Iowa alleged that the Trust Code was silent as to a necessity exception to the spendthrift clause. The Supreme Court of Iowa holdS that a spendthrift provision in a discretionary support trust does not prevent the Medicaid agency from recouping medical expenses from the trust corpus upon the ...
assets in trust from a beneficiary's current or future creditors through a "spendthrift trust." (29) A spendthrift trust utilizes a spendthrift clause, which "expressly prohibit[s] the voluntary and involuntary alienation (by creditor attachment or otherwise) of the beneficiary's trust interest."...
If the settlor attempts to do so, the trust is valid but the spendthrift clause is legally ineffective as to the present and future creditors of the property owner. To allow otherwise would be to provide unscrupulous people with the opportunity to shelter their property before engaging in ...
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SPENDTHRIFT TRUST. The rights, benefits, and payments of any Participant or designated beneficiary payable under the Plans and the assets of the Trust Fund shall not be subject in any manner to antici...
Related to spendthrift clause:spendthrift trust n. a provision in a trust or will that states that if a prospective beneficiary has pledged to turn over a gift he/she hopes to receive to a third party, the trustee or executor shall not honor such a pledge. The purpose is to prevent a ...
A trustee who manages the trust A beneficiary or beneficiaries who receive the assets held in the trust However, spendthrift trusts operate a bit differently than other trusts. How does a spendthrift trust work? A spendthrift trust includes what’s called a spendthrift clause or spendthrift provisio...
RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook spendthrift Thesaurus Medical Legal Wikipedia Related to spendthrift:spendthrift trust,Spendthrift clause spend·thrift (spĕnd′thrĭft′) n. One who spends money recklessly or wastefully. ...
It’s just a matter of including a spendthrift clause, which restricts a beneficiary’s ability to assign or transfer his or her interest in the trust and restricts the rights of creditors to reach the trust assets. It’s important to recognize that the protection offered by a spendthrift ...
spendthrift clause See More Nearby Entries Cite this Entry Style “Spendthrift.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/spendthrift. Accessed 24 Jan. 2025. Copy Citation Share Post the Definition of spendthrift to Facebook Facebook Share...