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
Famous quotes containing the words spendthrift and/or trust:
“We must have more money, that’s all there is to it. There must be more money.”
—Anthony Pélissier. The constant complaint of the spendthrift Mrs. Grahame (1949)
“And such the trust that still were mine,
Though stormy winds swept o’er the brine,
Or though the tempest’s fiery breath
Roused me from sleep to wreck and death.
In ocean cave, still safe with Thee
The germ of immortality!
And calm and peaceful shall I sleep,
Rocked in the cradle of the deep.”
—Emma Hart Willard (1787–1870)