4 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, spendthrift trusts are designed specifically to avoid the claims of creditors including bankruptcy.
Answered on Aug 22nd, 2016 at 6:44 AM
A spendthrift trust would have to have been created more than 4 years ago to be safe in bankruptcy. Bankruptcy trustees undo these devices all the time here.
Answered on Aug 10th, 2016 at 6:07 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Yes if it is properly drafted, it does not become part of the bankruptcy estate. It's a good idea to hire an experienced BR lawyer.
Answered on Aug 10th, 2016 at 11:50 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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In general, no.
Answered on Aug 10th, 2016 at 11:49 AM