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Powers of Withdrawal, Claims for Set-Off, and Spendthrift Protection

Probate Law Journal of Ohio, Vol. 16, p. 143, 2006

U of Akron Legal Studies Research Paper

7 Pages Posted: 4 May 2010  

Alan Newman

University of Akron - School of Law

Date Written: 2006

Abstract

If a beneficiary of a spendthrift trust has a right to withdraw property from the trust, may the beneficiary’s creditors reach the assets subject to the withdrawal power? That was the principle question recently addressed by the 1st District Court of Appeals in Great American Insurance Company v. Thompson Trust. Also of interest: the case may have involved an offset by the trustee of amounts distributable to the beneficiary to repay amounts owed by the beneficiary to the trust.

Keywords: Spendthrift Trust, Trust, Beneficiary, Withdrawal Power, Offset, Spendthrift Provision, Scott V. Bank One Trust Co., Uniform Trust Code, Ohio Trust Code, Settlor

JEL Classification: K1

Suggested Citation

Newman, Alan, Powers of Withdrawal, Claims for Set-Off, and Spendthrift Protection (2006). Probate Law Journal of Ohio, Vol. 16, p. 143, 2006; U of Akron Legal Studies Research Paper . Available at SSRN: https://ssrn.com/abstract=1599707

Alan Newman (Contact Author)

University of Akron - School of Law ( email )

150 University Ave.
Akron, OH 44325-2901
United States

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