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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.
Several states have changed their laws to provide that a person may create a self-settled spendthrift trust (i.e., a spendthrift trust for his or her own benefit). Such trusts are also called Domestic Asset Protection Trusts ("DAPT"), and sometimes informally called "Alaska trusts", as Alaska was a pioneer in allowing this kind of spendthrift ...
As most people are loss averse, this is experienced as a negative feeling, and as such can also be used to avoid or reduce spending. [3] In 2023, Farnoush Reshadi and M. Paula Fitzgerald reviewed the literature on pain of payment and offered a new definition of pain of payment that distinguishes between two types of pain of payment: immediate ...
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 ...
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A Spendthrift is someone who spends money prodigiously. Spendthrift or The Spendthrift may also refer to: Spendthrift (horse) (1876–1900), American Thoroughbred racehorse and sire; The Spendthrift by written Porter Emerson Browne; Spendthrift, 1936 American film; The Spendthrift, American silent film drama directed by Walter Edwin
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 ...
The word "luxury" derives from the Latin verb luxor meaning to overextend or strain. From this, the noun luxuria and verb luxurio developed, "indicating immoderate growth, swelling, ... in persons and animals, willful or unruly behavior, disregard for moral restraints, and licensciousness", and the term has had negative connotations for most of its long history. [2]