Trust $$ for child, BM&BD don't agree

iVillage Member
Registered: 09-18-2006
Trust $$ for child, BM&BD don't agree
30
Tue, 09-28-2010 - 4:19pm

ODD was in an accident right before she turned 2yrs old. After litigation she ended up with $21,500 in a trust for her. The rules set up by the state are that the money is hers and she can have it when she's 18. Before she's 18 if both BD and I agree on why it's needed, we can petition the court in that state and they will tell us yes or no.



When the trust was set up BD and I agreed that unless there was something catastrophic that



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iVillage Member
Registered: 02-06-2009
Tue, 09-28-2010 - 4:24pm

You haven't said whether you and BD can afford to pay for the braces yourselves.

If you can, great. If not, use the trust fund.

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iVillage Member
Registered: 09-23-2010
Tue, 09-28-2010 - 4:24pm
I think braces are the parents' responsibility to fund, not the child's. Her trust fund is her money for what she wants when she is an adult. I don't consider braces catastrophic but more a responsibility parent *might* have to end up paying and should have planned on paying if you thought her mouths shows signs that might be an inevitable bill.
iVillage Member
Registered: 01-20-2010
Tue, 09-28-2010 - 4:26pm

No you don't use it for braces. It's not catastrophic. I paid for my legal guardians child braces myself. I would have never ever ever used her money from her Mom's LI or SSI for such. If I had to, I would have used the SSI because it is technically for me for her expenses. After our insurance it was $2500 out of pocket. I had to put $600 down and make payments interest free. We did the same for the skids. We have two in braces as we speak and our payments are $100 a month total, at one point all three were in ortho care.

Mom and Dad split the skids 50/50 and they set up separate accounts, one for Mom, one for Dad.

iVillage Member
Registered: 02-23-2010
Tue, 09-28-2010 - 4:29pm

I don't think braces are "catastrophic".

iVillage Member
Registered: 08-11-2004
Tue, 09-28-2010 - 4:40pm

I wouldn't use the trust, that's not really what it's for.

I would offer to either go 60/40, or if BD really wants to do I pay for one DD and you pay for the other, I'd tell him "sure, you go first".







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iVillage Member
Registered: 09-18-2006
Tue, 09-28-2010 - 4:45pm
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If you can, great. If not, use the trust fund.>>



I'm not privy to BD's income level but I would assume he can afford it. He and SM go on yearly vacations involving planes or cruise ships, there is no mortgage or rent on their house... When BD and I were married he was very anti-credit accept in terms of something like a car or house.



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iVillage Member
Registered: 09-18-2006
Tue, 09-28-2010 - 4:48pm
<<I wouldn't use the trust, that's not really what it's for.

I would offer to either go 60/40, or if BD really wants to do I pay for one DD and you pay for the other, I'd tell him "sure, you go first".>>



I understand why you say that but with this BD it's not a matter or I don't think he'll pay. He's trustworthy, I just have no way of knowing what YDD's braces will cost.



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iVillage Member
Registered: 09-18-2006
Tue, 09-28-2010 - 4:52pm

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iVillage Member
Registered: 06-28-2008
Tue, 09-28-2010 - 4:55pm

I don't see this as catastrophic, and I definitely think BD should have been thinking of things like this when saving for children expenses.



However, I also think it's something both of you have to work out together.

iVillage Member
Registered: 08-11-2004
Tue, 09-28-2010 - 4:55pm
If there's no way to know then I think your best bet is to just stick to the 60/40, or even offer to go 50/50 on both girls dental procedures. I still wouldn't touch the trust.






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