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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I agree with you but it their money and their choice.  There is nothing you can do.  You can talk to your children and see if they will agree to a plan that they do not get money until they are 25.[/quote]

Who would agree to that?[/quote]

I did. My grandparents set up a UTMA account for my siblings and me when I was little, and at 18 it would have become mine. But my dad said “either you can sign this document letting me control this money until you are 31 and your mother and I will continue to add the tax allowed 30k every year, or you get it now and that’s it”. So I signed it, happily. My parents paid for college and grad school and I got a job after grad school and could easily support myself. When I bought my first house at 28, my dad gave me a loan against the UTMA, which I paid back when I got the money 3 years later. [/quote]

Why age 31?  It seems random.  Did he figure you’d be married with kids by then and would pass the money onto them rather than (in his opinion) spend it frivolously in your 20s?[/quote]

Yes. I think my dad figured that by 31, I’d either be settled and responsible or…not and it probably wouldn’t matter whether you had the money or not. Il[/quote]

I do not consider this a sweet story, rather a terribly controlling father. Nothing was stopping him from giving you the 30k a year plus access to the trust at 18 with a gentle “I trust you to spend your trust wisely.”[/quote]

I’m the PP and I didn’t say it was sweet. But I think my dad was right - I didn’t need a couple million dollars at 18…maybe I would have saved it or maybe I would have bought a BMW convertible and a couple of birkin bags. But when I got the money at 31 I had a 2 year old and a kid on the way and a stable job and a stable marriage. That money went right into our investment accounts. [/quote]

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