muma
Oct 22, 2009, 07:33 AM
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My daughter (7yrs old) will be recieving a settlement soon. I am not sure how much. I know it will be tens of thousands. Attorney's want to put it in an educational trust which she will be able to access at age 18. I am concerned that 18 is too early and not mature enough to make decisions. What is out there to keep it growing and safe from my child spending her nest egg and my spouse who enjoys having financial control. He is concerned with me where I am concerned with him. I am not listed on any of our own investments. I would like for at minimum of 2/3 of what my child recieves to go into a roth ira. At the same time I dont want to leave her with nothing and struggling. I am concerned about her having too much and not working for or appreciating this precious big start. My husbands son from a previous marriage was awarded $47,000 for injuries suffered in an accident. He used the entire amount with nothing to show for including education which it was intended for. Help! Because my child is only 7. How will this play out? I don't want her monies to be controlled by an attorney or my husband.
My daughter (7yrs old) will be recieving a settlement soon. I am not sure how much. I know it will be tens of thousands. Attorney's want to put it in an educational trust which she will be able to access at age 18. I am concerned that 18 is too early and not mature enough to make decisions. What is out there to keep it growing and safe from my child spending her nest egg and my spouse who enjoys having financial control. He is concerned with me where I am concerned with him. I am not listed on any of our own investments. I would like for at minimum of 2/3 of what my child recieves to go into a roth ira. At the same time I dont want to leave her with nothing and struggling. I am concerned about her having too much and not working for or appreciating this precious big start. My husbands son from a previous marriage was awarded $47,000 for injuries suffered in an accident. He used the entire amount with nothing to show for including education which it was intended for. Help! Because my child is only 7. How will this play out? I don't want her monies to be controlled by an attorney or my husband.