Spendthrift trusts provide a secure way to provide assets to a person who may not have the ability to make good financial decisions. These trusts also protect assets from creditors.
At Kennedy & Jackson, located in Houston, our lawyers understand how to protect assets for beneficiaries. Our attorneys are board-certified in estate planning and probate law by the Texas Board of Legal Specialization.
WHAT IS A SPENDTHRIFT TRUST?
A spendthrift trust is a trust you create for someone else. In some cases, you can also amend a trust to make it a spendthrift trust. The person named as the trustee of the spendthrift trust has the authority to make decisions about how trust assets may be spent for the beneficiary.
Since the assets are owned by the trust, the beneficiary does not have access to the funds. Neither do creditors of the beneficiary. Assets placed in a spendthrift trust are protected from:
- State and federal tax authorities
- Government claims
Spendthrift trusts are very strong in Texas. In effect, you are putting those assets in a vault for the beneficiary and only the trustee has the key. Both the IRS and the Texas government have attempted to collect money from spendthrift trusts and have been unsuccessful.
CONTACT A SPENDTHRIFT TRUSTS LAWYER IN HOUSTON
Our law office is located in the Galleria area of Houston, with free on-site parking available next to our office building. We provide a free — and confidential — initial consultation to all new potential clients to discuss spendthrift trusts.
To schedule an appointment with one of our lawyers, call 713-783-7444 or send us an email.