My kids lost their dad a few years ago. He had a high income, and they have a large trust, which is well planned, and will stagger their access, and only give them access at different percentages, with full access at 35. But they each get around 1800$ a month in SS benefits, and have a 35k retroactive payout not long ago. They are 12 and 14, and the local public high school is good enough that I think we’ll go there. I make a reasonable income. They are good kids, and we live frugally in general. If they are smart, they need never take out loans. SS money must be used for the benefit of the kids, and I understand that is defined pretty broadly if the kids are well cared for. It’s also against the rules to ever give them direct access. I want to train them now to mange money carefully, on their own, invest, etc. Is it legit to get them checking accounts and credit cards in their own names (with limits of course) and give them all their allowance through their checking account, and make them manage it the way they would as an adult? Obviously it would all have to be a joint account. Any other suggestions? I also thought about trying to spend or invest the balance of their SS account right before they turn 18, but on what? It would have to be something they cant get, or they need to be responsible enough to not touch. (My daughter will be 18 before college, so I can’t just spend the balance of her SS money on college before she gets it herself. )
Submitted September 21, 2018 at 08:56AM by lowhangingfruitcake https://ift.tt/2xsXBp4
