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Spendthrift Trusts

When someone else establishes a trust for your benefit, the property in the trust can be made exempt from claims of creditors. This is called a spendthrift trust. A spendthrift trust is a great way to protect assets from creditors. You can’t establish a spendthrift trust for yourself in Illinois. You can’t transfer your assets to a spendthrift trust for someone else in advance of a bankruptcy case. Don’t even think about it.