As the trustee of a $65,000 inheritance for your young nephew, you’re faced with managing his financial future. Here’s what you need to know about handling the funds:
You have discretion over how to manage the $50,000 in trust, which can be used for your nephew’s benefit until he turns 25. This includes spending money on education, healthcare, or other essential expenses.
Regarding the $15,000 in a brokerage account, it should also be transferred into the same trust account as the remaining funds. The custodial account is not applicable in this case.
It’s essential to note that you’ll need to consider potential risks and challenges during this period, such as creditors or substance abuse issues. However, with careful planning, you can ensure your nephew receives the support he needs while also maintaining financial stability.
For personalized advice on managing your inheritance funds, write to me at [email protected].
Source: https://www.marketwatch.com/story/im-trustee-of-65-000-going-to-my-nephew-what-are-the-rules-for-what-i-can-do-with-the-money-5bc17640