The Uniform Voidable Transactions Act (UVTA) is an update designed to strengthen the rights of creditors in the applicable uniform law. However, a debate by attorneys within sections of the several state bar associations has caused confusion, and in many states the proposal has stagnated. Understanding the relative perspectives may lead to enough support one way or the other—either to quash the effort to update the law or to find a solution to bridge the gap between the factions.
Mark R. Parthemer, Esq., AEP, is managing director and senior fiduciary counsel, Southeast Region, overseeing estate and legacy planning services at Bessemer Trust, an exclusive wealth management firm. He is an ACTEC Fellow; a frequent national lecturer and published author; chair, ABA Non-Tax Issues Affecting Estates and Trusts Committee; member, Florida and Pennsylvania Bars, Synergy Summit, and the Florida Bankers Association Executive Council, and chair, Trust Legislation Committee. He has been part of the University of Miami’s Heckerling faculty and is a former adjunct professor, Widener University School of Law. Mark often has been recognized as one of the Best Lawyers in America and a Florida Legal Eagle.