how do you set up a “trust” fund for my brothers children?
jnvalerio@sbcglobal.net asked:
In short, my brother passed away suddenly at age 41. He left behind a wife and two children.
I have heard of accounts being set up at a Bank where anyone can contribute monies for the children.
What is that called and how does it work?
Filed Under Personal Finance | 1 Comment
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 beneficiary of a trust fund his father (my grandfather) left for all his children. I was told that there was a clause or something that my grandfather said that only “legitimate” children could receive benefit from the trust. I don’t know the exact wording, but that is what the lady told me on the phone, and that she sent it down to their lawyers to make sure that it was legal in this state (Ohio).
I think that’s very mean of my grandfather, paternity was established a while ago that I am my father’s daughter. 
I never had a bad relationship with my grandfather, it wasn’t great but it wasn’t bad.
My father was receiving it, and will be the executor of his estate (working on it now) and his only child, he was never married.
I meant to say that *I* will be the executor of his estate.
Filed Under Law & Ethics | 6 Comments
How do I find out if a trust fund was set up for my daughter?
Studly asked:
About 15 years ago, a friend of my wife set up an educational trust fund for our children. We have not heard from her since. Is there a way to find out where this trust is at?
Filed Under Personal Finance | 1 Comment
Is this analogy of current Americans correct or at least close?
8***L asked:
Current Americans are like trust fund babies all grown up.
They don’t appreciate what they have, they don’t understand how good they have it, they don’t understand what it took to get here, and now they want more free stuff and don’t want to do a days work to get it.
Americans are no longer self-reliant individuals anymore.
Americans can no longer take care of themselves and are starting to rely on the government for everything in life.
In the past it was not like this - but we have changed for the worse.
Americans can no longer do anything for themselves - just like a trust fund child.
Why have we lost our way?
Where has the self-reliance disappeared to?
Why is Big Government our new Trust Fund Daddy?
Filed Under Politics | 9 Comments
Should child support really be the way it is?
King X asked:
I wrote this just to start a little thinking…and maybe upset some people who use it for revenage instead of providing a lucrative enviroment for children..
The Gold Digger Law.
We the people request an amendment to child support laws.
1.If the individual makes over 100,000 then, 75% of the payment shall be deposited into a trust fund, and 25% allocated to the child, to sustain appropriate living conditions until the child is 18yrs of age.
2.The trust fund shall be made out to the child and will only be accessible upon the 21st birthday, unless college is obtained at an earlier age; than increments of the trust fund shall be allocated appropriately to the college and place of residents which the college student resides. These increments will only be large enough to pay for: tuition, books, college meal plan, apartment or dorm, for the child while attending college. These increments are only to be released to the child, if they are enrolled in college full time and have the intent to obtain a 4 year degree
3.If the child does not plan on obtaining a four year degree than he/she must wait until they are 25yr of age to receive half of their trust fund. After five years they will receive the other half, at the age of 30; to make sure a full responsibility of adulthood is achieved
4.During the first 30 yrs of the Childs life, no loans or transactions can be made upon the trust fund, or guarantee payment to any entity, or debt charged to the trust fund from the age of 1 to 18, or collections from credit agencies accessed or borrow any monies until dispersed. This statement is to protect the child’s trust fund from being manipulated by guardians or creditors who claim reimbursement for excess living expenses, out side of the 25% or 3% allocated to the child for sustainable living conditions.
5.During the time of child support the guardian shall make every attempt to work and not rely on child support to provide for their total living expenses. If the payee accuses the guardian of abusing allocated monies then, he/she can ask the court to deposit more money into the child trust fund to reduce the amount of money not being properly used.
6.If the guardian marries anyone other than the father/mother of the child, than all money received from child support shall be automatically deposited into the trust fund; only, private school tuition, uniforms, and the 25% 0f allocated funds for sustainment shall now be reduced to 3%, till the child’s 18th birthday.
7.If the child is suffering from mental retardation or a reoccurring illness that falls within the boundaries of a life time disease, than monies from the trust fund shall be allocated to accommodate such illness. The accommodation of monies shall be referred to by the state’, Friend of the Court, in order to make a solid judgment on how much of the trust fund should be released for the purpose of ease of life, and living conditions which need additional monetary attention.
Filed Under Marriage & Divorce | 2 Comments
As a parent of 2 children am I entitled to view the statements of their trust fund?
Alfie asked:
I have 2 children aged 16 and 19.They have an educational trust fund left to them by an aunt.I am not a trustee but I am thier Mom who would liketo see that the trustees are doing a good job of managing the funds and how they are allocated.One of the trustees said I cannot view the statements because I was not a trustee.Do I legally have a right to view thier statements?
Filed Under Law & Ethics | 1 Comment
would you rather put your £200 a month to your children trust fund or pay your interest only mortgage?
akuijasmin asked:
ooopps.. i managed to get a part time job that’s why i will have extra 200…
Filed Under Personal Finance | 5 Comments
whats the best child trust fund to invest in for the best returns?
moopaddy asked:
I have heard the far east such as Chinese and Indian companies may be the best, but how do I go about it?
Filed Under Investing | 2 Comments
Question about trust funds. Before my father passed away, he told me that after he died, I would be a rich?
Annie Oakley asked:
woman and my children would be taken care of for the rest of their lives. My stepmother is still living and she has told me that I can’t have any of the trust fund until she dies because she is living off it. Is this legal? Is it possible? Could she be lying?
Filed Under Law & Ethics | 4 Comments
Before getting term life insurance, the parent with minor children?
liliana asked:
needs to set up a trust fund ? or manager. A will needs to be made. Who is the best person to talk to about this. I’m trying to plan ahead incase my husband and myself pass away. I don’t want to sign up to get term life insurance untill I set up some kind of trust fund to disberse the money to go to different places including the person who will be taking care of my children. who is the best person to talk to ? and what is the cost approximately ? Do I go to the bank, atorney, financial planner ? the person who is selling the term life ? who is the appropriate person to go to?
Filed Under Insurance | 3 Comments
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