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?
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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.