Say I wanted to invest money in an account for my children that I own but plan to allow a group of trusted friends & family to approve or deny what the funds are used for. The idea being that if our kids don’t want to go to college or tech school however they show potential and responsibility, they could pitch their idea to the “board” of friends and family to approve or deny. Is there a certain type of investing account for that theoretical idea?
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very useful information, Thank you!
Fantastic video - thank you!
Thank you. Glad you enjoyed it!
I chose the utma
couldn't you technically get the kids to sign power of attorney over to you at 18 anyway and maintain control over the account?
You could. Essentially the kids would make you the custodian, if they choose to do so
Say I wanted to invest money in an account for my children that I own but plan to allow a group of trusted friends & family to approve or deny what the funds are used for. The idea being that if our kids don’t want to go to college or tech school however they show potential and responsibility, they could pitch their idea to the “board” of friends and family to approve or deny. Is there a certain type of investing account for that theoretical idea?
sounds like you would want to set up a revocable living trust to create something that specific
Very informative. Thanks for the info
Thank you!