Submitted by SueH on Fri, 05/22/2009 - 11:15
I'm trying to do some estate planning to provide for my only son (26 years old). He seems to fly through his money and often asks me for loans (gifts). I have some money and assets and want to leave them to him, but worry about what he will do with what he gets, or if he will lose it quickly. One of my friends suggested a spendthrift trust. Under MA law, will that kind of trust really keep the money away from his creditors?
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Editor's Response
Yes, absolutely, if the trust is properly drafted. The way it works is very simple: Your son will not control the funds or property you place in the trust. You will name a trustee, and your son will not be able to reach the trust assets without the permission of the trustee. And, because your son does not control the assets, his creditors will also be unable to reach them without the permission of the trustee. Here are a few considerations for you: First, make sure you talk to an attorney with a good deal of estate planning experience. Second, make sure you pick a trustee that is up to the job. Think about it. The person you select may have a difficult time dealing with a man who does not seem to manage money well. Finally, do your trustee a favor and talk to your son about your plan and why you are doing it. Good luck, and please tell your friends about The Forum.