Is it legal to drain your child’s trust fund?
Catherine asked:
Lets say there was a $20 million trust fund set up for a child, so when she turned 25 years old, she would obtain the money.
If the child’s parents went into bankruptcy, could they drain their child’s trust fund?
Related posts:
- Is it legal for someone to state in a trust that only “legitimate” descendants may inherit? Pashta asked: My father recently passed away. He was the...
- Trust Fund Kid, I hate having this money, what do I do? sarani2 asked: Lets say im a ‘trust fund child’ for...
- conesting trust fund question ? enola gniyd asked: my Grandfather died last night leaving his...
- I loathe myself for being so indulgent, why? sarani2 asked: Lets say im a trust fund child for...
- Which insurance company offers an annuity to be used as a trust fund for a child? drlindafranklin asked: My child is five years old. I do...
Filed Under Law & Ethics |
Tagged With Bankruptcy, Parents, Trust Fund
Comments
2 Responses to “Is it legal to drain your child’s trust fund?”
if they hold legal custdy of the fund then yes. its wrong but do-able.
No they cannot. That is the whole purpose of a trust fund. Usually they are managed by an attorney who will disburse funds when the child becomes of age.