April 15, 2008
Posted by tryintohelp
A 31 year old father (business associate) passed away suddenly--no insurance, etc. He leaves behind an 8 year old son.
His co-workers are now organizing a benefit and many want to contribute; I suggested that the family set up a trust fund for the little boy.
Is an attorney required...where do we begin?
Thanks for your guidance in advance.
Sign in or register to answer this question
|
Share
April 15, 2008
Posted by knor208
( 0 ratings )
See my answer about a college trust fund. You can avoid an attorney etc by using a 529 plan. It is technically for college but is being used for other estate planning areas. You can open an account under the name of the child (the beneficiary) and be the essentially the trustee. These plans were created a few years ago by congress and every state has one. You also dont need to use your states, usually you can use any states. Once it is opened you direct the investments within the confines of the plan and anyone can contribute to it. Most of the plans use a family of mutual funds as the investment choices. You can contact a financial adisor if you have one or you can ususally call the treasury department for your state. Also you can learn alot about them on the web. I encourage all my clients with children or grandchildren to use them. It is of the few good things congress has come up with in years.
Sign in or register to rate or comment on this answer.
|
Save as Text
|
Save as PDF
|
Print
Comments