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General Question

MissBean's avatar

My daughter is 8 year old now and she is getting a settlement check for $ 30,000 when she turn 18 how do i triple it put in a Cd or a bond any advice?

Asked by MissBean (16points) February 8th, 2013 from iPhone
Observing members: 0 Composing members: 0

7 Answers

Imadethisupwithnoforethought's avatar

Call Fidelity, Schwab, or any one of the big discount brokerage houses. Tell them you need to set up a trust account for a minor. They will check your state of residence, then tell you what kind you need and either send you forms or walk you through a website to set up an account.

Then tell them you would like to talk over investment options. They will talk it over with you and probably recommend a bond fund.

WestRiverrat's avatar

Are you getting the check directly or is it going into a Trust fund for her? My nephews each got a settlement check when they were about 7 and 9. The court ordered the funds be put into a trust that my sister couldn’t touch without the administrator’s approval.

Adirondackwannabe's avatar

Put it in three or four conservative mutual funds. Don’t put it all in one place. And get a broker you can trust.

MissBean's avatar

@westriverrat no I’m not getting the check the lawyer is putting it a bank account until she 18 but he ask me where do I want to put it at. So I just don’t want to put it in a bank account where it just going to collect a lil interest

Adirondackwannabe's avatar

How did this get in general and social? That’s wacked.

Imadethisupwithnoforethought's avatar

Ok @WestRiverrat is trying to figure out specifically who is named as the Trustee/Administrator.

IF it is the lawyer, when you get the paperwork I told you to request, you put in her name. If it is you, you put in your name as the trustee/administrator. Your daughter gets listed as “For The Benefit of”, then you put in the money. After that, the brokerage house is only gonna talk to the person listed as Trustee or Administrator.

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