Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Spendthrift Clause

Read a random definition: unus nullus rule

A quick definition of Spendthrift Clause:

A spendthrift clause is a rule that says that money or property in a trust cannot be taken by the person who is supposed to get it or their creditors. The trust usually only gives a little bit of money to the person at a time, so they don't spend it all at once. This is to help people who are not good at managing money. The person who is supposed to get the money cannot be forced to give it to someone else, but if they owe money to someone, that person can take some of the money that the trust gives to the person. Not all states have this rule, and some states have exceptions that let creditors take the money in certain situations.

A more thorough explanation:

A spendthrift clause is a legal term that refers to a clause in a trust that limits the ability of the beneficiary or their creditors to access the assets of the trust. This type of clause is often used to protect the beneficiary from their own financial mismanagement or from the claims of their creditors.

For example, let's say that John creates a trust for his son, Tom, and includes a spendthrift clause. The trust requires the trustee to only give a certain amount of income to Tom each year, and the rest of the assets are held in the trust. If Tom gets into financial trouble and owes money to creditors, they cannot go after the assets in the trust to satisfy the debt.

However, it's important to note that not all states recognize spendthrift trusts, and the rules around them can vary. In some cases, creditors may be able to garnish the payments that the beneficiary receives from the trust, but they cannot access the assets themselves.

Spending power | Spendthrift Trust

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
11:50
berk td is unlikely so BERK MONDAY :eyes:
hi eggan :)
babycat
11:52
@m10: I’m not going to DC this isn’t going to work out
11:55
hello all
hello info man
@m10: go see her it's worth the risk
11:55
hey wasp
babycat
11:56
hi information man
m10
11:56
Thanks wasp, I will.
11:56
hey babycat
m10
11:56
@babycat: What I am referencing earlier with the balls comment. https://youtu.be/qjRBAhWPT7g?si=MxPwIM12dco_Ad2M&t=3325
BulbasaurNoLikeCardio
11:56
Not worth the risk. Get a girl sick and she will remind you forever. Tell her whats up but do not share germs
m10
11:56
was*
JumpySubsequentDolphin
11:57
wear a mask
JumpySubsequentDolphin
11:57
go back to Covid days
m10
11:58
Nah nah she would not like that. She is conservative.
BulbasaurNoLikeCardio
11:58
Tell her you just got over a cold and if she wants to try and steal your germs its on her but no one likes being sick so hopefully she is chill
m10
11:59
We will see. This is enough feedback. Thank you all.
12:00
tell her you wanna test and see if your immune systems are compatible, that gets the ladies going
m10
12:00
Lol, maybe
babycat
12:00
lmao when you give the republican baddie the ick by masking up
12:01
LOL
Dkk
12:02
Just part of the culture.
BulbasaurNoLikeCardio
12:04
I wish that wearing a mask when sick stuck around as an okay thing like it is in the rest of the world, not all of us have enough sick days to be ditching work.
Dkk
12:04
Unless its like an N95 i dont think it will really do anything
12:04
there's even a mask ban in some places. altho one of my coworkers wears a mask anyway despite customers being rude to her about it
12:05
good morning
12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
LSD+ is ad-free, with DMs, discounts, case briefs & more.