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

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[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]

We did something similar.  It's very common for any decent estate lawyer.  I have family money.  If I die, the vast majority of it goes to my kids (who are still little). DH and my brother (who knows how to manage this type of money, DH does not) are co-trustees.  If DH remarries, new wife and any new kids get nothing.  That's not at all uncommon and he was totally find with it, as I would be.[/quote]

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