These instruments are created from (*) property owned by the "settlor" in order to benefit a "beneficiary."
The "Crummey" type of this instrument requires annual letters explaining their thirty-day withdrawal windows. In cases of unjust enrichment, the "constructive" type can be used to collect property from a bankrupt debtor when the specific property owed can be traced. They can include "spendthrift" clauses in order to deter creditors. These instruments are created from (*) property owned by the "settlor" in order to benefit a "beneficiary." Mitt Romney put much of his wealth in the "blind" type after criticizing Ted Kennedy for doing the same. Their beneficiaries receive the benefit of property, though it is owned and managed by an unrelated fiduciary. For 10 points, name these instruments which are often used to establish funds for spoiled children.
The "Crummey" type of this instrument requires annual letters explaining their thirty-day withdrawal windows.
trusts