What are ways to create investment accounts for children that they can't access until 35?
- tiescoreLv 61 month ago
You would need to set up either a Revocable or Irrevocable Trust. A Revocable Trust you can pullback but the assets are deemed as yours for instance if you are sued, or if you die they are part of your estate. A Irrevocable Trust, you can't pull the assets back, but the assets are nor longer considered yours but have some control over them as established in the trust. You'll need to set up with an attorney.
- RichardLv 71 month ago
You can't - unless you set up a trust that includes an age restriction. See a lawyer for details.
- 1 month ago
Simplest and best is to quietly invest money that you wish then to eventually receive in a separate account in your name. Setting up a trust is expensive, cumbersome and subject to higher taxes. Do not tell the children that you have done this. That will give you more discretion over the distributions and prevent them from shaping their futures around an expectation. Some people are wise at 21, some are still foolish at 35. Just remember to carefully lay out in your will what has been earmarked for them.
- StephenWeinsteinLv 71 month ago
A "trust" (this is more commonly called a "trust fund"). However, you should put a lot of thought into it, especially whether there are circumstances (such as emergency medical expenses) in which you would want them to have access earlier.