Posted by Ted Hudgins, Esq on February 12, 2002 at 08:24:19:
I am an estate planning attorney in Florida and one o my clients has a child who lives in CT. I generally favor leaving asses to children in trust, with the child acting as the trustee. The income and/or principal can generally be "sprinkled" among the child and his or her descendants, for the health, education maintenence or support of the beneficairies in reasonable comfort, at the trustee's discretion. The child cannot unilaterally withdraw any part of the trust beyond these "ascertainable standards" nor can the trust be used to satisfy a legal obligation of the beneficiary (i.e. a spendthrift trust).
If the parents die and the child in CT subsequently gets divorced, will the irrevocable trust be deemed to be separate property and will the court countsome (or all) of the income from the trust when computing alimony, etc.? Thanks. Love your site by the way.