How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

You had asked me about a spendthrift provision in our family

This answer was rated:

You had asked me about a spendthrift provision in our family living trust. I don't yet have that answer. Assuming there is none is this a problem? Does one need to be added? My mother is still alive and expected to live a long life. I am just a named benefactor, (one of three).

Hi JACustomer,

If there is no spendthrift clause in the trust - and there really should be - your remainder portion of the trust can be taken by the Bankruptcy court whenever your mother passes away and you receive your portion. If there is a spendthrift clause in the trust, the Bankruptcy court cannot take your portion.

I think this is what you wanted to know. If not, please let me know.
Thank you!

Edited by cfortunato on 1/6/2011 at 2:17 PM EST
cfortunato and other Bankruptcy Law Specialists are ready to help you