Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

What is a Spendthrift Trust in Gloucester County, New Jersey?

Posted on Mon Sep 7, 2015, on Trusts

From our “Ask a Question” Mailbag: Gloucester County Spendthrift Trust

Most Recently Updated July 19, 2018.

I was told that I should make the Irrevocable Trusts I am setting up for my children “Spendthrift” Trusts. What does that mean, and what is the advantage of a Spendthrift Trust?

Will after it is filed

Peter Klenk, Estate Planning Attorney – Gloucester County Spendthrift Trust

Gloucester County Spendthrift Trust

A Spendthrift Trust refers to an Irrevocable Trust created for a beneficiary that does not give the beneficiary the right to assign his or her interest in the trust to a third person, so that the trust assets are not subject to the beneficiary’s liabilities or creditor claims. This way a trust for a child can be used to support the child, but will not be dragged into the child’s creditors claims, bankruptcy or divorce. This can be a huge advantage to your child, as we could draft a trust that would keep the assets safe to support your child should they ever fall on hard times.

More Planning Questions?

The spendthrift trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Gloucester County Spendthrift Trust

I hope that this article was helpful in explaining a spendthrift trust. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Gloucester County, Irrevocable Trust, New Jersey, trust

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Paul A

Klenk was efficient and professional in designing and executing the necessary documents for my trust, will and associated paperwork after my moving to pa from out of state. This allowed an inherently unpleasant responsibility to be completed with minimal agony and diligence. His web site further enables executed document update and distribution with minimal fuss.

Klenk Law Logo
Stars

Chris Mogee

Peter and his team are great to work with. They make estate planning so easy and painless. They answered all of my questions clearly and helped me understand the best way to handle complicated finances and things like real estate investments. Thank you Klenk Law!!

Klenk Law Logo
Stars

Christian Milazzo

This law firm was super helpful with answering all my questions! Huge props specifically to Riley for their enormous assist with helping me get where I needed to go. They were fantastic!!!

Klenk Law Logo
Stars

Randi Greenberg

Jackie is amazing! I have asked her many questions and she answers them professionally and honestly. She is very informative !!!

Klenk Law Logo
Stars

David Major

Had our will done with Peter and his team. Made the process super easy and understandable. His team lead by Laura Parisi were always available for questions and assistance. Professional and personable they made what can be a challenging experience hopeful and graceful. Cannot recommend their services enough!

Let us put our expertise to work for you.

Free consultation within 24 hours.