Anonymous
09/03/2025 15:07
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Anonymous wrote:This feels a little too proactive? You know best but we know plenty of people who met their person and started families in their 40s.
Also know 3-4 wealthy women who never found their person and adopted on their own in their late 40s / early 50s after failed IVF attempts with donors. They all got on the adoption lists and within 12 months got the call to meet their baby : )
So all that said if you really want kids that’s not out of the question at all. Idk about around here but NY has some amazing adoption agencies that move pretty fast.
I think OP is referring to estate planning, not inter vivos gifting. If she winds up having a family, she can change her estate planning.
OP, talk to a good estate attorney.
My family has trusts and I am a lawyer - not an estate attorney - but I handle all our extended family financial and legal matters by coordinating with the estate attorney and accountant.
If you’re saying you want your nieces and nephews to be your heirs, I recommend you set your estate up
Have to go will
Post more later
Anonymous
09/03/2025 14:56
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
This feels a little too proactive? You know best but we know plenty of people who met their person and started families in their 40s.
Also know 3-4 wealthy women who never found their person and adopted on their own in their late 40s / early 50s after failed IVF attempts with donors. They all got on the adoption lists and within 12 months got the call to meet their baby : )
So all that said if you really want kids that’s not out of the question at all. Idk about around here but NY has some amazing adoption agencies that move pretty fast.
Also know 3-4 wealthy women who never found their person and adopted on their own in their late 40s / early 50s after failed IVF attempts with donors. They all got on the adoption lists and within 12 months got the call to meet their baby : )
So all that said if you really want kids that’s not out of the question at all. Idk about around here but NY has some amazing adoption agencies that move pretty fast.
Anonymous
09/03/2025 14:24
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
You could set up 529 accounts now. Or you could set it up that they receive the maximum gift amount every year from an interest earning account until money exhausted.
Anonymous
09/03/2025 14:19
Subject: Re:If you were setting up a trust for your nieces/ nephews how would you do it?
I would sketch out a rough plan and then discuss it with an estate planning attorney to review the pluses and minuses. With a draft in hand I'd then review it with the parents for their input. You don't want to do something that is at odds with what they might be doing. Keep in mind that the kids are their kids, not yours.
At age 40 I would not be setting up an irrevocable trust as once the money goes in it is out of your estate.
At age 40 I would not be setting up an irrevocable trust as once the money goes in it is out of your estate.
Anonymous
09/03/2025 13:45
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Anonymous wrote:Set up 401k for them
This does not even make sense. Do you have any idea what a 401k is?
Anonymous
09/03/2025 12:54
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Anonymous wrote:Is this for when you die? Or before?
Although honestly, either way I would recommend structuring the trust to give an independent trustee a lot of discretion and then pick an independent trustee (and successor) you like. Let the kids become their own trustees at 25 or 30 or whatever.
You just don’t know what is coming for them. Someone has a special needs kid, or gets hit by a bus, or whatever. I don’t think those timeline set ups are wise. It’s not going to help that much if the kids are irresponsible, and it can hurt if they aren’t. You’ll be dead and you won’t be able to change it, so I think it’s better to empower the people who are alive rather than try to predict the future.
We are setting up trust currently. A good lawyer will put in provisions for all of this including special needs, to ensure the money is there for use but also protected so a SN person can utilize the services available before draining the trust.
You also put protections in place (thru the trust and you letter of recommendations for trustees) so someone cannot access the money if on drugs/etc. it can be used for rehab but not to support the bad habits.
A good lawyer will have boilerplates for all of this
Anonymous
09/03/2025 12:27
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Agree with lawyers first, parents second.
Anonymous
09/03/2025 12:21
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Set up 401k for them
Anonymous
09/03/2025 11:56
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Is this for when you die? Or before?
Although honestly, either way I would recommend structuring the trust to give an independent trustee a lot of discretion and then pick an independent trustee (and successor) you like. Let the kids become their own trustees at 25 or 30 or whatever.
You just don’t know what is coming for them. Someone has a special needs kid, or gets hit by a bus, or whatever. I don’t think those timeline set ups are wise. It’s not going to help that much if the kids are irresponsible, and it can hurt if they aren’t. You’ll be dead and you won’t be able to change it, so I think it’s better to empower the people who are alive rather than try to predict the future.
Although honestly, either way I would recommend structuring the trust to give an independent trustee a lot of discretion and then pick an independent trustee (and successor) you like. Let the kids become their own trustees at 25 or 30 or whatever.
You just don’t know what is coming for them. Someone has a special needs kid, or gets hit by a bus, or whatever. I don’t think those timeline set ups are wise. It’s not going to help that much if the kids are irresponsible, and it can hurt if they aren’t. You’ll be dead and you won’t be able to change it, so I think it’s better to empower the people who are alive rather than try to predict the future.
Anonymous
09/03/2025 11:54
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
If you have this much money, you should have a lawyer.
It also depends what your siblings have saved.
I have 3 kids. One is a junior in HS and will go to college soon. His college fund is already maxed out so we wouldn’t need money for college. However, it may make a significant difference for another family and may make or break where they even go to college.
I also am not sure I would commit to this at age 40. You could marry, adopt, etc.
How much money are we talking about here?
It also depends what your siblings have saved.
I have 3 kids. One is a junior in HS and will go to college soon. His college fund is already maxed out so we wouldn’t need money for college. However, it may make a significant difference for another family and may make or break where they even go to college.
I also am not sure I would commit to this at age 40. You could marry, adopt, etc.
How much money are we talking about here?
Anonymous
09/03/2025 11:53
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
Anonymous wrote:I have no children. Wanted to but things didn't work out in my favor in that regard. Now at 40 revising my long-term plans.Plan to give some money to my siblings kids. Total of 4 children it will be divided equally. There's an age gap so the oldest would in theory get their share 15 years before the youngest. I want to set it up so that it's received in increments it's a significant amount of money though so I don't want them to have it all to blow through in their youth but also think it would be helpful for college expenses etc. My thoughts are accessing one portion at one age and the next at 25 - 30. Also considering just covering tuitions full or partial and other gifts along the way such as housing, wedding etc and then the largest gift either at 30 or when I'm gone. Also considering getting land in their name. Of course will be discussing everything with their parents but want some sort of game plan. Just starting the process.
I would actually start with an experienced estate attorney in your state before even discussing with their parents.
Depending on the money and value you can actually have four successor trusts, one for each kid, which may make resolving some of your questions easier.
Anonymous
09/03/2025 11:53
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
I would start with 529 plans, provided their parents haven't already covered it. What greater gift than education?
Anonymous
09/03/2025 11:51
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
I would find a lawyer to talk to.
Anonymous
09/03/2025 11:51
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
I'd hire an attorney and do what they say. This is not something to do on your own, OP.
Anonymous
09/03/2025 11:50
Subject: If you were setting up a trust for your nieces/ nephews how would you do it?
I have no children. Wanted to but things didn't work out in my favor in that regard. Now at 40 revising my long-term plans.Plan to give some money to my siblings kids. Total of 4 children it will be divided equally. There's an age gap so the oldest would in theory get their share 15 years before the youngest. I want to set it up so that it's received in increments it's a significant amount of money though so I don't want them to have it all to blow through in their youth but also think it would be helpful for college expenses etc. My thoughts are accessing one portion at one age and the next at 25 - 30. Also considering just covering tuitions full or partial and other gifts along the way such as housing, wedding etc and then the largest gift either at 30 or when I'm gone. Also considering getting land in their name. Of course will be discussing everything with their parents but want some sort of game plan. Just starting the process.