Gift to adult child
I would like to put $10,000 aside for my son, age 50. However, he has an addiction and possibly a divorce in the near future. How do I safeguard the funds so he doesn’t squander the money or loose it in a divorce?
Terry Says
Basically, there is no way — except for creating an irrevocable trust and naming a trustee — a time-consuming and expensive proposition for this size “gift.”
I suggest you just hang onto the money in a separate bank account and make it POD –payable on death — to him incase you predecease him. After you are gone, there is nothing you can do to save him from his twin addictions!
