Trusts Where The Beneficiary Is Also The Creator
A trust created by an individual for his or her own benefit is sometimes called a "self-settled trust", and may be a kind of asset-protection trust. If the creator of a self-settled trust is also a beneficiary of the trust, a particular problem in the context of protection of creditors and prevention of fraud is presented: the danger that the creator of the trust is trying to defraud creditors.
Read more about this topic: Spendthrift Trust
Famous quotes containing the words trusts and/or creator:
“No married woman ever trusts her husband absolutely, nor does she ever act as if she did trust him. Her utmost confidence is as wary as an American pickpocket’s confidence that the policeman on the beat will stay bought.”
—H.L. (Henry Lewis)
“He that will consider the infinite power, wisdom, and goodness of the Creator of all things, will find reason to think it was not all laid out upon so inconsiderable, mean, and impotent a creature as he will find man to be; who, in all probability, is one of the lowest of all intellectual beings.”
—John Locke (1632–1704)