Can I open a stock account for my 14 year old son and keep his greedy mother and her attorneys out of it ???

Question

Question is, I would like to open an account for my son so he can get a jump in life unlike myself . The problem we seem to have is an extremely dominating mother and grandmother who want to not only destroy me but my son. She has custody at this time but a lawyer told me even land in his name she could take possession of even when I had sole custody and was thinking of his future. Any help would be great, and thanks.

Answer 1

if you open the account under his name as a minor and your name as the parent/guardian then noone can touch the account but you. even your son won't be able to touch it. If you speak to a profesional about this I'm sure they will be able to help you. if you think your wife does not love her son or has his best intrests at heart then maybe you should fight for custody.

Answer 2

A lot of people try to hide assets by moving them to their children's name. This common enough that any decent lawyer would know how to look for it.

Another problem I have heard about is people doing this and then the child taking the money without permission. If it is in the kid's name and the kid decides to take out the money then the parent is limited on what they can do to prevent it. Every now and then you hear about a lawsuit a child has brought against a parent because the parent was trying to keep the kid from taking the money or selling the land or whatever that was in the kid's name.

Answer 3

If she has custody, she is considered the legal guardian.
I would recommend opening up a TRUST for him, where you are the one with control of the trust assets, but he is the Beneficiary. Make sure that the legal notes clearly stipulate that NO ONE can gain access to the funds of the trust until your son reaches a specific age...more than likely 18, but i do know some people who do it until 22, after the child has graduated from college...sort of a present and seed money for them. Any financial advisor can set this up, but given the legal nature of this situation, I would strongly encourage you have an attorney establish it for you. And keep it secret from your wife and her family as well as your son. If you want to teach your son how to invest and such, than walk him through the process with the funds, but don't let him know its for him.
Wait until he is 18. Not that you can't trust him, but I have heard of situations were the age was bypassed in order for family members gain access to the funds. You don't want those vermons robbing your son of his future success because they are greedy and selfish!
Good luck!

Answer 4

You could set up a trust for your son and deposit money in it. Since you or your lawyer will be the trust administrator you can set the terms of the pay out and how he will have access to the money. Your lawyer can help you put a trust together.

Answer 5

Place it in your son's name with you as the trustee till whatever age you feel best with then a clause to include the name of another you trust to be his trustee upon your death.
Your son won't even be able to touch it till he reaches the age or with your (trustee) permission.
The lawyer should have mentioned this.

Answer 6

Why not open an account on your name, and list it in your heart that this account is for my 14 year old boy, and you will transfer it at 18 or 21 for him to take over.

There's a time for every occasion, giving this to him this time. I think is not appropriate.

Answer 7

Yep you can if you are a guardian. But if you die, his greedy mother will get her hand on it. Guess there is nothing that you can do to prevent that other than a will.

Answer 8

You need a lawyer's advice.