Budgeting and Financial Planning

What Is a Spendthrift Trust?

Rodney Brooks
July 23, 2023

You may want to take care of your children in your will but suspect that 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 heirs from both themselves and potential creditors.

What Is a Spendthrift Trust?

A spendthrift trust allows you to leave funds to a beneficiary without giving full control over those funds. Instead, an independent trustee is given the authority to distribute funds for the benefit of a beneficiary.

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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





“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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