If reverbn asks for the $10,000 cash back, he might find instead of dollars he is handed an iPhone 13 Pro, a few pairs of Nike shoes, some athletic or other apparel, a gaming system or two ... the money spent on tickets for sporting events and concerts and movies, and all of the food consumed by the teenager and his (new) friends, is gone forever.It can also be hard take back an outright gift of cash, too.
Are you really asking if you can just hold on to the cash and give it to him when he's an adult? Why would you think that you couldn't? Are you trying to shelter the money from a creditor?
You can keep the cash gift with you, but if it is not in a UTMA or Trust account you cannot protect it from a creditor or from being considered a marital asset in a divorce, or from being considered as belonging to someone else if you were to die intestate etc.
Yes. You can keep your money until your child turns 21.
... and it will, therefore, not be protected from a creditor or relieve reverbn of child support obligations.
If you give it to her, even though it is for him, she can spend it any way that she likes, legally. If you put it in a UTMA account then the money is more protected for him. However, you are not required to protect the money for him so certainly you can give it to your wife in the hopes that she will hold it for him.
From the OP's post, it sounds like the boy lives with the boy's maternal grandmother. Of course, the OP may have simply worded the explanation poorly.
I took that as an "English as a second language" error. However, you could be right.
Why don’t you spend a little bit of money and sit down with a professional financial planner or an attorney? This might be the best way for you to learn what is best for you to do with the $10,000, given your particular situation.
Perhaps you would be better off getting advice from an estate planning attorney about creating a trust for your son's benefit after you pass away.
That would be smart.