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Manta, Ecuador
Site Administrator
Developer
Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,442 since Jun 2009
Thanks Given: 33,215
Thanks Received: 101,603
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I'm exploring options for creating a trust fund for a relative. I would like to be able to structure it as follows:
a) They don't know about it until they come of age @ 25 yrs
b) I fully administer it
c) I can routinely add funds to it (ie: monthly) without excessive fees per transaction
d) I will self-direct trades out of it myself on a routine basis without excessive fees per transaction (ie: monthly)
e) The relative is responsible for taxes upon withdraw of monies, I am not responsible for any taxes
f) Money cannot be removed until relative is over the age of 25
I can, and will, contact my attorneys about this but I first wanted to get a general "lay of the land" so I could educate myself prior to speaking with my attorney.
Can anyone comment on the viability of creating such an entity? In laymans terms, I want to start a trust, seed it with some money initially, then add money to it regularly (monthly) and swing trade out of it (equities, ETF's). The relatives are currently young so this will be a 10+ year process, and I want to contribute monthly without paying big fees for doing so.
Mike
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