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Richia Allen
Financial Advisor
WCCU Wealth Managemet
Located at Westerly Community Credit Union
122 Granite Street, Westerly, RI 02891
Phone: 401-637-4487
Email: richia.allen@lpl.com
Many high net worth families try to pass as much of their wealth as possible to loved ones, but they may worry how those assets are used. Certain trusts can help your estate distribute assets in a way that meets everyone's needs while helping to ensure the assets your heirs inherit aren't squandered.
One such trust is a spendthrift trust. If you wonder whether your child will be mature enough to handle a significant inheritance at an early age, you might want to explore this trust.
The trust can include any or all of the following conditions for the distribution of assets:
An important aside: If the trust is irrevocable, you may be able to shield trust assets from creditors. This isn’t a minor issue if you have a child who, as the trust states, is a spendthrift and runs up high credit card and installment credit bills.
Choose a trustee who you can depend on, one who will follow the trust’s terms to their fullest. Also, consult your financial professional, who may recommend appropriate measures to protect your assets and make them last.
Finally, don’t forget to talk to your financial professional, estate planning attorney and tax professional to make sure the spendthrift trust achieves exactly what you want. After all, a properly drafted trust that addresses your wishes and considers the big picture is the goal.
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Richia Allen is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Westerly Community Credit Union and WCCU Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using WCCU Wealth Management, and may also be employees of Westerly Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Westerly Community Credit Union or WCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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