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(Name of Trustor), of (street address, city, county, state, zip code), hereinafter referred to as Trustor, and (Name of Trustee) of (street address, city, county, state, zip code), hereinafter referred to as Trustee. The Trustor, in consideration of the agreements and undertakings set forth below made and assumed by the T.
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FAQ
The pros of a spendthrift trust are that it can prevent creditors and lawsuits from attaching to the beneficiary's assets and provide a steady income stream. The downside is that it can be expensive to set up and maintain, and the beneficiary may be able to challenge the trust's spendthrift provisions in court.
A spendthrift trust is a trust designed so that the beneficiary is unable to sell or give away her equitable interest in the trust property. The trustee is in control of the managing the property. Thus, the beneficiary of the trust is not in control of the property and her creditors cannot reach those assets.
A third-party member called a trustee is responsible for managing and overseeing an irrevocable trust.
Spendthrift trusts can be revocable or irrevocable and include the same key elements as other types of trusts, including: A grantor who establishes the trust (that's you) A trustee who manages the trust. A beneficiary or beneficiaries who receive the assets held in the trust.
Tax Considerations Goods, services, and cash paid to the beneficiary are considered taxable income. The beneficiary is responsible for filing and paying his own taxes on any distribution.
Similar to the federal tax lien, the IRS may levy upon all property and property rights of the taxpayer at the time the levy is made. Id. Generally, federal courts have held that the IRS may levy upon a taxpayer-beneficiary's interest in a spendthrift trust.
A spendthrift trust is a trust designed so that the beneficiary is unable to sell or give away her equitable interest in the trust property. The trustee is in control of the managing the property. Thus, the beneficiary of the trust is not in control of the property and her creditors cannot reach those assets.
The pros of a spendthrift trust are that it can prevent creditors and lawsuits from attaching to the beneficiary's assets and provide a steady income stream. The downside is that it can be expensive to set up and maintain, and the beneficiary may be able to challenge the trust's spendthrift provisions in court.
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