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A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift. This is what is known as a spendthrift clause or spendthrift provision .
An estate planning tool that can help you in this situation is a spendthrift trust, which affords a trustee … Continue reading ->The post How (and Why) to Use a Spendthrift Trust appeared first ...
Spendthrift trusts include similar protections to an asset protection trust and are more widely respected in other states, but they also come with their own rules and requirements.
The exception is recognized to benefit minors, incompetents, and trust beneficiaries that may otherwise behave as a spendthrift would. A spendthrift trust is an example of an arrangement containing an anti-alienation provision. The governing document of such a trust provides that the trust corpus may not be reached by creditors while the ...
A spendthrift (also profligate or prodigal) is someone who is extravagant and recklessly wasteful with money, often to a point where the spending climbs well beyond their means. Spendthrift derives from an obsolete sense of the word thrift to mean prosperity rather than frugality, [ 1 ] so a "spendthrift" is one who has spent their prosperity.
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
The spendthrift clause has three general exceptions to the protection afforded: the self-settled trusts (if the settlor of a trust is also a beneficiary of a trust), the case when a debtor is the sole beneficiary and the sole trustee of a trust, and the support payments (a court may order the trustee to satisfy a beneficiary's support ...
When you think about setting up a trust, the first thing that comes to mind is a plan for how wealth will be passed down after you die. But there is also an asset protection trust, which protects ...