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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 spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not known to be spendthrifts.
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 ...
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 ...
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.
We all like to treat ourselves every now and then, but for some people overspending has become a habit without them even realizing it. Here are some signs that you may be a spendthrift. Check Out:...
A woodcut from the 1814 edition of Samuel Croxall's The Fables of Aesop. The story appears only in Greek sources in ancient times and may have been invented to explain the proverb 'One swallow does not make a spring' (μία γὰρ χελιδὼν ἔαρ οὐ ποιεῖ), which is recorded in Aristotle's Nicomachean Ethics (I.1098a18). [1]
Even if someone’s a spendthrift, they could still value financial security and investing in the things they know over those they don’t or that carry higher risk.