Extended family wants to establish a fund. Each member will contribute funds to be used as scholarships to finance post-secondary education of children, nieces, nephews, etc.
2006-08-21 08:25:54 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
You should find-out what stock or mutual fund you want to invest in and call the company to discuss.
Then do some research about their suggestions and also Uniform Transfers to Minors Act which allows what you are talking about. However, a Trust is a much better, but more expensive, way to go because most funds that you set up for your children they are able to have full control over at 18 -- Have two brothers who received relatively large sums of money at 18 -- one squandered his and is broke the other used his responsibly.
Make sure whatever you set up will be distributed and used as you intend -- more control is better than less as 18 year olds with money aren't typically the most mature consumers.
2006-08-21 08:37:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's simply a matter of establishing a legacy trust. Once the Trust is established, you can dictate how and when assets will be distributed. Contact an Attorney or a CFP.
2006-08-21 08:33:50 · answer #2 · answered by Chip 1 · 0⤊ 0⤋
Here's a site that has the best management and selection of funds available for investment. Take a look:
https://collegesavingsiowa.s.upromise.com/
I believe it is possible for many people to contribute.
2006-08-21 08:43:29 · answer #3 · answered by DelK 7 · 0⤊ 0⤋
properly, i do no longer think of 12 could be that age. Did she supply a reason or have you ever approached her with regard to the subject? in my opinion I thnk she is being thoughtless and slightly egocentric. yet you do no longer prefer to harm the toddlers emotions so question her and if she does no longer supply a stable adequate reason than end changing presents with them. I fairly have nieces that selection from 11 to 30 and we nonetheless supply all of them presents, its think to be some thing that's agreeable no longer expected. stable success
2016-11-05 07:51:25 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Go to an attorney specializing in trusts.
2006-08-21 08:32:30 · answer #5 · answered by williegod 6 · 0⤊ 0⤋
form a trust and to do so, contact a CA or Advocate and he will ask you what you really need... explain him/her the detail and ask for her/him ligal consultancy... all the best!
2006-08-21 08:34:44 · answer #6 · answered by indianmonk 2 · 0⤊ 0⤋
Consult your bank manager.
2006-08-21 08:33:19 · answer #7 · answered by angelo26 4 · 0⤊ 0⤋
A trust.....
2006-08-21 08:45:24 · answer #8 · answered by ? 6 · 0⤊ 0⤋