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Any financial guru's here?

bpmartyr

bpmartyr

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My ten year old daughter recently recieved an inheritance when her great granmother died and I was hoping for some good advise as to where to keep it. I should be awarded conservator as I have full custody and control (stupid court battle going on over that right now with my ex-wife). I had heard about 529's but I am unsure if you can stick a lump sum in (the amount is roughly 50k) or if they are for small incriments only. I just want her to have a decent chunk sitting there when she turns 18 that can be used for higher education. Thanks
 
I would consult with an accounting attorney, especially since it sounds like your ex-wife is trying to start sh1t. An divorce attorney, or general attorney IMO is NOT good enough. With that amount no reason not to.

It is your daughters future might as well do it right.


CROWLER
 
CROWLER said:
I would consult with an accounting attorney, especially since it sounds like your ex-wife is trying to start sh1t. An divorce attorney, or general attorney IMO is NOT good enough. With that amount no reason not to.

It is your daughters future might as well do it right.


CROWLER
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Agree with Crowler, you have a few options here but seek advise from a professional accouting attorney.
 
No need for a CPA, or even accounting attorney. Go see a financial professional, advisor to talk about putting money into an educational fund as there are a few options out there. Be sure you have a good advisor that isn't going to scam you. I am assuming you have an advisor or know how to choose one.
 
Thanks for the replies guys, very much appreciated. I have a hearing scheduled for tommorow in regards to the conservatorship which we believe will be a slam dunk in my favor. If I win I will take your advise and get a financial advisor to help. I can get good recommendations through my company as we have a division in finances. Thanks again. :)
 
if you want to invest the money without gambling it, then a CD right now is your best bet.

5% or so % will give you roughly $14,000 in 5 years on top of your 50K investment.

mutual funds are another option but you wanna be able to take the moneys out quick if needs be with a small penalty.

shct
mr_min
 
I would put 20% of that into an ING Direct savings account. They are currently at 4.75% APY, and you will be able to transfer the funds in and out at anytime unlike a CD. And there are no fees or minimum amount to open. Sure beats the measly 1.5% I get at Chase.
 
I would use a small portion and buy some Home depot, lowes, or google stock. These will continue to climb slow and steady...
 
Note I am not certified, but do have some knowledge on financial matters. To throw out my two cents, my family recently set up an LLLP as a "trust". You name a general partner, who controls the money, and then who the other partners are, and how much interest they have (i.e % ownership of the LLLP assets). A good way to protect the money and have control over how it is spent. I can't comment on whether it will help with any divorce/custody issues, but if you don't want her to blow it all once she hits 18, this will work great.

Also, if I can pass this on, I would not even tell her about the money.
 
refrieddreams said:
I would use a small portion and buy some Home depot, lowes, or google stock. These will continue to climb slow and steady...
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I wouldn't say that :D
 
I also wanted to throw this in, because others have offered investment suggestions. With an LLLP, all it is is a holding company, if you will. You can purchase and hold any asset (stock, bond, mutual fund, land).

Just wanted to note that.
 
refrieddreams said:
I would use a small portion and buy some Home depot, lowes, or google stock. These will continue to climb slow and steady...
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I would also NOT say that... I am shorting TGT right now.

Do NOT put the money in stocks...

Get with a good/recommended CFP in your area and talk about the best way to minimize taxes now and in the long run.

I also see no harm in asking on a show like Suze Orman for something like this. Or... find a local AM talk radio station that cators to investing/money management.

Fill out the form and see if you can get on the air:

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Thanks again for the replies guys. I received a favorable judgment in the hearing yesterday making me the conservator of the assets and my attorney is going to have it transferred to his trust so I will not need to purchase a bond. I am going to use a local CFG recommended to me by a trusted source to invest the money. Hopefully something like a 529 will allow the money to grow interest free and there are no penalties if the funds are used for education. I don't know much about them yet but my soon to be new advisor certainly will. :)
 
Look into developing a bond ladder using AAA bonds or govt issues. This will be very safe,
 
"I had heard about 529's but I am unsure if you can stick a lump sum in (the amount is roughly 50k) or if they are for small incriments only."

to answer your question, yes. 529 plan's qualify for the $11,000 per year gift tax exclusion. But, You can also contribute up to five years of gifts during the first year, meaning you can put in up to $55,000.

For saving for college money this is by far the best way to go. But just keep in mind that the 529 account is treated as an asset of the parent in determining eligibility for federal financial aid. This means that your expected contribution towards your child's college costs will include 5.6 percent, or less, of the value of your 529 account for each academic year. This is actually much better than the 35 percent assessment against money that is in your child's name or in a custodial account.
 
spunkles182 said:
"I had heard about 529's but I am unsure if you can stick a lump sum in (the amount is roughly 50k) or if they are for small incriments only."

to answer your question, yes. 529 plan's qualify for the $11,000 per year gift tax exclusion. But, You can also contribute up to five years of gifts during the first year, meaning you can put in up to $55,000.

For saving for college money this is by far the best way to go. But just keep in mind that the 529 account is treated as an asset of the parent in determining eligibility for federal financial aid. This means that your expected contribution towards your child's college costs will include 5.6 percent, or less, of the value of your 529 account for each academic year. This is actually much better than the 35 percent assessment against money that is in your child's name or in a custodial account.
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Thank you
 
You guys just haven't seen the light have you! The ONLY way to go is to simply take the money, stick it in a Swiss Bank account, and leave it there.

BUT (What follows below is NOT realistic, and is for entertainment only)

If you are looking to make interest or money off your investment:
Risk level is absurd, but the profit is also very rewarding.
Sell Illegal Drugs. This is America, it is sooooo easy to make money off drugs. I make close to 500 dollars a day in the summer. ( outright lie )

Just my two cents... dont tell the DEA I told you about that!
 
JonesersRX7 said:
I would also NOT say that... I am shorting TGT right now.

snip....
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Yeah baby yeah!!! Just had to post up and brag because I am about to close out of my position.
 
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