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Nov 13, 2019
12:08
:47
pm
PJMort
All-American
In Nevada you would be under a compromise of minor and made to put it in a...
blocked account with an approved bank.
This message has been modified
Originally posted on Nov 13, 2019 at 12:08:47pm
Message modified by PJMort on Nov 13, 2019 at 12:09:07pm
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PJMort
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PJMort
Joined
Mar 1, 2001
Last login
May 3, 2024
Total posts
23,121 (864 FO)
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Messages
Author
Time
My son got a $4,000 settlement. Where should we put the money short term?
the_byu_flash
11/13/19 11:58am
Beanie babies
CDV
11/13/19 11:58am
+1 It’s a buyer’s market right now.
OceanMang
11/13/19 12:00pm
RE: Beanie babies
Turd Ferguson
11/13/19 12:33pm
You can almost buy a bitcoin
MikeDitka'sStache
11/13/19 11:59am
On red. Everyone saying black doesn't understand the analytics.
joelvandyne
11/13/19 11:59am
If you live in Utah there are quite a few savings accounts for kids
Troy McClure
11/13/19 11:59am
I'd prob just put it in a basic vanguard index fund
yahtzee
11/13/19 12:00pm
Can you do that in the name of a 10 year old though?
Troy McClure
11/13/19 12:02pm
I'd just do it in my own name and tell my kid I'm good for it. Just like I did
yahtzee
11/13/19 12:03pm
RE: I'd just do it in my own name and tell my kid I'm good for it. Just like I
Troy McClure
11/13/19 12:05pm
Create UGMA account in his name
cougfanz
11/13/19 12:06pm
Put it all on BYU to win vs ISU.
Indy Coug
11/13/19 12:01pm
We don't need that kind of karma. Put it all on Utah to win vs UCLA.
fanbraves10
11/13/19 12:03pm
He's 10? Didn't they put his money in a trust account?
displacedute
11/13/19 12:02pm
No, Progressive actually cut us a check
the_byu_flash
11/13/19 12:11pm
If you don't mind saying, what state are you in?
PJMort
11/13/19 12:17pm
Utah
the_byu_flash
11/13/19 12:28pm
PJ is correct, you may want to put it in a trust for him to access when he turns
displacedute
11/13/19 12:31pm
I don't practice in Utah, and I am not sure if this is a current statute.
PJMort
11/13/19 12:41pm
What kind of account would you suggest? I have no idea what I’m doing haha
the_byu_flash
11/13/19 2:40pm
Savings, CDs, Money Market. Something that earns a little interest.
PJMort
11/13/19 3:27pm
<< Deleted >>
Buffalo
11/13/19 12:03pm
I actually think this is a bad idea. It’s likely the UTMA account will grow tax free for them
RdF3
11/13/19 12:25pm
A UTMA is taxed with the exception of $1,050
TPcoug
11/13/19 12:33pm
There's no way a $4k UTMA is going to generate over $1k of earnings. I'm guessing there aren't other funds factoring
RdF3
11/13/19 12:42pm
Gotcha. Most of the information I cited was meant to be general
TPcoug
11/13/19 12:49pm
8 years is not short term
I'mBatman
11/13/19 12:03pm
Robo investors are an interesting option. It being 8 years, I think a little
fbguru
11/13/19 12:07pm
Here's your son right now.....
StarMan
11/13/19 12:07pm
So his son should call JG Wentworth? I agree.
Troy McClure
11/13/19 12:08pm
In Nevada you would be under a compromise of minor and made to put it in a...
PJMort
11/13/19 12:08pm
You could invest in short term CDs over and over again with that amount
mudpupper
11/13/19 12:15pm
Berkshire Hathaway Stock Class B
TAMUCoug
11/13/19 12:16pm
Lifetime supply of essential oils
kmcougar
11/13/19 12:27pm
Lifetime? Thats like a months worth for some people.
JohnnyComeLately
11/13/19 12:33pm
Surprised he didn’t go to jail for driving so young
claw
11/13/19 12:39pm
Time to pay the "DAD TAX"... and buy yourself something nice.
flyzag
11/13/19 12:47pm
Reimbursement for all the sports fees, equipment and clothing over the
kotacoug
11/13/19 12:55pm
True, true.
PJMort
11/13/19 12:55pm
Utah Education Fund
Borg
11/13/19 1:21pm
We just got a similar settlement for two of the kids from a car accident
USMCdad
11/13/19 1:23pm
Depending on the state your kid could use you for that when they turn 18
displacedute
11/13/19 4:21pm
For taking them to Hawaii? I doubt that.
USMCdad
11/13/19 4:26pm
Yes, if you're taking yourself too.
displacedute
11/13/19 4:42pm
I suspect if your kid is like that, then you’re probably not taking them to HI
CBaass
11/13/19 5:17pm
If you use your kid's money to take yourself to hawaii,
displacedute
11/13/19 5:24pm
My wife’s kids would rather go to Hawaii than sue her at 18
USMCdad
11/13/19 5:40pm
In my state she's stealing their money and could go to jail
displacedute
11/13/19 6:26pm
More than likely it went down like this
CBaass
11/13/19 7:21pm
I agree, but it doesn't matter.
displacedute
11/14/19 3:30pm
You seem awfully worked up about this.
JohnnyComeLately
11/14/19 3:32pm
It bugs me. I've had clients' parents try to take their kids' money.
displacedute
11/14/19 3:35pm
If the law is as stated in the following for the state, is Hawaii ok?
JohnnyComeLately
11/14/19 3:41pm
It actually went more like this
USMCdad
11/14/19 5:32pm
They are 10 and 8, I doubt she will send them alone
USMCdad
11/13/19 5:35pm
The insurance company required her oldest daughter paid out direct to her
USMCdad
11/14/19 5:26pm
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