A spendthrift trust is a trust that is created for the benefit of a person (often unable to control his spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary.
Read more about Spendthrift Trust: Overview, Benefits of A Nevada Spendthrift Trust NRS 166.020, Benefits of A Texas Spendthrift Trust TPC 112.035, Necessaries, Child Support and Alimony, Trusts Where The Beneficiary Is Also The Creator
Other articles related to "spendthrift trust, trusts":
... 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 trust ...
Famous quotes containing the words trust and/or spendthrift:
“He who wants to persuade should put his trust not in the right argument, but in the right word. The power of sound has always been greater than the power of sense.”
—Joseph Conrad (18571924)
“We must have more money, thats all there is to it. There must be more money.”
—Anthony Pélissier. The constant complaint of the spendthrift Mrs. Grahame (1949)