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uninc4life2010
Unincorporated



Registered: 06/05/10
Posts: 1,124
Last seen: 7 months, 12 days
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What steps do I need to take to set up a trust fund for my children?
#22026807 - 08/01/15 01:20 AM (8 years, 5 months ago) |
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Well, not my kids, but my buddy has a little girl and wants to set up a trust fund so she can have money for college in 15 years or so. Is anyone familiar with the process? Basically, he would like it set up so that no money can be taken out of the trust fund by her or any other family members until she is ready to go to college.
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Shiithead
Your Huckleberry



Registered: 04/05/13
Posts: 9,997
Loc: God's Flat Green Earth
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Re: What steps do I need to take to set up a trust fund for my children? [Re: uninc4life2010]
#22026821 - 08/01/15 01:29 AM (8 years, 5 months ago) |
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Hide money and precious metals and jewels in your walls. Don't trust banks. Leave a note with a family member telling her where x marks the spot.
You can also write an encrypted message and give it to her and tell her to solve on her 18th birthday. Be creative. Just don't trust banks.
You can also teach her how to read, write, and speak in other languages. Also teach her how to shoot a firearm along with playing music and what have you. Anything to better them as a person is money in the bank.
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Ephesians 6:12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Psalm 12:6 The words of the Lord are pure words: as silver tried in a furnace of earth, purified seven times. Hebrews 11:3 Through faith we understand that the worlds were framed by the word of God, so that things which are seen were not made of things which do appear. Revelation 3:11 Behold, I come quickly: hold that fast which thou hast, that no man take thy crown.
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uninc4life2010
Unincorporated



Registered: 06/05/10
Posts: 1,124
Last seen: 7 months, 12 days
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Re: What steps do I need to take to set up a trust fund for my children? [Re: Shiithead]
#22026844 - 08/01/15 01:47 AM (8 years, 5 months ago) |
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Quote:
Shiithead said: Hide money and precious metals and jewels in your walls. Don't trust banks. Leave a note with a family member telling her where x marks the spot.
You can also write an encrypted message and give it to her and tell her to solve on her 18th birthday. Be creative. Just don't trust banks.
You can also teach her how to read, write, and speak in other languages. Also teach her how to shoot a firearm along with playing music and what have you. Anything to better them as a person is money in the bank.
Will I also need to put away money for all those tin foil hats she will inevitably need?
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Shiithead
Your Huckleberry



Registered: 04/05/13
Posts: 9,997
Loc: God's Flat Green Earth
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Re: What steps do I need to take to set up a trust fund for my children? [Re: uninc4life2010]
#22026865 - 08/01/15 01:56 AM (8 years, 5 months ago) |
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Lol. Why ask if you are just gonna criticize feedback?? [admin edit: flames removed]
Edited by geokills (08/01/15 12:00 PM)
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uninc4life2010
Unincorporated



Registered: 06/05/10
Posts: 1,124
Last seen: 7 months, 12 days
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Re: What steps do I need to take to set up a trust fund for my children? [Re: Shiithead]
#22026910 - 08/01/15 02:23 AM (8 years, 5 months ago) |
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Quote:
Shiithead said: Lol. Why ask if you are just gonna criticize feedback?? [admin edit: flames removed]
Wow, I didn't know you were actually being serious. I'm sorry, I just thought that that a guy (or girl, I'm not entirely sure) with the username shiithead, telling me to store precious metals in my wall and draw up a treasure map was a troll. BTW, I noticed in your signature that you are a man of Christ. I found a few verses that I really think you would enjoy:
James 3:10 From the same mouth come blessing and cursing. My brothers, these things ought not to be so.
James 1:26 If anyone thinks he is religious and does not bridle his tongue but deceives his heart, this person's religion is worthless.
Colossians 3:8 But now you must put them all away: anger, wrath, malice, slander, and obscene talk from your mouth.
Proverbs 4:24 Put away from you crooked speech, and put devious talk far from you.
I hope this helps! Have a blessed day!
Edited by geokills (08/01/15 12:00 PM)
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Shiithead
Your Huckleberry



Registered: 04/05/13
Posts: 9,997
Loc: God's Flat Green Earth
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Re: What steps do I need to take to set up a trust fund for my children? [Re: uninc4life2010]
#22026992 - 08/01/15 03:48 AM (8 years, 5 months ago) |
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[admin edit: flames removed, member banned for 30 days]
Edited by geokills (08/01/15 12:02 PM)
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,419
Loc: city of angels
Last seen: 3 hours, 45 minutes
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Re: What steps do I need to take to set up a trust fund for my children? [Re: uninc4life2010]
#22028135 - 08/01/15 12:11 PM (8 years, 5 months ago) |
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Read up on the 529 plans available in your state. These are designed specifically to store money for a beneficiary's education. If you want something more flexible, although without the tax benefits of a 529, you can also consider setting up a Living Trust, which will hold assets on behalf of the grantor, and can specify exactly how said assets may be used for various named beneficiaries, particularly in the event that the grantor dies. This is a good document for anyone with appreciable assets to have setup, as it will substitute for the both timely and costly process of probate in the event of sudden or unexpected death, where assets are to be divided amongst next of kin.
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