 16 and 17, insert the
following:

SEC. 332. ASSET PROTECTION TRUSTS.

Section 548 of title 11, United States Code, as amended by
this Act, is further amended by adding at the end the
following:
``(e) 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
asset protection trust if the amount of the transfer or the
aggregate amount of all transfers to the trust or to similar
trusts within such 10-year period exceeds $125,000, to the
extent that debtor has a beneficial interest in the trust and
the debtor's beneficial interest in the trust does not become
property of the estate by reason of section 541(c)(2). For
purposes of this subsection, a fund or account of the kind
specified in section 522(d)(12) is not an asset protection
trust.''.
______