The insurance company required her oldest daughter paid out direct to her

Nov 14, 2019
5:26:34pm

USMCdad All-American

As she was 18 at the time of the claim, but the minor kids were paid out in my wife’s name so perhaps Allstate doesn’t agree with your assessment for minors in our state?

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USMCdad

Previous username: mosterlow
Bio page: USMCdad
Joined: Jun 23, 2009
Last login: Jan 4, 2023
Total posts: 30,839 (8,222 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

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