May 19, 20188 yr My mom passed away a few months ago. She wanted the proceeds from selling her house split between her grandchildren and those of her husband. The sticky part is that her husband wanted the portion of the money that goes to his grandchildren to do so without his son being able to touch it. (Son is kind of a turd) Is there an easy way to do this? In a perfect world I'd put the money in a bank account for each of them, then upon their 21st birthday, they'd have access to their portion. Is it actually that easy or is there more to it? This isn't a huge amount of money, so I'm trying to determine the cheapest easiest way to do this without taking money out of the pool to set it up.
May 19, 20188 yr Author Before anyone ask, none of this is in her will. She put my name on her house when her husband passed several years ago.
May 19, 20188 yr If you have control of the assets and there is nothing directed toward the son then it is your decision. He could challenge it in courtbut without documentation he wouldn't have much of a case. Was it as joint TOD title or your name alone?
May 19, 20188 yr Author If you have control of the assets and there is nothing directed toward the son then it is your decision. He could challenge it in courtbut without documentation he wouldn't have much of a case. Was it as joint TOD title or your name alone? Joint title. I don't think the son will challenge anything. I'm just trying to figure out the easiest way to set the funds aside for the kids until they turn 21.
May 19, 20188 yr You can set up a UTMA for each grandchild. Once they reach age of majority, you turn over all rights to them. In Kentucky, that’s 18 but they wouldn’t have access until you sign off in it. You could then invest it in something and all taxes are taxed at the GK’s rate. It is a non-revocable gift.
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