Anonymous wrote:If you have enough money to be setting up a trust fund for your kids, you should spend some of that on a tax expert or trust lawyer who can give you good advice

+1 Tax rates on trusts are significantly higher than on individuals, or at least used to be. You need legal and tax advice.

Anonymous wrote:Then put it in a 529.

+1

We used a Sparks and Craig in McLean, but they have changed their name recently and I can't remember the new firm. No provisions, other than age, which I think we put at 27, and an administrator for the trust. You could probably put in a clause something about use for college funding prior to a certain age, but not sure.

Anonymous wrote:Just FYI, he won't have to use it for college. Once he gets control if it, he can go but a new car if he wants. If you are putting it in a trust, make sure he doesn't have access until he's at least 35. Don't tell him about it either.

Did you even read the original post?

Just FYI, he won't have to use it for college. Once he gets control if it, he can go but a new car if he wants. If you are putting it in a trust, make sure he doesn't have access until he's at least 35. Don't tell him about it either.

Anonymous wrote:If you have enough money to be setting up a trust fund for your kids, you should spend some of that on a tax expert or trust lawyer who can give you good advice

+1

Then put it in a 529.

Sigh. OP here. My mom is giving him money toward college. I can put it in a custodial account, but then he gets it when he's 18 and what if he's not mature enough at that point? That's what the trust would be for.

If you have enough money to be setting up a trust fund for your kids, you should spend some of that on a tax expert or trust lawyer who can give you good advice

Is this a trust in the event of your death?

I would think you should keep the money yourself and dole it out later as needed. What if you have health or other issues and you need the money that you set aside in a trust for him?

why do you want to put it in trust? Are you afraid your creditors will get it if you just set up an account in your name at schwab?

I'm going to set up a small trust for my son. I will be putting money into it and investing it in mutual funds. The money is for college if he goes and if he doesn't I'll want to retain control of it until he's 35. (I have some money in a 529 but don't want to put it all in in case he doesn't go to college.) Does anyone have advice for what provisions i should put in the trust and what lawyer in DC you would recommend to draw up the document at a reasonable cost?