Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2017
Sales and Use Tax Annotations
170.0000 COLLECTION OF TAX BY BOARD
(a) IN GENERAL
170.0140 Spendthrift Trust. A spendthrift trust is a trust which provides that the interest of the beneficiary can neither be transferred by the beneficiary nor reached by the beneficiary's creditors. Such trusts are created for the purpose of providing a fund for another and, at the same time, securing it against his or her own improvidence or incapacity.
However, a creditor may reach the surplus of rents and profits of a spendthrift trust beyond the sum that is necessary for the education or support of the beneficiary. The question of whether such surplus may be reached may be tried in statutory proceedings supplemental to execution, such as the examination of the debtor. 5/31/85.