Does anyone know an easy way to set up a trust fund? I want to set one up for my nieces and nephews. I plan to put in after-tax money. I plan to front load the four of them with $1000 each. I am not sure if I will add more later, but I would like the option available if I decide I want to. I do not want to have to file any tax paperwork on them each year, and I do not want their parents to have to file paperwork either. It would be nice if I could set a date that would be the earliest they can be cashed in. When they are cashed in I would like them to have to do the tax paperwork (if any exists) not myself, and not their parents.
Does such a thing exist? If exactly what I want does not exist, is there anything close?
I would want the funds to mature for 23-25 years so all four of them would have to wait until they are 25 to cash in.
2007-10-21 05:54:04 · 3 answers · asked by crazylifer 3 in Business & Finance ➔ Personal Finance
To ensure the results you want, you really need a Trust and Estates attorney (estate planning). Doing this yourself could possibly result in consequences you never anticipated. It is worth the cost of an attorney to ensure the results you want.
2007-10-21 06:23:44 · answer #1 · answered by Lesley 5 · 0⤊ 0⤋
This isn't a do it yourself job. You need a lawyer or financial advisor specializing in estates and trust funds.
2007-10-21 06:06:22 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
You need legal advice specific to your state. Don't try to do it yourself.
2007-10-21 06:11:01 · answer #3 · answered by npk 7 · 1⤊ 0⤋