This was huge for me. My youngest daughter is the beneficiary of my policy as well as the beneficiary of any funds that remain in my bank account. Will be working on this as soon as possible. Thank you!!
@@asadb1990 or maybe the older ones have lived and the younger one would be the most impacted. Maybe a lot of things. Like don't just assume it's favouritism or their other children are horrible lol
@@KyTheDino could be anything and we dont know for sure. but not all parents are good or deserve to have kids. having been raised by narcissistic parents, i want to do right by my kids.
Hello. Life insurance baby here. One of my parents died of cancer when I was a kid and I grew up thinking I was poor and had nothing. I had a guardian who was at times very stingy which made me think we were poor. When I turned 18 I found out my mom actually left me money and it changed my life. I went off to college and started my life. Still love my guardian though.
I have been telling single parents/ divorced parents, not to leave Minor children as beneficiary unless they pick a Trusted person to be garden. But the UTMA account, I did not know. Thank you
You can also create a trust for your children to hold and distribute monies according to your instructions. Say you have 1,000,000. If you give a 21 year old that money, they will blow it in less than two years. We’ve had clients who’s kids blew it all in less than 8 months. Make sure to leave a trusted and financially responsible person as the trustee or have a financial institution make distributions accordingly. So, leave some money for their living expenses, education, and keep the rest working for them in financial products. Use age/life milestones as markers to make certain distributions. For example, graduating from college/post graduate studies, getting married, house down payment, car downpayment, investments, etc. The idea is to keep your kids working and making wise financial decisions after you are gone.
21 is a problem to leave it to them see: Paris Hilton at 21! 35 is pretty old if they can buy a house see: my classmate from a private college whose dad was with US Steel who wouldn’t work but wait for the $$$. Probably around 24-26 is better time.
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Keep in mind any gifts to UTMA/UGMA are irrevocable. Also, money in these accounts impacts how much financial aid the minor can receive if/when applying for college, since it’s their account and not their parent’s. Naming a trust as the beneficiary is also an option.
As a kid who’s dad died and was the beneficiary of some of the life insurance I can say that dhs put the funds into an account that they would pull a small amount of money out of each month to pay my foster mom for things like food and cloths and other things and then when I turned 18 they transferred the rest of my money to me and it was still a very good amount.
We set up a living trust and had three people listed as financial guardian for our son. We figured if someone died or couldn't fulfill that duty then the next in line could. Its so important that you set this up. You never know what can happen to you and its peace of mind to know its taken care of now.
You would be surprised how many “trusted friends or family members” aren’t so trustworthy once there’s a large sum of money involved. I feel like this girl always gives “advice” that looks great on paper but in reality it’s not really that simple.
Depends. Depending on the amount ,you might not need to get a court apponted guardian depending on what state you are in. You can also add clauses on your policy which says they are not able to get the proceeds until they are 18( age of majority, in some states its not 18). You can also put restrictons like they can only get certain amount per years. Basically good advise but before doing anything talk to your financial advisor and/or lawyer.
Consult an estate planning attorney. A trust can do this with insurance, money, real estate etc. Also, hire a firm to do this because you may outlive the relative.
See in the UK, there has to be designated trustees of the trust that will invest and protect the trust for the benefit of the beneficiaries. Typically the beneficiary will not get that fund until they hit 18, and even then the trustees have the discretion to only give them what they need instead of a lump sum.
I remembered the Netflix movie I watched the other day, I care a lot (?!) it’s worth watching in terms of how much and how easy the court can ruin your lives
Yes! That movie is terrifying!!! Could you imagine working so hard and sacrificing actually getting to the 'comfortable living' part of life (I'm told it can be a thing), and then haircut shows up and shakes you down! It's a big scary nope.
True, not with insurance but my dad passed away so my little brother’s (underage) inheritance was automatically nominated to the government, my mom had to fight a lot to get the control back.
I’m pretty financially savvy and even sold life insurance for Northwestern Mutual back in the day but I didn’t even know about this fin setup. Thanks. I’ve subbed to your channel cos I think you have quality content.
A trust is better if u simply don’t want ur gdaughter getting it till a certain age If u want her being able to use it to live , then u have to find the person to distribute etc
OH MY GAWSH my mom probably had no idea about this. She ended up passing away after I turned 18 but my uncle was claiming he was supposed to keep all of it until I turned 25. God brought many church friends and other family that helped me not have to go through that. Thank you for this important info.
I am a single mother, and I was not prepared for life, and had to figure things out on my own. I have learned so much from your videos. Thank you. 💕 I am breaking all generational cycles, and I am teaching my kids all of this early. They have already been learning about investing stock with their own money in a bank account that I opened for them. So ty.
This one is true. I worked for a life insurance company and, no, that money isn't held until the child beneficiary becomes 18. The child's guardian can file a claim immediately. No idea how many times I had to tell a new 18 year old trying to collect on a policy for college expenses that the claim was paid out to the guardian years before.
@@palee8928 a guardian isn't under any obligation to give the child money. The idea is that the guardian pay for the needs of the child, not give them the money. Sadly the money is often mismanaged.
You can name a custodian for some life insurance policies if you name your kid tho - that or a primary / secondary beneficiary designation to ensure someone you trust manages it under the worst circumstances. Plus cash value in life insurance can be a huge win for the child.
Vivian... LOVE your content. I am trying to fund one of your shorts about the 5 things to do when your child turns 18. Roth IRA is one if them. Can't find it anywhere. Keep up the AMAZING content.
Thx girl I am happy I watch you today I was about to make that same mistake I don’t know why but I stopped the application last month. Now I know why 😊
Vivian thank you for the information. I wonder if you’d be able to go more into life insurance basics? I have zero knowledge and the narrative that I grew up with is that agents will sit and talk to you for hours to try and sell life insurance. I come from an immigrant family so I don’t know if that has any implications why but would appreciate some input or info. 💛💛💛 You’re inspiring. 😬
My mother insisted I get a life insurance policy to take care of her if/when I died. However she refused to reciprocate and get a policy for my brother and I. My mother has serious issues, it's always about her.
My sons father died and our son was listed as the beneficiary. He was 4. After proving his father's death and that our son had nothing to do with it, they said option A is that I would have to become his "financial guardian" who would not be able to access the money without a court order. We live in Florida. Option B, the money sits in an account collecting less than $1 a year until he turns 18. Then a check can be cut in his name for the amount in the account.
*What happens if* the trusted friend, the beneficiary dies alongside the original policy owner? Like in a vehicle accident? Does it just revert back to the original system? Where a guardian is selected by the state?
You just had a video of a similar situation where the father died and left considerable money to the 16 or 17 year old son. Then mom and stepdad spent the sons money on a new home. In this case, an ethical stranger might be a better choice that the trusted relative.
I’m an insurance agent, and I recommend discussing your concerns with your agent. Usually, AAA rated institutions have solutions for these challenges. All the best.
Oh my goodness! Why don't more financial advisors know this? I was looking for something like this years ago when my marriage fell apart. I didn't know this existed, but was describing the idea to the bank's financial advisor. He said it couldn't be done. (Turns out, he also didn't want to deal with me because I didn't have a lot of money at the time)
I tried to explain this to my friends that work in the legal field and they argued this isn't true. I've been working in the insurance field for almost a decade but what do I know. It annoys me because if something happens to them their kids may never see that money smh
Before you appoint a guardian....ask the adult if they are willing and able. Don't just do it and they find out after you are go they have this responsibility. Some people are childfree by choice. They love your children but not as a permanent arrangement..
Also important: ask your choice of guardian if they would be willing to take the kids before adding them. Things can get really messed up in the off chance they would not be happy with that idea.
This is brilliant. Thank you. I finally have a question for you: does it pay to be in debt? I lived in France for 32 years where they really don't have credit cards. So I came to this country with no debt and for five years I've been very careful to pay off my credit cards once they go over $1000. But now I'm thinking… Is there a smarter way? Thanks, Viv.
this happened to me. i was 11, mom died, step dad became guardian, i signed over her life insurance policy without knowing what it was and he blew it on a failed business lol.
holly hell, I am at that right now. figuring out life insurance. I've heard of people being screwed over, and not getting paid. insurance companies going bankrupt and with them, the money you paid all those years.
My partner put me down as the main beneficiary. Even though we fight a lot he knows I wont do anything to leave our daughter penniless. Im currently doing research on what type of account I can open up for her. How to help her credit score at an early age. So if maybe you can post more videos up on how we can help our children that would be wonderful.
People should be aware that if they have any alcohol in their blood when they die their life insurance company will NOT pay anything. My son drank ONE beer before he choked to death on food he was eating in his dorm room. The policy his dad and I paid into for his entire life paid not 1 cent using that as an excuse. We've met other families this has happened to.
Omg the way she used asoue as an example- I love this woman. Also, if the show is accurate, then the guardian can’t access the money anyway, and the child gets it when they turn 18
I need more advice like this please. My ex husband passed away almost 2 years ago and left us a little in survivors benefits (sad to say that it's the most consistent he's ever paid in child support) but I'm now the only parent. I want to make sure that my two kids, teenagers, are taken care of if something happens to me. If not taken care of at least getting a good start for college or nest egg. I still have at least 15 years of work before retirement. I want to leave my kids something more than memories. Please please help.
OR... you name a custodian for the kids in the life insurance. Your suggestion is a very round about way to name the same "trusted" person to manage the funds.
First-I would caution on nominating a trusted relative or friend. While yes, they are “supposed” to adhere to the fiduciary responsibility of minor children, but sometimes it’s hard to police/monitor this if they do not. IMO I would suggest contacting an estate planning attorney to design a simple trust for management of such proceeds. This way no one-person is responsible per say, your exact wishes/direction are conveyed in writing, and no family member or friend is possibly offended by not being the “chosen” relative to be in such position. I’m not an attorney, but I’ve been in the financial industry 24 years and I’ve worked with many clients that have navigated many situations involving minors as bene’s.
Can the UTMA account be closed at anytime? For example, kid turns 18 no longer a minor so UTMA no longer needed. What are the fee to keep UTMA account active?
In my country it's a trust account. If something were to happen to us, a trust account would automatically be created, the guardian we chose will get our daughter and access to a portion of the money in the account, the rest she gets at 18.
This was huge for me. My youngest daughter is the beneficiary of my policy as well as the beneficiary of any funds that remain in my bank account. Will be working on this as soon as possible.
Thank you!!
Do not contact the number, they are a fake
why just the youngest. you playing favoritism or are the others terrible kids?
@@asadb1990 or maybe the older ones have lived and the younger one would be the most impacted.
Maybe a lot of things. Like don't just assume it's favouritism or their other children are horrible lol
@@KyTheDino to add.... Maybe the older ones are reckless and poor managers of money
@@KyTheDino could be anything and we dont know for sure. but not all parents are good or deserve to have kids. having been raised by narcissistic parents, i want to do right by my kids.
Hello. Life insurance baby here. One of my parents died of cancer when I was a kid and I grew up thinking I was poor and had nothing. I had a guardian who was at times very stingy which made me think we were poor. When I turned 18 I found out my mom actually left me money and it changed my life. I went off to college and started my life. Still love my guardian though.
I have been telling single parents/ divorced parents, not to leave Minor children as beneficiary unless they pick a Trusted person to be garden. But the UTMA account, I did not know. Thank you
@Your Rich BFF This is spam. Stop it.
You can also create a trust for your children to hold and distribute monies according to your instructions. Say you have 1,000,000. If you give a 21 year old that money, they will blow it in less than two years. We’ve had clients who’s kids blew it all in less than 8 months. Make sure to leave a trusted and financially responsible person as the trustee or have a financial institution make distributions accordingly. So, leave some money for their living expenses, education, and keep the rest working for them in financial products. Use age/life milestones as markers to make certain distributions. For example, graduating from college/post graduate studies, getting married, house down payment, car downpayment, investments, etc. The idea is to keep your kids working and making wise financial decisions after you are gone.
Noice!
The downside of trusts is that they can be expensive to maintain
Okay thanks but how do you do this?
21 is a problem to leave it to them see: Paris Hilton at 21! 35 is pretty old if they can buy a house see: my classmate from a private college whose dad was with US Steel who wouldn’t work but wait for the $$$. Probably around 24-26 is better time.
You are officially a Rich BFF! 🫂
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Could you possibly recommend a CFA you've consulted with?
Her name is Sonya Lee Mitchell can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Keep in mind any gifts to UTMA/UGMA are irrevocable. Also, money in these accounts impacts how much financial aid the minor can receive if/when applying for college, since it’s their account and not their parent’s. Naming a trust as the beneficiary is also an option.
I don’t have kids (or plan to), but I shared this with my coworkers. Thank you!!
As a kid who’s dad died and was the beneficiary of some of the life insurance I can say that dhs put the funds into an account that they would pull a small amount of money out of each month to pay my foster mom for things like food and cloths and other things and then when I turned 18 they transferred the rest of my money to me and it was still a very good amount.
See, if you were put into the foster system it legally should of been State money paying for it, NOT from your personal money.
IFHTS
This is huge for parents. Thank you!!!
Vivian is the only youtuber worthy of follows. No BS, straight to the point, AND gives you real life advice on what's best!
Love the series of unfortunate events reference
MEE TOO
We set up a living trust and had three people listed as financial guardian for our son. We figured if someone died or couldn't fulfill that duty then the next in line could. Its so important that you set this up. You never know what can happen to you and its peace of mind to know its taken care of now.
You would be surprised how many “trusted friends or family members” aren’t so trustworthy once there’s a large sum of money involved. I feel like this girl always gives “advice” that looks great on paper but in reality it’s not really that simple.
My fear Exactly. Money changes people.
Thats what i was thinking
Who you trust is on you.
@@nuthinbutluv4u142 I think you’re incredibly naive to think someone won’t change once money is in their hands.
Maybe there's a way to control when the money can be spent; like no one can open the thing until the kid is of legal age.
Depends. Depending on the amount ,you might not need to get a court apponted guardian depending on what state you are in. You can also add clauses on your policy which says they are not able to get the proceeds until they are 18( age of majority, in some states its not 18). You can also put restrictons like they can only get certain amount per years. Basically good advise but before doing anything talk to your financial advisor and/or lawyer.
Consult an estate planning attorney. A trust can do this with insurance, money, real estate etc. Also, hire a firm to do this because you may outlive the relative.
See in the UK, there has to be designated trustees of the trust that will invest and protect the trust for the benefit of the beneficiaries. Typically the beneficiary will not get that fund until they hit 18, and even then the trustees have the discretion to only give them what they need instead of a lump sum.
I remembered the Netflix movie I watched the other day, I care a lot (?!) it’s worth watching in terms of how much and how easy the court can ruin your lives
Yes! That movie is terrifying!!! Could you imagine working so hard and sacrificing actually getting to the 'comfortable living' part of life (I'm told it can be a thing), and then haircut shows up and shakes you down! It's a big scary nope.
Movie name
@Declen Davis "I care a lot"
True, not with insurance but my dad passed away so my little brother’s (underage) inheritance was automatically nominated to the government, my mom had to fight a lot to get the control back.
I’m pretty financially savvy and even sold life insurance for Northwestern Mutual back in the day but I didn’t even know about this fin setup. Thanks. I’ve subbed to your channel cos I think you have quality content.
I am SO Grateful fb algorithms sent me in Your direction ❤ This one hits home HARD. Thank You!
Thank you! I was looking at trusts for my granddaughter but this is a simple fix I can implement quickly.
A trust is better if u simply don’t want ur gdaughter getting it till a certain age
If u want her being able to use it to live , then u have to find the person to distribute etc
OH MY GAWSH my mom probably had no idea about this. She ended up passing away after I turned 18 but my uncle was claiming he was supposed to keep all of it until I turned 25. God brought many church friends and other family that helped me not have to go through that. Thank you for this important info.
Thank you Vivian ❤😊
I am a single mother, and I was not prepared for life, and had to figure things out on my own. I have learned so much from your videos. Thank you. 💕 I am breaking all generational cycles, and I am teaching my kids all of this early. They have already been learning about investing stock with their own money in a bank account that I opened for them. So ty.
Timely advise. Thank you, BFF Vivian. 😊
This one is true. I worked for a life insurance company and, no, that money isn't held until the child beneficiary becomes 18. The child's guardian can file a claim immediately. No idea how many times I had to tell a new 18 year old trying to collect on a policy for college expenses that the claim was paid out to the guardian years before.
What type of claim a guardian can file?
How would they not know that if they were getting that money from the guardian?
@@palee8928 a guardian isn't under any obligation to give the child money. The idea is that the guardian pay for the needs of the child, not give them the money. Sadly the money is often mismanaged.
You can name a custodian for some life insurance policies if you name your kid tho - that or a primary / secondary beneficiary designation to ensure someone you trust manages it under the worst circumstances. Plus cash value in life insurance can be a huge win for the child.
Thank you for saying "birth or adoption" 💙
Thank you, Viv! Looking into this right now.
Amazing advice !!!! Thanks Rich BFF !!!!! 💰
Vivian... LOVE your content. I am trying to fund one of your shorts about the 5 things to do when your child turns 18. Roth IRA is one if them. Can't find it anywhere. Keep up the AMAZING content.
Please post about trusts and wills. Thank u.
Thx girl I am happy I watch you today I was about to make that same mistake I don’t know why but I stopped the application last month. Now I know why 😊
God I need you on retainer!!! Thank for all your money saving insightful content!
Exactly how my deceased sister's children was taking advantage they didn't receive a dime of her policy😢
Thats interesting! I had no ide! Need to look into this asap!
You are so knowledgable, really cool.
Girl you give the tea necessary for life where have you been all
my life !? Do one on taxes and businesses lol I support you my girl.
Here in Canada it goes into a trust with the trusted manager of your choice. No lawyers or government involvement!!
Vivian thank you for the information. I wonder if you’d be able to go more into life insurance basics? I have zero knowledge and the narrative that I grew up with is that agents will sit and talk to you for hours to try and sell life insurance. I come from an immigrant family so I don’t know if that has any implications why but would appreciate some input or info. 💛💛💛 You’re inspiring. 😬
Love how she uses a series as unfortunate events as a example
Thank you 🙏 I needed this info
Great info, Vivian.😍🙏🏼
Thank you schooling us Vivian💗 Making us Vivian/Viviennes look good 😊
Me reads "huge financial mistake most parents make" me: having kids in the first place?
LOL
love ur tips. keep them coming.
The only problem is I don’t have anyone trusted. Not for lack of trying. Money corrupts
A Trust law firm would be a good investment
THIS!! My family struggled to hold the wealth long enough for us to become of age. I was told we lost more than 10k each kid.
THANK YOU! YOU HAD MADE MY DAY!
My mother insisted I get a life insurance policy to take care of her if/when I died. However she refused to reciprocate and get a policy for my brother and I. My mother has serious issues, it's always about her.
Thank you Viv!!! 🫶😊😁👍
My sons father died and our son was listed as the beneficiary. He was 4. After proving his father's death and that our son had nothing to do with it, they said option A is that I would have to become his "financial guardian" who would not be able to access the money without a court order. We live in Florida. Option B, the money sits in an account collecting less than $1 a year until he turns 18. Then a check can be cut in his name for the amount in the account.
I certainly hope you went with option B.
Ppls iz dumb and don’t think thru their decisions
A SERIES OF UNFORTUNATE EVENTS was a really good movie especially with JIM CARREY as The Evil Guardian
Thanks for the great info. 👍🥰
*What happens if* the trusted friend, the beneficiary dies alongside the original policy owner?
Like in a vehicle accident? Does it just revert back to the original system? Where a guardian is selected by the state?
You just had a video of a similar situation where the father died and left considerable money to the 16 or 17 year old son. Then mom and stepdad spent the sons money on a new home. In this case, an ethical stranger might be a better choice that the trusted relative.
Then that 17 year old can sue for that money back. Maybe it wasn’t on his name
I work for a small credit union that does not offer UTMA. Please be careful with saying "any financial institution can"
I’m an insurance agent, and I recommend discussing your concerns with your agent. Usually, AAA rated institutions have solutions for these challenges. All the best.
Oh my goodness! Why don't more financial advisors know this? I was looking for something like this years ago when my marriage fell apart. I didn't know this existed, but was describing the idea to the bank's financial advisor. He said it couldn't be done. (Turns out, he also didn't want to deal with me because I didn't have a lot of money at the time)
I tried to explain this to my friends that work in the legal field and they argued this isn't true. I've been working in the insurance field for almost a decade but what do I know. It annoys me because if something happens to them their kids may never see that money smh
Ty bestie
Me watching this as a 13 year old:
👁👄👁 ☕️
Im glad they taught this in..😢
*me being more concerned about the series of unfortunate events poster*
Thank you!
Thank you
😮 Good to know, thank you again!!
Thanks for the info!
Maaaaaaaaannnnnnn...... THANK YOU!!! I DID NOT KNOW THIS..... 👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾
Wow! Thank you 😊
Before you appoint a guardian....ask the adult if they are willing and able. Don't just do it and they find out after you are go they have this responsibility. Some people are childfree by choice. They love your children but not as a permanent arrangement..
Please still helping us!!! Thanks
I’m surprised there was no comment on whole life vs term life insurance. To put it simply, go with term life insurance.
Oooooooooo I needed this!!💸💰💵
This is great advice
Also important: ask your choice of guardian if they would be willing to take the kids before adding them. Things can get really messed up in the off chance they would not be happy with that idea.
This is brilliant. Thank you. I finally have a question for you: does it pay to be in debt? I lived in France for 32 years where they really don't have credit cards. So I came to this country with no debt and for five years I've been very careful to pay off my credit cards once they go over $1000. But now I'm thinking… Is there a smarter way? Thanks, Viv.
this happened to me. i was 11, mom died, step dad became guardian, i signed over her life insurance policy without knowing what it was and he blew it on a failed business lol.
holly hell, I am at that right now. figuring out life insurance. I've heard of people being screwed over, and not getting paid. insurance companies going bankrupt and with them, the money you paid all those years.
My parents did this, and only a few months ago we transferred out the money to something I can use for retirement.
Check your laws in your state. Utma are taxable in the state of Maryland😢
Vivian is 🔥🔥
It’s called a trustee and it’s built into almost every single life insurance policy…
thank you!!
My partner put me down as the main beneficiary. Even though we fight a lot he knows I wont do anything to leave our daughter penniless. Im currently doing research on what type of account I can open up for her. How to help her credit score at an early age. So if maybe you can post more videos up on how we can help our children that would be wonderful.
I think we all do that for lack of knowledge. My kids are of age now. Thank God! They are the beneficiaries on all my accounts
Great info
The series of unfortunate events I died laughing 😂😂. I just finished watching that and I can’t believe it’s a kids show
People should be aware that if they have any alcohol in their blood when they die their life insurance company will NOT pay anything. My son drank ONE beer before he choked to death on food he was eating in his dorm room. The policy his dad and I paid into for his entire life paid not 1 cent using that as an excuse. We've met other families this has happened to.
Wow!
That's ashamed. So you invested in the insurance company with no pay out
What company was that? Want to avoid them
Trust has beneficiary work too
Guardians don't determine the use of funds, conservators do
Omg the way she used asoue as an example- I love this woman. Also, if the show is accurate, then the guardian can’t access the money anyway, and the child gets it when they turn 18
YESSSS ANOTHER ASOUE FANNNN AAAAAAH
@@kingwilliamlobo OMG HIIIII
It’s nice to meet youuuu
Have you watched the movie or read the books?
I need more advice like this please. My ex husband passed away almost 2 years ago and left us a little in survivors benefits (sad to say that it's the most consistent he's ever paid in child support) but I'm now the only parent. I want to make sure that my two kids, teenagers, are taken care of if something happens to me. If not taken care of at least getting a good start for college or nest egg. I still have at least 15 years of work before retirement. I want to leave my kids something more than memories. Please please help.
OR... you name a custodian for the kids in the life insurance. Your suggestion is a very round about way to name the same "trusted" person to manage the funds.
Problem is with money. I won’t even trust my family or friends. Never know when anyone will turn on you for money.
First-I would caution on nominating a trusted relative or friend. While yes, they are “supposed” to adhere to the fiduciary responsibility of minor children, but sometimes it’s hard to police/monitor this if they do not. IMO I would suggest contacting an estate planning attorney to design a simple trust for management of such proceeds. This way no one-person is responsible per say, your exact wishes/direction are conveyed in writing, and no family member or friend is possibly offended by not being the “chosen” relative to be in such position. I’m not an attorney, but I’ve been in the financial industry 24 years and I’ve worked with many clients that have navigated many situations involving minors as bene’s.
Hey! That first picture is my pastor who married my husband and I and his wife who did my makeup!😂 wow small world
Can the UTMA account be closed at anytime? For example, kid turns 18 no longer a minor so UTMA no longer needed. What are the fee to keep UTMA account active?
😮Thank you.
In my country it's a trust account. If something were to happen to us, a trust account would automatically be created, the guardian we chose will get our daughter and access to a portion of the money in the account, the rest she gets at 18.