“a steady weekend modeling job”, huh?
At age fourteen.
My instincts tell me her PARENTS will be “set up”
for some “serious money” later on, to be PAID by THEM,
not EARNED by HER.
Tell her to say no when Larry Flynt calls
Take little Suzy to the coin shop and let her pick out shiny silver dollars that she can make into little stacks in her bedroom, thus sparking in her a lifetime love of owning physical wealth in the form of PMs.
Why yes, I DO send my nieces silver coins as gifts! Why do you ask? :p
I disagree with Dave’s advice that a family trust is only for estate planning purposes.
It is a great planning tool that sets in writing what our wishes are for the distribution of assets. It is revocable and can always be changed based on circumstances.
It provides for privacy as probate is public.
Generally, the individual and spouse are the original trustees and they can do the same things (buying, selling, paying bills, etc) in a trust as with indivdual or joint ownership. A trust is just a DIFFERENT FORM OF OWNERSHIP.
It provides for a successor trustee who does not have to be an attorney. Probate usually requires the employment of an attorney who may charge 5-10% of the estate value.
A trust can be set up in a will (pour over provision).
Dave Ramsey ping