Articles

Budgeting and Financial Planning

What Is a Spendthrift Trust?

Rodney Brooks
|
July 5, 2022
A spendthrift trust gives you some control over how your beneficiaries can spend inherited funds.

There are times when you want to take care of your children in your will, but you know they would blow through their inheritance in just a few years. That’s when a spendthrift trust comes in handy. Also called a spendthrift provision, this type of trust has restrictions that protect immature heirs from both themselves and potential creditors.

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Authored By Rodney A. Brooks


TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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Opportunities to Meet the Author & Book Signings
 
NABJ Author’s Showcase
Thursday, August 1, 2024 at 11:00 a.m.

National Association of Black Journalists Convention
Hilton Chicago
720 S Michigan Avenue
Chicago, IL 60605

 

 

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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