I am a 19yo male who recently received a massive settlement. With the money I intend on paying off my parents’ house, my grandparents’ house, and setting up college funds for my younger cousins. I will still have a lot of money left over after doing the aforementioned, as this was a large settlement, and if I don’t do anything stupid this should be multi-generational wealth. Is talking with a financial advisor the best way to go? Do I need to talk with a lawyer, and if so what type of lawyer? I’ve read there are ways to set up college funds where the funds become available to people once they turn 18; how do I do this? I honestly believe my family and I are set for life and generations to come, but I want to be sure to do everything properly. Who do I need to contact to make this happen smoothly? I moved the majority of the funds into a savings account, and right now have the remaining balance in my checking account. Thank you to all who have read this far.
Submitted November 03, 2017 at 04:55AM by FinanceLover69 http://ift.tt/2h06H4d
