creditor rights to SETTLORs Flashcards
1
Q
what if its a revocable trust?
A
Cs can reach trust assets during S life
becomes irrevocable upon S death
2
Q
what if a creditor wants to access S stuff when S also is a B?
A
C can reach assets up to max amt to S benefit
3
Q
qualified self settled spendthrift trust
A
S places assets in spendthrift
retains right to receive future PMTS at T discretion
4
Q
QSSST requirements
A
irrevocable
trust uses VA law + spendthrift clause
VA independent T w/ sole discretion to distrubute
at least one other B during S life
5
Q
how would S get spendthrift protection?
A
qualified self settled spendthrift trust
