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InvestmentNews called on the expertise of Gary Altman for a recent piece on the increasing popularity of spendthrift trusts.
In an economic climate where wealthy investors are becoming more risk averse, interest in establishing spendthrift trusts for beneficiaries is becoming an enticing option. As Altman explains, spendthrift trusts are essentially irrevocable third-party trusts created for another individual's benefit (i.e. when the estate holder isn't certain that the beneficiary will manage the money properly).
Altman & Associates has long specialized in the establishment of a variety of trusts. Unlike wills, trusts afford the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Trusts can also be beneficial while the donor is alive to minimize taxes.