Reply to How did you set up a trust fund for your child?

Forum Index » Money and Finances

Reply to "How did you set up a trust fund for your child?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]For our grandchildren we set up 529's right after they were born. This was much easier than a trust. For our children my DH and I each set up irrevocable trusts where we are beneficiaries of each other's trust if one of us passes and then eventually the trusts pass to our children. If the money stays in the trusts it is not part of marital property in case of a divorce. They can access the trusts while we are still alive but only if my DH and I approve it because we are each other's trustee. We have assets outside the trusts that we use to provide annual gifts plus if they have real needs (e.g. Medical) there is a wide array of ways for us to help them to allow the trusts to continue to grow for the next generation. This is probably more info then you need but we have spent a good amount of time working on this. [/quote]

Let’s say you have 2 kids. One married young and have 2 children. Second kid not married yet. How do u make sure equal distribution of $$? What is second kid gets married and have kids after both u and DH dies?[/quote]

We have three and each gets a third regardless of how many children they have or if they are married or single. Each grandchild gets their own 529. All three are now married with kids. If and when DH and I are both gone then what is in the two trusts rolls into three separate trusts with each of our kids being their own trustee. By keeping the money in those trusts it is not part of their marital property. [/quote]
We do this as well but we have young adult children, no grandchildren  (so the equal split among the 3 is obvious). [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics