Appropriating Funds

Merika · 04-06-2005, 11:11 AM

I have a settlement coming up....so this has been on my mind.

IF you were to come into a large sum of money, how much would you give to your children once they become an adult? I used to think just about ALL off it....but if you gave a young person a large sum of money (let's say a million dollars) ... would you be stealing their own dreams or accomplishments?

darkangelism · 04-06-2005, 11:20 AM

You could help them reach their goals or accomplishments, but i dont think they should get it all at once, that way they dont just go buy a sports car and blow it all when they are 18. Stone knows more about this sorta stuff, but i would recommend setting up a trust and having the money invested in bonds that earn 7-10% a year, that way they would get 70-100,000 dollars a year but the intital investment is locked away unless there is a real emergency.

Stone · 04-06-2005, 12:13 PM

Put it in a trust, annuity ect so they can't just live off the money you give them, so they have to presue a career ect. & give each one the same amount and nothing else they will get your assets when you die anyway.

( that was mean but it's true and they will more than likley appreicate it then anyhow)

Bill gates in only giving his kids 1 million each!!!

Star · 04-06-2005, 02:11 PM

I'm dealing with this issue where Krystal is concerned now. When she reaches 18, she's going to come into a lot of money that I don't think she's ready for, in fact, I know she's not ready for it.

The money was automatically put in trust, I had no say in any of it. I can however go to court when she's 18, with another person who feels the same as I do that knows Krystal and is not married to me or my other child and try and fight it.

Her older sister told me today that she would go to wourt with me to back me up. The thing is that I have to sign for her to recieve her money. I don't plan on signing when she's 18. that's only 1 1/2 years from now and I don't think she'll be changing herself around by that time. So, I'm not going to sign so I'm hoping that I can win on this.

The other option I have is try and convince Krystal to give me most of that money so I can invest it for her and lock it away so that she can't touch it until she's 25 or so. That's what i'd really like to do so that when she's done all her silliness, she'll have that money to help her for her future. Her biological father died for her to have that money and I don't want to see her spending it like a fool or having some guy spending it for her. If I let her have some of the money, maybe she'll go for that deal. I'm not holding my breath on that one though.

I don't think there isn't one 18 year old out there ready to recieve large sums of money. Kids need to know that money is earned, not given and it's not easy to come by.

darkangelism · 04-06-2005, 03:48 PM

you could live off the interest on 1 million, it would be 50-100,000 a year.

Merika · 04-07-2005, 08:16 PM

Quote:

Originally Posted by darkangelism

you could live off the interest on 1 million, it would be 50-100,000 a year.

That's the point though DA.....I don't think a parent is doing a child a favor by paving the way for them to be lazy and unachieving.

Star..... I agree that a chunk of cash surely isn't what Krystal needs at this time. Maybe the courts WILL allow you to hold the money until she at least accomplishes all the tasks the court gave her. Also...could get control of it by saying it's expense money for raising Erika?

Merika · 04-07-2005, 08:19 PM

Quote:

Originally Posted by darkangelism

you could live off the interest on 1 million, it would be 50-100,000 a year.

That's the point though DA.....I don't think a parent is doing a child a favor by paving the way for them to be lazy and unachieving.

Star..... I agree that a chunk of cash surely isn't what Krystal needs at this time. Maybe the courts WILL allow you to hold the money until she at least accomplishes all the tasks the court gave her. Also...could get control of it by saying it's expense money for raising Erika?

Duke · 04-08-2005, 02:18 AM

I think you should put some away in trust for your children, perhaps attach a goal to it, something for them to strive for. The more they achieve, the more they get.

You could always send some of the money my way if it will make you feel any better.

Star · 04-08-2005, 05:56 AM

Quote:

Originally Posted by Merika

Also...could get control of it by saying it's expense money for raising Erika?

I don't think I can go that route since that money is in trust for Krystal from her father dying. But, you never know. I will deffinately fight her on this one. I don't want her to blow that money on stupidity. That's NOT what her father would've wanted her to do with it. If he were alive today, OMG! He'd be kicking her arse big time!

Sometimes I wish he were still alive. She'd be living with him right now and he'd straighten her out. I think he'd be the only one who could do it. He must be rolling in his grave right now watching his baby girl behave this way.

Paul · 04-09-2005, 02:09 AM

Personally I think I would have been ready for it when I was 18, at that age I was interested in starting a web design company and was travelling to Guatemala and Ireland on interfaith mission and medical trips. A good chunk of it would probably be gone but I'm sure most of it to good causes.

Then again, now that I'm 25 and am more wise in the ways of the world, I'd wish that I was recieving it now at a time where it could probably be utilized much more effiecently.

It's a tough call, really depends a lot on the person. It sucked that my parents never had enough money growing up for hardly anything but it sure has made me appreciate it a lot more and how much hard work goes into earning it on your own.

Star · 04-09-2005, 07:23 AM

Krystal's older sisters got their money at 18 and they both said they'd wished that they would've got it at an older age. They regret getting it at such a young age because they blew it on stupidity.

The oldest one wasn't so bad but she's almost out of money already. She didn't invest any of it so it went. She bought a car that her sister crashed; it was a write off. She did use some of that money to go to college which was a good thing. But, she didn't buy a house or invest it at all which she would've if she was older when she received it. The younger sister to the oldest one blew all her money in less then a year. she bought a car and partied the rest. she spent hers extremely foolishly and now really regrets it. She's the one who will come to court with me to try and keep krystal's money where it is until at least the age of 21.

My brother and his wife inherited her 2 nieces as their parents died within 2 years a year ago. Those girls have a ton of money coming to them. The money is well invested and they won't get any of it until the age of 21. They have money invested that will come from their grandmother for college plus they will be millionaires if they win the court case. Their father died as a result of a police beating. So, those girls have a very good start in life but all the money in the world won't replace what they've lost.

I think the age between 21 and 25 is the perfect age for a child to receive large sums of money. By this age, they're more responsible then an 18 year old.