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Registered
Join Date: Jun 2007
Location: Lake Oswego, OR
Posts: 6,271
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Someone asked how I plan to address my kid who is a "financial train wreck."
Well, your timing is excellent! I have been thinking on this even today. My thought is to have a person to administer funds as needed, with many strings and controls.
More about my plans:
Kid 1 - ASD and Train Wreck
Kid 2 - Frugal and responsible
Kid 3 - Frugal and responsible
Plan is to give 33.3% to each. But, Kid 1 gets funds sent to a Special Needs Trust. The Trust is to be administered by a cousin who has a very clear head on her shoulders. She will receive small compensation for this. Upon death of Kid 1, funds split evenly to #2 . (not sure this is legal! I need to check.)
I currently have a will in place that does most of this. But, I need to write my directions and limitations to the Trust Administrator. If not? Kid 1 will run through funds in a manner that will cause my rotting corpse to rise in protest.
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