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Spendthrift trust. In trust law, a spendthrift trust is a trust that is created for the benefit of a person (often unable to control his/her 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 ...
Spendthrift trusts are technically not "exempt" from the bankruptcy estate, but are "excluded" from the bankruptcy estate pursuant to section 541(d) [24] of the Bankruptcy Code. A spendthrift trust is a creature of Florida state law and must meet is requirements in order to be considered a spendthrift trust. [25]
Uniform Trust Code. The Uniform Trust Code is a model law in the United States created by the Uniform Law Commission, which, although not binding, is influential in the states and used by many as a model law. As of October 2022, 36 states and jurisdictions have enacted a version of the Uniform Trust Code (Alabama, Arizona, Arkansas, Colorado ...
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t. e. In trust law, an asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments ...
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