Spendthrift trusts are not just a tool for wealthy families, even though many of my clients in Jackson Heights, Flushing, and Astoria assume otherwise. This misconception leads a lot of Queens families to skip a planning option that could genuinely protect an inheritance, regardless of how large or modest the estate is.
What a Spendthrift Trust Actually Does
A spendthrift trust restricts a beneficiary’s ability to sell, borrow against, or otherwise assign away their future interest in the trust before they receive a distribution. Because the beneficiary does not have direct control over the principal, creditors generally cannot force a distribution to satisfy a debt. I work as a spendthrift trust attorney for families throughout Queens who want this layer of protection built into their planning, regardless of the size of the estate.
A Case That Illustrates the Point
I once worked with a Sunnyside family whose adult son had struggled with gambling debts for years. They did not have significant wealth, but they were terrified that a lump-sum inheritance would be gone within months. A spendthrift trust let them provide for him through scheduled distributions, without handing over an amount he could not manage responsibly. That is why I advise clients not to dismiss this tool simply because they assume it is reserved for the wealthy.
Common Reasons Queens Families Use This Trust
A beneficiary with a history of overspending or debt, a beneficiary in an unstable marriage, concern about a beneficiary’s future creditors or lawsuits, and a desire to stretch an inheritance out over time rather than all at once are the reasons I hear most often from Queens families who choose this path.
Setting the Record Straight
Whether you live in Elmhurst, Woodside, or anywhere else in Queens, the right question is not whether you are wealthy enough for this, but whether you want more control over how and when your beneficiary receives their inheritance. For most families I meet with, the answer is yes.
If your loved one left behind an inheritance which needs to be structured to protect against creditors or overspending, contact Roman Aminov today for a free phone consultation.
Roman Aminov Estate Law firm of Queens
147-17 Union Tpke, Kew Gardens Hills, NY 11367, United States
P59P+93 Kew Gardens Hills, Queens, NY, USA
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