Gaming Limitation Provision for Trusts


When a parent or grandparent is executing estate planning documents they may be leaving property to a beneficiary who is currently a minor whose habbits may not yet be fully formed. Many estate planning attorneys attempt to rectify this uncertainty by using a "Substance Abuse Provision" which will require a beneficiary to undergo drug screening prior to a substantial distribution from a Trust.

Unfortunately, a problem that is often ignored is gambling issues. Though gambling problems may not be as common as substance abuse, they are equally descructive to the beneficiary, and attack right at the heart of the funds accumulated by the party who gifted the property.

When used in conjunction with a Spendthrift Clause and Substance Abuse Provision, the attached sample should allow any funds given to the beneficiary to be protected from creditors, and the beneficiary himself from his bad habbits.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Daniel Timins, Timins & LaMagna, LLP | Attorney Advertising

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