children and money

[hiddin aginda]

What is the name of your state? louisiana

when children inherit money and a business from a parent and they are minors and the other parent (divorced from the other parent) has to handle their business and affairs is there a fee that the parent can get for taking care of all of this and raising the children? i have had to cut back on my hours at work and i have the expense of rainsing them although they have been beneficiaries of a life insurance. i have a lot of expenses and they are 2 teenagers?

 

[nextwife]

You want to charge YOUR kids a fee for handling their assets and income?

Yes, if you are running their inherited business, it is reasonable to allocate a reasonable compensation. It just seems to be taking it from the left pocket and moving it to the right.

 

[hiddin aginda]

well, the reason i am asking is that i am accountable for everything that i spend from their money, i am trying to buy a home and it seems that it would be nice to be able to pay for the home, they will inherit one day anyway?

 

[nextwife]

I do believe that if trust assets/income are being used to buy the house, the trust must be the party that takes title. Or split ownership, half you and half the trust, depending upon constributions. None of us has the trust documents. You should talk to your attorney about how to provide this housing in accordance with the trust.

 

[Dandy Don]

Are you the executor of the estate or are you the trustee of a trust?