2007-01-25 00:36:18 · 3 answers · asked by Anonymous in Pregnancy & Parenting ➔ Adolescent
Talk to a financial advisor at the bank were you do your banking.
2007-01-25 01:05:51 · answer #1 · answered by Boo 3 · 0⤊ 0⤋
Congrats for planning ahead for your son! There are two basic types of "trusts" the first is the Uniform Gift to Minor Act and the second is the Uniform Transferr to Minors Act.
Be aware of the tax implications of both types of trusts, and even more important, be aware that amounts in a trust can impact the child's eligibility for financial aid when it comes time for college. Also, once your son is of age where the trust terminates (varies from state to state, see source), he can blow the money on one huge party for his friends, and you have no control over his use of the funds.
Check out the source below, and then contat your finanial advisor. Good luck and peace be!
2007-01-28 15:57:04 · answer #2 · answered by winefp2000 3 · 0⤊ 0⤋
I use to work at a bank.
Just go to your bank, and ask them about it. The offer things like CD's and Mature Trust accounts.
Or you could log onto: www.allstate.com
Yeah, Allstate has a bank now! With VERY competitive rates!
I guarantee you'll get a better rate with Allstate than your bank.
But give it a try for yourself!
Wish ya well!
2007-01-25 04:31:40 · answer #3 · answered by ♥LadyC♥ 6 · 0⤊ 0⤋