If you were setting up a trust for your nieces/ nephews how would you do it?

[Anonymous]

Op here. Thanks for all the input. Definitely will be speaking to a lawyer. Any suggestions

[Anonymous]

Don’t get land in their name. They may not want to deal with it or not know what to do with it. Just give money.

[Anonymous]

Anonymous wrote:I would start with 529 plans, provided their parents haven't already covered it. What greater gift than education?

But 529 plans are rigid. My understanding is that, if you really have a lot of money, using whole life insurance is better.

[Anonymous]

Don't put anything under their names. Don't open any accounts and definitely don't open a 529. Don't saddle them with real estate.
You are thinking with your heart and not with your head.
You have the money. Grow it. It's going nowhere. Make sure you have age 18+ beneficiaries to your accounts.
They don't need to know about your money or be influenced by the existence of it.
Our minor inherited $300k. What a nightmare.

[Anonymous]

Anonymous wrote:Don't put anything under their names. Don't open any accounts and definitely don't open a 529. Don't saddle them with real estate.
You are thinking with your heart and not with your head.
You have the money. Grow it. It's going nowhere. Make sure you have age 18+ beneficiaries to your accounts.
They don't need to know about your money or be influenced by the existence of it.
Our minor inherited $300k. What a nightmare.

I inherited $500k as a minor and it was fine.

[Anonymous]

Anonymous wrote:Op here. Thanks for all the input. Definitely will be speaking to a lawyer. Any suggestions

You need to specify the state.

[Anonymous]

My sister in law who never really even dated, met an amazing guy around 40 and had 2 kids with him in her 40s.

Why not just name the nieces and nephews as beneficiaries for now without mentioning anything to their parents, with generous gifts at appropriate times, then revisit the whole trust thing in a decade or so once your are certain things won't change for you.

It would be really difficult to walk back an "I am creating a trust for your kids" announcement if some twist of fate gives you your own family.

[Anonymous]

Anonymous wrote:My sister in law who never really even dated, met an amazing guy around 40 and had 2 kids with him in her 40s.

Why not just name the nieces and nephews as beneficiaries for now without mentioning anything to their parents, with generous gifts at appropriate times, then revisit the whole trust thing in a decade or so once your are certain things won't change for you.

It would be really difficult to walk back an "I am creating a trust for your kids" announcement if some twist of fate gives you your own family.

Take this advice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My sister in law who never really even dated, met an amazing guy around 40 and had 2 kids with him in her 40s.

Why not just name the nieces and nephews as beneficiaries for now without mentioning anything to their parents, with generous gifts at appropriate times, then revisit the whole trust thing in a decade or so once your are certain things won't change for you.

It would be really difficult to walk back an "I am creating a trust for your kids" announcement if some twist of fate gives you your own family.

Take this advice.

I agree with this, but as I posted before, I can't tell if OP is referring to estate planning or inter vivos gifting.

OP, set this up as them inheriting if you DIE. You are too young for such inter vivos gifting to nieces and nephews. If you want to give a small amount - say a thousand or so a year - that's fine. Set it up in 529s.

[Anonymous]

Anonymous wrote:I would start with 529 plans, provided their parents haven't already covered it. What greater gift than education?

Nope not any more given Trump nope nope nope.

[Anonymous]

OP I just did this see a lawyer.

Do not do 529's given where this country is headed you need a iron clad trust.

[Anonymous]

Make it a completely discretionary trust with an independent trustee. The trust can be used for eduction, health and welfare. This protects the family assets from creditors or ex spouses.