Setting a trust for minor?
i am asking on behalf of a couple. Their minor daughter had a car accident a few years back. Their parents, as the guardian, filed a lawsuit and expected to get a settlement of X dollars.
The question is finding a financial adviser? CPA tax accountant, annuity specialist? regarding structuring this settlement amount.
I understand the money must/should be placed in the trust?
Maybe talking to a trust attorney?
The goals are: 1) to avoid misappropriate the trust 2) have funds available for private school/tutoring services during the high school years (9, 10,11,12). 3) funds available for college 4) funds available for on-going medical treatment. 5)Others.
How the settlement money should be structured to meet the above objectives? Who should they talk to?
how about a combination of
a) structured settlement (like annuity)?
b) lumpsum invested in in ?30-year bonds? Treasury bonds?
Thank you.
2) funds available for colleges
3)
Be weary of anyone trying to sell you an annuity. They can make these things sound fantastic, but in reality, you are just making the salesman rich.
Interview several planners, and choose the one that (a) minimizes or avoids the annuity, and (b) selects B share or C share mutual funds along with CD’s and TIPS.
Sell Your Structured Settlement, Annuity, & Lottery Payments
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