My 4 year old is modeling and making some nice money... but we are having some serious financial problems and I want to be sure that if we must declare bankruptcy, "her" money will not go away.. we do not use it for any household expenses. Can a 4 year old form a corporation? Is there some type of custodial account that would be protected. It is hers, and I need it to remain hers. Perhaps for her first car some day, or college... her wedding.. it breaks my heart to think that our mistakes could cost her this money that she is making all on her own!!
2006-08-16 10:18:02 · 4 answers · asked by lost2forever 2 in Business & Finance ➔ Personal Finance
your child's money should be set up in an account/trust for the child, bankruptcy can not touch that money. usually when a minor is working the pay is usually set up so bad parents can't squander the child's money.but seek counsel before making any decisions
2006-08-16 10:43:42 · answer #1 · answered by The Key Master 4 · 2⤊ 0⤋
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2016-09-29 08:31:55 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You could have a grandma/grandpa anut/uncle or anybody else you trust open an account for her.
2006-08-16 10:24:45 · answer #3 · answered by lisjebe 2 · 0⤊ 1⤋
contact a bankruptcy lawyer and ask him/her
2006-08-16 10:23:39 · answer #4 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋